Mexican Banks and Foreign Finance From Internationalization to Finan
This book is one of the first historical revisions of the Latin American debt crisis of 1982, exploring recently disclosed archival sources for a number of creditor and debtor institutions. It fills a gap on the national and international historiography o
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From Internationalization to Financial Crisis, 1973–1982 se b a s t i a n a lva r e z
Mexican Banks and Foreign Finance
Sebastian Alvarez
Mexican Banks and Foreign Finance From Internationalization to Financial Crisis, 1973–1982
Sebastian Alvarez St Hilda’s College University of Oxford Oxford, UK
ISBN 978-3-030-15439-4 ISBN 978-3-030-15440-0 (eBook) https://doi.org/10.1007/978-3-030-15440-0 Library of Congress Control Number: 2019934715 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To the memory of my father
Foreword
When did modern financial globalization really take off? This question is today part of a great debate among economists and social scientists. But it is also a historical issue which needs to be grounded in detailed studies which bridge national with international trends as well as changes in the functioning of the world economy. The new study by Sebastian Alvarez on Mexican banks and foreign finance during the 1970s and in the subsequent debt crisis of 1982 provides an original and innovative perspective on the birth of modern globalization from the standpoint of developing nations, which then found themselves at the crossroads of a powerful process of expansion of capital flows that have transformed fundamental aspects of the economies of practically all countries. In many regards, financial globalization began to take off in 1974, when the last controls over capital movements in the USA were lifted, at a time when the majority of the European governments and Japan had already abandoned the regime of fixed exchange rates and their exchange rates were floating. It is clear that
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