The financial penalty for "unfair" debt: The case of Cuban bonds at the time of independence
The financial penalty for "unfair" debt: The case of Cuban bonds at the time of independence
复制标题
对“不公平”债务的经济处罚：独立时的古巴债券案例
DOI：
--
复制
发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Stéphanie Collet
中科院分区：
文献类型：
--
作者：
Stéphanie Collet
不公平的主权债务，例如用于镇压叛乱的债务，可能会被宣布为可憎的债务，一旦前政权被推翻，就不会偿还。因此，债券持有人可能需要溢价，以补偿由于这些债务的潜在可恶性质而导致的较高违约风险。根据古巴债券的原始数据库，该文件显示存在至少200个基点的风险溢价，这使西班牙占领政权发行的债券受到惩罚。债券市场对改变债务不公平或债务将被拒绝的看法的事件的反应是根据结构性VAR分析的。© 2013欧洲历史经济学会。
Unfair sovereign debts, used, for instance, to suppress a rebellion, may be declared odious and not be repaid once the former regime is overthrown. Bondholders may therefore require a premium to compensate for the higher default risk due to the potentially odious character of these debts. On the basis of an original database of Cuban bonds, the paper shows the existence of a risk premium of at least 200 basis points which penalized bonds issued by the Spanish occupation regime. Bond market reactions to events changing the perception that the debts were unfair or that they would be repudiated are analysed on the basis of a structural VAR. © 2013 European Historical Economics Society.