Thesis (Ph. D. in Economics)--University of California, Berkeley, Dec. 1990.
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Yishay Yafeh, Nathan Sussman
This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a...
On constate aujourd'hui, et cela etait sans doute encore plus vrai dans le passe, que l'integration aux marches internationaux de capitaux et la capacite d'emprunt sont des determinants fondamentaux...
Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690 1790
Sussman, Nathan, Yafeh, Yishay
We revisit the evidence on the relations between institutions, the cost of government debt, and financial development in Britain (1690 1790) and find that interest rates remained high and volatile...
Asymmetric Information and Commodity Money: Tickling the Tolerance in Medieval France.
An important development in Europe was the emergence of nationally circulating commodity money. Asymmetric information between coin producers and users provided rulers with an opportunity to supply a...
Income Inequality in Paris in the Heyday of the Commercial Revolution
Rising inequality in recent decades in the U.S. and other developed economies has again focused attention on the relationship between inequality and growth, and the relationship between inequality...
Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today
Mauro, Paolo, Sussman, Nathan, Yafeh, Yishay
Drawing on a newly-collected data set on bond yields, macroeconomic variables, and news of various categories for a panel of emerging markets, we provide the first comparative analysis of the...
Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century
Flandreau, Marc, Sussman, Nathan
This Paper challenges a popular explanation for ‘original sin’ - the default prone borrowing of long term debt in foreign exchange by emerging markets - that emphasizes the lack of credibility...
Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital
Sussman, Nathan, Yafeh, Yishay
This Paper challenges the North and Weingast (1989) view that institutional reforms and better protection of property rights lead to economic growth through a reduction in interest rates, and that a...
"Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Period"
We evaluate the effect of the establishment of modern state institutions (e.g. a central bank or a constitution) on the risk premium associated with government debt traded abroad. Drawing on evidence...
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Nathan Sussman, Yishay Yafeh
We analyze yield spreads on sovereign bonds issued by emerging markets, using modern data from the 1990s and newly collected historical data on bonds traded in London during 1870-1913, a previous era...
The International Monetary System in the (Very) Long Run
Barry J. Eichengreen, Nathan Sussman
International monetary system , Globalization , Money ,
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Nathan Sussman, Yishay Yafeh
Emerging markets , Bonds ,
Commodity Money Inflation: Theory and Evidence from France in 1350-1436
Sussman, Nathan, Zeira, Joseph
This paper presents a theory of inflation in commodity money and supports it by evidence from inflationary episodes in France during the fourteenth and fifteenth centuries. The paper shows that...
Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Era
SUSSMAN, NATHAN, YAFEH, YISHAY
We investigate the effect of the establishment of modern institutions on the risk premium associated with Japanese government bonds traded in London between 1870 and 1914. While most institutional...
Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Era
SUSSMAN, NATHAN, YAFEH, YISHAY
We investigate the effect of the establishment of modern institutions on the risk premium associated with Japanese government bonds traded in London between 1870 and 1914. While most institutional...
Inflation Targeting as the New Golden Standard
Financial globalization has seen the emergence of a new monetary standard based on inflation targeting. At the same time the most financially advanced economies moved away from exchange rate...
Debasements, Royal Revenues, and Inflation in France During the Hundred Years' War, 1415?1422
Historians of the period have generally played down the debasement of France's coinage to increase crown revenues during the Hundred Years' War or treated it as a last resort and an inept one. Based...