search query: @indexterm Risk analysis / total: 590
reference: 36 / 590
| Author: | Fratianni, M. |
| Title: | Government debt, reputation and creditors' protections: The tale of San Giorgio |
| Journal: | Review of finance
2006 : VOL. 10:4, p. 487-506 |
| Index terms: | finance credit management government risk analysis debt history Italy Europe |
| Language: | eng |
| Abstract: | San Giorgio (1407-1805, hereafter as: S.G.) was a formal association aimed at protecting creditors' rights and reducing the debt repudiation risk by the Republic of Genoa (here as: R.G). The behavior of this institution is broadly consistent with debt models etc. S.G. shareholders enjoyed both low credit risk and lower returns on capital than those prevailing on comparable foreign assets without creditors' protection mechanisms. The R.G's quid pro quo was a low cost of financing. Differences in credit risk were an important explanation of differences in long-term interest rates across countries in the 16th and 17th century Europe. |
SCIMA