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Hope Springs Eternal
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Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign Debt

Kim Oosterlinck

Abstract

This is a book about hope and international finance. The repudiation of Russia’s debt by the Bolsheviks in 1918 affected French investors for several generations. The reason for this was the sheer volume of money lent by institutional investors and private citizens alike. This book focuses on the reasons which prompted French investors to hope they would eventually be repaid. In this financial context, hope was reflected in the fluctuations of Russian bond prices. Indeed, in view of the extreme nature of the repudiation, the prices of Russian sovereign debt experienced only a modest decline. A ... More

Keywords: Debt repudiation, Russia, State succession, Default, Reputation, Bailout, Trade sanctions, Military intervention, Ethics

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9780300190915
Published to Yale Scholarship Online: January 2017 DOI:10.12987/yale/9780300190915.001.0001

Authors

Affiliations are at time of print publication.

Kim Oosterlinck, author
Solvay Brussels School of Economics and Management, Université Libre de Bruxelles