作者:University System of Georgia; University of Georgia
作者:Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Rutgers University System; Rutgers University New Brunswick
作者:University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
作者:Hebrew University of Jerusalem
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 ...
作者:Universite Clermont Auvergne (UCA); Universite Paris-Est-Creteil-Val-de-Marne (UPEC)
作者:Washington University (WUSTL); Stanford University