Flandreau, Marc Flores, Juan H. Gaillard, Norbert Nieto-Parra, Sebastián
Year of Publication:
Graduate Institute of International and Development Studies Working Paper 15/2011
This paper covers the long-term evolution of the primary market for foreign government debt. We discuss the role of financial intermediaries as underwriters and distributors of securities, providers of information, and lending of last resort services since the early 19th century, and the evolution of this role. We underscore the role of the prestige of global financial brands in sustaining early foreign debt markets and its weakening in the modern era.