Lending Booms, Underwriting and Competition: The Baring Crisis Revisited
This paper aims to provide new light on a famous episode in financial history, the so called Baring crisis. Taking a microeconomic approach, this paper addresses issues that were not emphasized in traditional explanations of the crisis. We analyze borrowing costs in the 1880s using new data from debt contracts. We argue that, despite a worsening macroeconomic situation in Argentina, its Government continued to have capital market access besides decreasing borrowing costs. This paper suggests that competition between financial intermediaries was a main cause behind the crisis.
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- Marichal, Carlos, 1984. "Los banqueros europeos y los emprestitos argentinos: rivalidad y colaboracion: 1880–1890," Revista de Historia Económica, Cambridge University Press, vol. 2(01), pages 47-82, March.
- Paolo Mauro & Yishay Yafeh & Nathan Sussman, 2001.
"Emerging Market Spreads: Then Versus Now,"
OFRC Working Papers Series
2001fe03, Oxford Financial Research Centre.
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