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Sovereign debt in Latin America, 1820-1913

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  • della Paolera, Gerardo
  • Taylor, Alan M.

Abstract

En este artículo se analizan algunos aspectos de la deuda soberana de América latina y el Caribe durante el período 1820-1913. Se examinan las cuatro oleadas del auge crediticio y del movimiento de capitales que terminaron en episodios de defaults generalizados pero que no obstaculizaron a priori sucesivos retornos al mercado de capitales en la mayoría de los casos estudiados. A pesar de defaults que se extendieron en el tiempo, los países de la región atrajeron en cada oleada a una mayor cantidad de inversores internacionales. A períodos de aislamiento del mercado de deuda soberana se le suceden otros de una alta integración con el mercado global medido por el «premio» a pagar por el riesgo soberano o riesgo país. Se discuten las imperfecciones en el mercado de la deuda soberana; los aspectos macro y microeconómicos y se discuten un menú de opciones que algunos de estos países utilizaron para reestablecer el canal de fondeo internacional luego de los defaults. El paralelismo con los vaivenes en el mercado de deuda soberana contemporánea en América latina y el Caribe resulta sorprendente.

Suggested Citation

  • della Paolera, Gerardo & Taylor, Alan M., 2013. "Sovereign debt in Latin America, 1820-1913," Revista de Historia Económica, Cambridge University Press, vol. 31(02), pages 173-217, September.
  • Handle: RePEc:cup:reveco:v:31:y:2013:i:02:p:173-217_00
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    References listed on IDEAS

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    Cited by:

    1. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets," OECD Development Centre Working Papers 260, OECD Publishing.
    2. Boonman, Tjeerd M., 2013. "Sovereign defaults, business cycles and economic growth in Latin America, 1870-2012," Research Report 13010-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).

    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean

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