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Sovereign debt in Latin America, 1820-1913

  • della Paolera, Gerardo
  • Taylor, Alan M.

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.

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Article provided by Cambridge University Press in its journal Revista de Historia Económica.

Volume (Year): 31 (2013)
Issue (Month): 02 (September)
Pages: 173-217

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Handle: RePEc:cup:reveco:v:31:y:2013:i:02:p:173-217_00
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