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Lending Booms, Underwriting and Competition: The Baring Crisis Revisited

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  • Juan-Huitzi Flores

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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.

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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp07-01.

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Date of creation: Jan 2007
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Handle: RePEc:cte:whrepe:wp07-01

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  1. Marichal, Carlos, 1984. "Los banqueros europeos y los emprestitos argentinos: rivalidad y colaboracion: 1880–1890," Revista de Historia Económica, Cambridge University Press, vol. 2(01), pages 47-82, March.
  2. Paolo Mauro & Yishay Yafeh & Nathan Sussman, 2001. "Emerging Market Spreads: Then Versus Now," OFRC Working Papers Series 2001fe03, Oxford Financial Research Centre.
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Cited by:
  1. Flandreau, Marc & Flores Zendejas, Juan Huitzilihuitl & Gaillard, Norbert & Nieto-Parra, Sebastián, 2009. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007," CEPR Discussion Papers 7347, C.E.P.R. Discussion Papers.
  2. Marcelo de Paiva Abreu & João Manoel Pinho de Mello & Anônio de A. Sodré, 2007. "Informational spillovers in the pre-1914 London Sovereign Debt Market," Textos para discussão 552, Department of Economics PUC-Rio (Brazil).
  3. Sarah Cochrane, 2009. "Explaining London's Dominance in International Financial Services, 1870-1913," Economics Series Working Papers 455, University of Oxford, Department of Economics.

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