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November 26, 2007


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So ... spread ... has something to do with imperialism?

Like ... Imperial Margarine? Is that what these graphs are about?

Comparative bond yields. Here's an example: Japan's bond yields relative to British Consols (eternal bedrock bonds since the eighteenth century) barely moved at all when the Japanese announced the Meiji constitution. You'd never notice it. On the other hand, when it was announced Japan was going on the gold standard, forty percent of the difference between Japanese and British bonds disappeared overnight. The British Empire loved itself some gold standard. (The Japanese didn't, but credible commitments yadda yadda.)

In this particular case... in this particular case, I think I might want a caption. I've sussed the first one, I think.

(Incidentally, if you don't want to spend the $99 list, or even the $20 remaindered, the following site has the proofs of the recent Mauro, Sussman, and Yafeh, which is a worthwhile read on the subject: http://economics.huji.ac.il/facultye/sussman/MSY%20Book%20proofs.PDF )

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