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The Baring Crisis in a Mexican Mirror


  • Eichengreen, Barry


Conventional wisdom has it that the Mexican crisis of 1994-95 was "the first financial crisis of the 21st century." In this paper I argue that it may be better understood as the last financial crisis of the 19th. The crisis in Mexico exhibits striking similarities to the Baring Crisis of 1890, an event that did much to shape modern opinion about the causes and consequences of financial crises and the role for official management.

Suggested Citation

  • Eichengreen, Barry, 1997. "The Baring Crisis in a Mexican Mirror," Center for International and Development Economics Research, Working Paper Series qt81j7s02s, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  • Handle: RePEc:cdl:ciders:qt81j7s02s

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    References listed on IDEAS

    1. Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
    2. J. D. Bailey, 1959. "Australian Borrowing In Scotland In The Nineteenth Century," Economic History Review, Economic History Society, vol. 12(2), pages 268-279, December.
    3. A. G. Ford, 1956. "Argentina And The Baring Crisis Of 1890," Oxford Economic Papers, Oxford University Press, vol. 8(2), pages 127-160.
    4. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," MPRA Paper 13843, University Library of Munich, Germany.
    5. Rudiger Dornbusch & Alejandro Werner, 1994. "Mexico: Stabilization, Reform, and No Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(1), pages 253-316.
    6. Sachs, Jeffrey & Tornell, Aaron & Velasco, Andres, 1995. "The Collapse of the Mexican Peso: What Have We Learned?," Working Papers 95-22, C.V. Starr Center for Applied Economics, New York University.
    7. Harley, C. Knick, 1982. "Oligopoly Agreement and the Timing of American Railroad Construction," The Journal of Economic History, Cambridge University Press, vol. 42(04), pages 797-823, December.
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    Cited by:

    1. Edmund Amann & David Lawson, 2013. "International Crises And Developing Economies: Linkages And Recent Experiences," Journal of International Development, John Wiley & Sons, Ltd., vol. 25(8), pages 1035-1049, November.
    2. Michael D. Bordo & Marc Flandreau, 2003. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Chapters,in: Globalization in Historical Perspective, pages 417-472 National Bureau of Economic Research, Inc.
    3. Michael D. Bordo & Christopher M. Meissner, 2007. "Financial Crises, 1880-1913: The Role of Foreign Currency Debt," NBER Chapters,in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 139-194 National Bureau of Economic Research, Inc.

    More about this item


    Baring Crisis; Mexico; Argentina; foreign investment; international economics;

    JEL classification:

    • F1 - International Economics - - Trade
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development


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