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

Governments versus Bankers
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Leonardo Weller
410 g
218x154x20 mm
Addresses the pre-1914 sovereign debt market from both creditors' and borrowing governments' perspectives
Part I - Governments versus Bankers 1.Introduction 2. Governments versus Bankers in the Pre-1914 Sovereign Debt Market Part II - Brazil versus Rothschilds 3. Rothschilds' Tropical Empire: Brazil, 1822-1889 4. Rothschilds' Troubled Republic: Brazil, 1889-1898 5. Rothschilds and Coffee Finance: Brazil, 1898-1914 Part III - Mexico versus Mediocre Banks 6. From Defaults to Redemption: Mexico, 1821-1890 7. The Bankers' Beloved Dictatorship: Mexico, 1890-1910 8. The Loans of the Revolution: Mexico, 1911-1914 9. Conclusion
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.