Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2021 - This draft: December2021
This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of … foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to … 91 countries. Our main insight is that, as in equity markets, the returns on external sovereign bonds have been …