Title of article :
Did gold-standardadherencereducesovereigncapitalcosts
Author/Authors :
Ron Alquist، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2011
Abstract :
A commonlycitedbenefitoftheclassicalgoldstandardisthatitreducedborrowing
costs bysignalingacountry’scommitmenttofinancialprobity.Usinganewdataset,
thispapertestswhethergold-standardadherencewasnegativelycorrelatedwiththe
cost ofcapital.ConditionalonUKriskfactors,thereisnoevidencethatthebondsissued
by countriesoffgoldearnedsystematicallyhigherexcessreturnsthanthebondsissued
by countriesongold.Thisconclusionisrobusttoallowingbetastodifferacross
exchange-rateregimes;toincludingotherdeterminantsofthecountryriskpremium;
and tocontrollingfortheBritishEmpireeffect
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
