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首页> 外文期刊>Journal of Business Ethics >Denouncing Odious Debts
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Denouncing Odious Debts

机译：谴责可憎的债务

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Economists have suggested it was optimal to signal the odious character of bonds when they were issued. However, since the odious debt doctrine has not been recognized by any court, one could argue that denouncing odious debts is useless. Exploiting a unique historical episode, this paper quantifies the impact of protests on odious debts. In 1906, the Russian government floated a bond in Paris to cover the costs of its war against Japan but also to raise money to crush the political movements wishing to reform Russia's political system. Issued without parliamentary consent, this loan met with fierce opposition. Press campaigns in Great Britain, France and Germany denounced its odious character. If failure or success is determined solely by the ability to prevent a loan from being issued, then the campaign failed. We argue, however, that failure or success should be determined in light of the financial costs imposed on the issuer for future loans and even the ability to force a postponement of these loans. We show that these campaigns increased the yields of all Russian bonds traded in Paris, and thus Russia's future borrowing cost. Yields on the 1906 loan, which was specially targeted by the campaigns, rose even more. However, once the press campaigns stopped, yields experienced a declining trend, highlighting the important role the press may have on odious debts.
机译：经济学家已经建议，在发出时，它是最佳的信号来发出债券的可恶特征。然而，由于任何法院都没有得到任何食人债务学说，人们可以争辩说，谴责可憎的债务是无用的。利用独特的历史集，本文量化了抗议对可憎债务的影响。 1906年，俄罗斯政府在巴黎举行了债券，以弥补其对日本的战争的成本，也筹集资金以粉碎希望改革俄罗斯政治制度的政治运动。没有议会同意发行，这笔贷款会见了激烈的反对意见。在英国，法国和德国的新闻竞选活动谴责其可憎的性格。如果失败或成功仅通过防止贷款的能力来确定，那么活动将失败。但是，我们争辩说，根据对未来贷款的发行人强加的财务成本，应确定失败或成功，甚至强迫推迟这些贷款的能力。我们表明，这些活动增加了巴黎交易的所有俄罗斯债券的产量，从而增加了俄罗斯未来的借贷成本。 1906年贷款的产量，专门针对运动，更多地增长。然而，一旦新闻界停止，产量越来越趋势下降，突出了新闻界可能对食品债务的重要作用。

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