Hope Springs Eternal: French Bondholders And The Repudiation Of Russian Sovereign Debt by Kim Oosterlinck

Hope Springs Eternal: French Bondholders And The Repudiation Of Russian Sovereign Debt

byKim OosterlinckTranslated byAnthony Bulger

Hardcover | May 24, 2016

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In 1918, the Soviet revolutionary government repudiated the Tsarist regime’s sovereign debt, triggering one of the biggest sovereign defaults ever. Yet the price of Russian bonds remained high for years. Combing French archival records, Kim Oosterlinck shows that, far from irrational, investors had legitimate reasons to hope for repayment. Soviet debt recognition, a change in government, a bailout by the French government, or French banks, or a seceding country would have guaranteed at least a partial reimbursement. As Greece and other European countries raise the possibility of sovereign default, Oosterlinck’s superbly researched study is more urgent than ever.

About The Author

Kim Oosterlinck is professor of finance at the Solvay Brussels School of Economics and Management, Université libre de Bruxelles. He lives in Brussels, Belgium.
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Title:Hope Springs Eternal: French Bondholders And The Repudiation Of Russian Sovereign DebtFormat:HardcoverDimensions:264 pages, 9.25 × 6.12 × 0.81 inPublished:May 24, 2016Publisher:Yale University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0300190913

ISBN - 13:9780300190915

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"Financial markets are often castigated for having short memory. This book shows that actually hope trumps memory. The history of the 1917 Soviet repudiation of Russian debts is a breathtaking illustration of how markets price political risk, bailout expectations and the effect of sanctions on defaulters. This is an absolute must-read for policymakers, professional investors, researchers or simple observers of the recent financial crisis."--Rui Esteves, University of Oxford