Plausibly Exogenous [820] - Borrower Contagion (04/17/2022)
LHS Variable
Contagion unrelated to borrower fundamentals
RHS Variable
Reputation of intermediaries
Source of Exogenous Variation
Within-country variation in bonds’ underwriters
- Indarte (2021), “Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets”