Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Era
研究了1870-1914年间现代制度建立对伦敦市场日本政府债券风险溢价的影响，发现金本位制显著降低了风险，而多数制度创新未立即引发市场反应，地缘政治事件如日俄战争胜利也改善了债务能力。
We investigate the effect of the establishment of modern institutions on the risk premium associated with Japanese government bonds traded in London between 1870 and 1914. While most institutional innovations failed to elicit an immediate market response, the adoption of the gold standard did significantly reduce the perceived risk associated with Japanese bonds. In addition, some geopolitical events, especially the military victory over Russia, improved Japan's debt capacity.