The primary aim of this book is to understand something that, at first glance, might seem strange: the robust performance of Russian bonds after their repudiation. (As a reminder, the 5 percent bond of 1906 was trading above 45 percent of par more than two years after it was repudiated and was still valued at around 20 percent of par at the end of 1921.) I have also tried to set a specific but extreme case of repudiation in the broader context of theories about sovereign debt....
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