Stretching the financial boundaries: how Mexico fostered competition among foreign banks and borrowed cheaply in 1899, 1904 and 1910

Leonardo Weller

No 13023, Working Papers from Economic History Society

Abstract: "This paper shows that the Mexican loans of 1899, 1904 and 1910 were issued at a risk premium below the Mexican risk. Based on a wide collection of primary sources, it argues that this cheap borrowing only happened because of the aggressive approach of Finance Minister Limantour when negotiation with European and US bankers, including Bleichroeder, Paribas and Speyers. Instead of acting in favour of rent-seeking interests or in alliance with foreign capitalists, high officials of the Porfirian state successfully arranged the loans according to the interests of the National Treasury."

JEL-codes: N00 (search for similar items in EconPapers)
Date: 2013-04
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