We study the daily yields on Irish land bonds listed on the Dublin Stock Exchange during the years 1920–1938. We exploit Irish events during the period and structural differences in land bonds to tease out a measure of investors' credibility in a UK sovereign guarantee. Using Ireland's default on intergovernmental payments in 1932, we find a premium of about 43 basis points associated with uncertainty about the UK government guarantee. We discuss the economic and political forces behind the Irish and UK governments' decisions pertaining to the default. Our finding has implications for modern-day proposals to issue jointly-guaranteed sovereign debt. ‘Further, in view of all the historical circumstances, it is not equitable that the Irish people should be obliged to pay away these moneys’ - Eamon De Valera, 12 October 1932
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机译：我们研究了1920-1938年间在都柏林证券交易所上市的爱尔兰土地债券的日收益率。我们利用这段时期的爱尔兰事件和土地债券的结构性差异，来挑出衡量投资者在英国主权担保中的信誉的一种方法。使用1932年爱尔兰政府间付款的违约，我们发现与英国政府担保的不确定性有关的溢价约为43个基点。我们讨论了爱尔兰和英国政府关于违约的决定背后的经济和政治力量。我们的发现对现代发行联合担保主权债务的建议具有重要意义。 “此外，鉴于所有的历史情况，爱尔兰人民有义务还清这些钱是不公平的”-埃蒙·德·瓦莱拉（Eamon De Valera），1932年10月12日
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