Serviços Personalizados
Journal
Artigo
Indicadores
- Citado por SciELO
- Acessos
Links relacionados
- Similares em SciELO
Compartilhar
América Latina en la historia económica
versão On-line ISSN 2007-3496versão impressa ISSN 1405-2253
Resumo
FLORES, Juan H. Economic Fundamentals, Market Failures and Capital Exports: Latin America and London's Capital Market, 1880-1913. Am. Lat. Hist. Econ [online]. 2012, vol.19, n.3, pp.5-30. ISSN 2007-3496.
This paper analyzes the mechanisms through which the structure of the market for sovereign debt in London affected borrowing costs in the period of 1880-1913. The traditional literature has emphasized the role of the economic fundamentals to explain the evolution of sovereign risk. More recent works, however, have demonstrated that economic fundamentals may be irrelevant under certain conditions, and that their effect on risk premia is dynamic in time. I use the concept of "relationship banking" to describe the relations between financial intermediaries, borrowing governments and borrowing costs, and provide a new explanation of the Baring crisis of 1890.
Palavras-chave : sovereign debt; investment banking; market failures; globalization.