The Entanglements of Domestic Polities: Public Debt and European Interventions in Latin America

Juan Flores Zendejas

Chapter Chapter 5 in A World of Public Debts, 2020, pp 111-133 from Palgrave Macmillan

Abstract: Abstract During the nineteenth century, sovereign debt defaults often led to active intervention by governments from creditor countries to defend the claims of their bondholders. This chapter investigates why foreign control episodes were mostly absent in Latin America despite recurrent debt crises. Focusing on two case studies from the mid-nineteenth century, Mexico and Peru, it analyzes how public and private control was pursued to secure debt repayment and the development of international trade. It uncovers how the existence of divergent interest groups within those countries, but also the disagreements between creditors and governments in Britain and France, better explain historical outcomes than the notion of “supersanctions.”

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-030-48794-2_5

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DOI: 10.1007/978-3-030-48794-2_5

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