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Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914 - Governments versus Bankers
von: Leonardo Weller
Palgrave Macmillan, 2018
ISBN: 9783319736334 , 193 Seiten
Format: PDF, Online Lesen
Kopierschutz: Wasserzeichen
Preis: 117,69 EUR
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Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914 - Governments versus Bankers
Preface
6
Acknowledgements
9
Contents
11
List of Figures
14
List of Tables
15
Part I Governments versus Bankers
17
Chapter 1 Introduction
18
Governments and Banks in the First Financial Globalisation
19
The Pre-1914 Sovereign Debt Market
21
Book Outline
24
Part I—Governments versus Bankers
25
Parts II—Brazil versus Rothschilds
26
Part III—Mexico versus Mediocre Banks
30
References
34
Chapter 2 Governments versus Bankers in the Pre-1914 Sovereign Debt Market
36
Theory and History of Sovereign Debt
37
Rescue Loans and the Government’s Side of Sovereign Debt
41
The Government’s Choice: Patron Banking or Competition
45
Analytical Framework
47
Conclusion
52
References
52
Part II Brazil versus Rothschilds
55
Chapter 3 Rothschilds’ Tropical Empire: Brazil, 1822–1889
56
Rothschilds Picks a Tropical Empire
57
Brazil’s First Crisis and Rescue Loan
60
The Return of Rothschilds
61
Paraguayan War and Debt Boom
64
The Falling Empire and Its Exposed Bank
66
Conclusion
68
References
69
Chapter 4 Rothschilds’ Troubled Republic: Brazil, 1889–1898
72
Regime Change, Chaos and Stabilisation
73
The Fiscal Collapse
76
Rothschilds’ Credit Umbrella
79
Brazil as a Free Rider
83
The Funding Loan as Shared Policy Ownership
86
Rothschilds as a Power Broker
89
Conclusion
92
References
92
Chapter 5 Rothschilds and Coffee Finance: Brazil, 1898–1914
96
The Republic Borrows Again
97
Brazil Suspends Rothschilds’ Monopoly
99
The Coffee Lobby
101
Brazil’s Unorthodox Gold Standard
104
Another Debt Crisis
107
Rothschilds Rescues Again: The Second Funding Loan
110
Conclusion
113
References
113
Part III Mexico versus Mediocre Banks
116
Chapter 6 From Defaults to Redemption: Mexico, 1821–1890
117
Wars, Invasions and Failed State
118
The Serial Defaulter
121
The Rise of Porfirio Díaz
124
Railways, Banamex and Fiscal Accounts
126
Díaz, Noetzlin and Sovereign Debt
130
Mexico Returns to the Market
131
Díaz Refuses a Patron Bank
133
Conclusion
135
References
135
Chapter 7 The Bankers’ Beloved Dictatorship: Mexico, 1890–1910
139
The Establishment of a Reputation
140
Gaining the Upper Hand: The 1899 Loan
143
Mexico Goes to New York: The 1904 Loan
149
Porfiriato’s Finest Hour: The 1910 Loan
154
Conclusion
156
References
157
Chapter 8 The Loans of the Revolution: Mexico, 1911–1914
159
The Mexican Revolution
160
The Fiscal Impact of the Revolution
163
The 1913 Loan
164
Paribas, Asymmetry of Information and Conflict of Interest
166
Speyers and the Nacional Railway
170
Conclusion
172
References
172
Chapter 9 Conclusion
175
Appendix: Data and Sources
180
References
183
Index
185