Institutions, reforms, and country risk: Lessons from Japanese government debt in the Meiji era
成果类型：
Article
署名作者：
Hebrew University of Jerusalem
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
发表日期：
2000
页码：
442-467
关键词：
摘要：
We investigate the effect of the establishment of modem institutions on the risk premium associated with Japanese government bonds traded in London between 1870 and 1914. While most institutional innovations failed to elicit an immediate market response, the adoption of the gold standard did significantly reduce the perceived risk associated with Japanese bonds. In addition, some geopolitical events, especially the military victory over Russia, improved Japan's debt capacity. We conclude that well-understood monetary rules and military achievements matter more for foreign investors' perception of a country than do modem state institutions, at least in the short run.