This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics 2009 Volume Author/Editor: Lucrezia Reichlin and Kenneth West, organizers Volume Publisher: University of Chicago Press Volume ISBN: 0-226-70750-4 (paper) Volume URL: http://www.nber.org/books/reic09-1 Conference Dates: June 12-13, 2009 Publication Date: June 2010 Chapter Title: Comment on "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007" Chapter Author: Albrecht Ritschl Chapter URL: http://www.nber.org/chapters/c11908 Chapter pages in book: 98 - 100