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Antecedentes Históricos De La Deuda Externa Colombiana De La Paz Britanica A La Paz Americana

  • Mauricio Avella Gómez

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    La exportación masiva de capital británico durante la primera década y media de esta centuria llegó a su fin con el estallido de la primera guerra mundial. Fue también el fin de la era de la Paz Británica. Un nuevo ciclo crediticio internacional se iniciaría con el financiamiento de la reconstrucción europea, esta vez bajo los auspicios de la Paz Americana. El auge del crédito, previamente ilustrado en las gráficas 2 y 3 del capítulo precedente, reprodujo características ya encontradas en las largas oscilaciones de las inversiones externas británicas2. Las exportaciones privadas de capital estadounidense estuvieron vinculadas con la restauración económica europea y al ascenso de Nueva York a una posición predominante como centro financiero internacional. La oleada de inversiones directas y préstamos de los Estados Unidos rebasó las fronteras europeas, y la América del Sur fue uno de los principales beneficiarios de dicho financiamiento. Estas exportaciones extraordinarias de capital perdurarían hasta el advenimiento del auge del mercado accionario en 1928. Posteriormente, al sobrevenir la Gran Depresión, la capacidad de los deudores para satisfacer el servicio de la deuda se vio gravemente mermada, y los prospectos de recuperación del crédito internacional se desvanecieron al convertirse la moratoria de las deudas soberanas en un fenómeno universal.

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    File URL: http://www.banrep.gov.co/docum/ftp/borra251.pdf
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    Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 002007.

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    Length: 45
    Date of creation: 31 Jul 2003
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    Handle: RePEc:col:000094:002007
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    1. William A. Darity, 1985. "Loan pushing : doctrine and theory," International Finance Discussion Papers 253, Board of Governors of the Federal Reserve System (U.S.).
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