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Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914

Governments versus Bankers

  • Leonardo Weller

Table of contents

  1. Front Matter
    Pages i-xx
  2. Governments versus Bankers

    1. Front Matter
      Pages 1-1
    2. Leonardo Weller
      Pages 3-20
  3. Brazil versus Rothschilds

    1. Front Matter
      Pages 41-41
  4. Mexico versus Mediocre Banks

    1. Front Matter
      Pages 103-103
    2. Leonardo Weller
      Pages 105-126
    3. Leonardo Weller
      Pages 147-162
    4. Leonardo Weller
      Pages 163-167
  5. Back Matter
    Pages 169-183

About this book

Introduction

This book analyzes the relative balance of bargaining power between governments and the banks in charge of underwriting their debt during the first financial globalization. Brazil and Mexico, both indebted countries that underwent major changes in reputation and negotiating power as they faced financial crises, provide valuable case studies of government strategies for obtaining the best possible outcomes. Previous literature has focused on bankers’ perspectives and emphasized that debtors were submissive during negotiations, but Weller finds that governments’ negotiating power varied over time. He presents a new analytical framework that interprets when and why officials were likely to negotiate loans more or less effectively, with newly uncovered primary sources from debtors’ and creditors’ archives suggesting key causes of variation: fiscal accounts, political stability, and creditors’ exposure and reputation. 

Keywords

international finance latin america stabilization Rothschilds financial crisis public finance Brazil Mexico Banking financial history

Authors and affiliations

  • Leonardo Weller
    • 1
  1. 1.São Paulo School of Economics—FGVSão PauloBrazil

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-73633-4
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2018
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-73632-7
  • Online ISBN 978-3-319-73633-4
  • Buy this book on publisher's site
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