Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914
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 reputat
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Governments versus Bankers
Leonardo Weller
Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914
Leonardo Weller
Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914 Governments versus Bankers
Leonardo Weller São Paulo School of Economics—FGV São Paulo, Brazil
ISBN 978-3-319-73632-7 ISBN 978-3-319-73633-4 (eBook) https://doi.org/10.1007/978-3-319-73633-4 Library of Congress Control Number: 2017964584 © The Editor(s) (if applicable) and The Author(s) 2018 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. Cover image: © Roman Tiraspolsky/Alamy Stock Photo Cover design by Tom Howey Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Nina and in memorian Waldemar
Preface
The relation between rich and poor countries is a hot topic among social scientists and the greater public. Centre–periphery, north–south and developed–developing are terms that characterise international economic relations in an unequal world. International finance is perhaps the most controversial channel of such uneven links. Governments in poor countries borrow the capital of rich economies on the sovereign debt market. For some, sovereign debt is a tool for economic development. For others, it is an instrument of international domination. I grew up in Brazil in the 1980s. I was a schoolchild when my government defaulted on its sovereign debt. Together with very high inflation and stagnation, the debt crisis was one of the unfortunate features of Latin America’s lost decade. My generation was taught that foreigners were the ones to blame for that economic nightmare. European and US bankers profited from attractive returns on our country’s debt i
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