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• W3124351640 abstract "What went wrong? Why did seemingly rational, forward-looking bond investors continue to purchase Puerto Rican debt with only a modest risk premium? Why did financial markets fail to exercise market discipline and restrict capital flows to Puerto Rico? This paper examines the hypothesis that investors believed Puerto Rican debt was implicitly insured by the U.S. government by studying a rare situation where this “Treasury Put” was extinguished. The expectation of a federal bailout was perfectly reasonable given past behavior by the federal government. Evaluating the Treasury Put hypothesis with a minimal set of assumptions is possible given three unique features of the economic environment. The key feature is an exogenous “seismic shock” – the non-bailout of the city of Detroit in 2013 that effectively extinguished the Treasury Put, estimated in this paper as 350 basis points. Institutional reforms that would eliminate the Treasury Put are considered, but none are found satisfactory. How to extinguish the Treasury Put on an ongoing basis in a democratic society remains an open question." @default.
• W3124351640 created "2021-02-01" @default.
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• W3124351640 date "2023-06-01" @default.
• W3124351640 modified "2023-09-25" @default.
• W3124351640 title "What went wrong? The Puerto Rican debt crisis, the “Treasury Put,” and the failure of market discipline" @default.
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• W3124351640 doi "https://doi.org/10.1016/j.jcorpfin.2023.102409" @default.
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