Lending booms, underwriting and competition: the baring crisis revisited

Juan Flores Zendejas

IFCS - Working Papers in Economic History.WH from Universidad Carlos III de Madrid. Instituto Figuerola

Abstract: This paper aims to provide new light on a famous episode in financial history, the so called Baring crisis. Taking a microeconomic approach, this paper addresses issues that were not emphasized in traditional explanations of the crisis. We analyze borrowing costs in the 1880s using new data from debt contracts. We argue that, despite a worsening macroeconomic situation in Argentina, its Government continued to have capital market access besides decreasing borrowing costs. This paper suggests that competition between financial intermediaries was a main cause behind the crisis.

Date: 2007-01
New Economics Papers: this item is included in nep-ban, nep-com and nep-his
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:whrepe:wp07-01

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