This study assesses whether British public debt featured a convenience yield during the Classical Gold Standard before World War I, as the US does in modern times. The empirical results support this thesis. Increases in the British debt-to-GDP ratio decreased the convenience yield on British public debt by between 8 and 20 basis points, qualitatively similar to the behavior of US public debt yields post-1926. Interestingly, the relationship between US yields and US public debt during the Classical Gold Standard counters previous findings for modern US times. The international public debt yield spreads between other Gold Standard core countries and Britain were consistently positive and averaged 55 basis points, even though currency and sovereign risk were negligible at that time for the chosen countries.

中文翻译：

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世界上第一个全球安全资产：英国公共债务，1718-1913 年


本研究评估了英国公共债务在第一次世界大战前的古典金本位制期间是否像美国在现代一样具有便利收益率。实证结果支持这一论点。英国债务与 GDP 比率的增加使英国公共债务的便利收益率降低了 8 到 20 个基点，这与 1926 年后美国公共债务收益率的行为在质量上相似。有趣的是，古典金本位制期间美国收益率与美国公共债务之间的关系与现代美国之前的发现相悖。其他金本位核心国家与英国之间的国际公共债务收益率利差始终为正，平均为 55 个基点，尽管当时所选国家的货币和主权风险可以忽略不计。