How does the debt market fare over a very long period? Paola Subacchi is joined by Josefin Meyer to look at sovereign bonds over 200 years that stretch after the battle of Waterloo (1815) and 2016. Research shows that over this period real returns averaged more than 6 per cent annually – after taking into account wars, financial crises and default episodes.

Guest: Josefin Meyer is Head of International Macroeconomics Research Group of the Macroeconomics Department at Deutsches Institut Für Wirtschaftsforschung (DIW Berlin) and Research Fellow at Kiel Institute for The World Economy.

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