Sovereign Debt in Latin America, 1820–1913
Gerardo della Paolera () and
Alan Taylor ()
No 2012_18, CEU Working Papers from Department of Economics, Central European University
This paper examines sovereign lending to Latin America and the Caribbean from 1820 to 1913. We examine four waves of capital flows where defaults were followed by a return to market access. In spite of extended default, countries kept promising high returns that attracted international investors again and again: financial autarky thus gave way to eras of high integration to global markets as measured by sovereign risk pricing. We discuss imperfections of the sovereign debt institutional context in the region and discuss a menu of options that some countries used to seek funds in the global financial markets after defaults. The parallel with the modern Latin American and Caribbean sovereign bond market experience is striking.
New Economics Papers: this item is included in nep-his and nep-lam
Date: 2012-09-19, Revised 2012-09-19
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
http://www.personal.ceu.hu/staff/repec/pdf/2012_18.pdf Full text (application/pdf)
Journal Article: Sovereign debt in Latin America, 1820-1913 (2013)
Working Paper: Sovereign Debt in Latin America, 1820-1913 (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:ceu:econwp:2012_18
Access Statistics for this paper
More papers in CEU Working Papers from Department of Economics, Central European University Contact information at EDIRC.
Series data maintained by Anita Apor ().