Wars, Threats, and the Sovereign Bond Market
Analysis of 300,000 monthly bond prices since 1822 shows wars lower external bond returns by five percentage points and raise default risk, while military threats depress threatened states' borrowing costs.
Featured in No. 138 on 6 Nov 2026 · 4 days after release
- Released
- 2 Nov 2026
- First featured
- No. 138 · 6 Nov 2026
- Published in
- Not yet, as far as Semantic Scholar knows
- Fanfare
- 3 of 5
- Identifier
- RePEc:diw:diwwpp:dp2186
- Authors
- Jonathan Federle et al.
Citations and venue from Semantic Scholar (ODC-BY), refreshed weekly. Summary: Quant Letter (CC BY 4.0).