Varieties of Sovereign Crises: Latin America 1820-1931
AbstractThe literature on sovereign defaults has focused on adverse shocks to debtors’ economies, suggesting that defaults are of an idiosyncratic nature. Still, many of the sovereign crises are of a systemic nature, clustered around panics in the financial centers. Crises in the financial centers are rare events and their effects on the periphery can only be captured by examining long episodes. This paper examines sovereign defaults in Latin America from 1820 to 1931. We find that systemic crises are different. The international collapse of liquidity is at their core. Default spells and recovery rates are also affected by liquidity crashes.
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Date of creation: Apr 2014
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- F3 - International Economics - - International Finance
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-18 (All new papers)
- NEP-HIS-2014-04-18 (Business, Economic & Financial History)
- NEP-LAM-2014-04-18 (Central & South America)
- NEP-OPM-2014-04-18 (Open Economy Macroeconomics)
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