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The Baring Crisis and the Great Latin American Meltdown of the 1890s

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  • MITCHENER, KRIS JAMES
  • WEIDENMIER, MARC D.

Abstract

The Baring Crisis is the nineteenth century's most famous sovereign debt crisis. Using a database of more than 15,000 observations, we assess its effect on emerging market borrowers and find empirical evidence of a regional crisis but not a global crisis. During the crisis, Latin American yield spreads increased by more than 200 basis points relative to the rest of the world, even after controlling for macroeconomic, trade, political-institutional factors, and other country-specific effects. Our evidence suggests that European investors may have sold off or reduced their holdings of Latin American securities in the wake of the Baring Crisis.

Suggested Citation

  • Mitchener, Kris James & Weidenmier, Marc D., 2008. "The Baring Crisis and the Great Latin American Meltdown of the 1890s," The Journal of Economic History, Cambridge University Press, vol. 68(2), pages 462-500, June.
    • Handle: RePEc:cup:jechis:v:68:y:2008:i:02:p:462-500_00
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