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

Governments versus Bankers

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  • © 2018

Overview

Authors:
  1. Leonardo Weller

    1. São Paulo School of Economics—FGV, São Paulo, Brazil

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  • Addresses the pre-1914 sovereign debt market from both creditors' and borrowing governments' perspectives
  • Presents new primary documents that bolster opinions of Brazil and Mexican government negotiation effectiveness
  • Proposes a new analytical framework to conceptualize how factors determined the relative power between governments and creditors

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-xx
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  2. Governments versus Bankers

    1. Front Matter

      Pages 1-1
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    2. Introduction

      • Leonardo Weller
      Pages 3-20

    3. Governments versus Bankers in the Pre-1914 Sovereign Debt Market

      • Leonardo Weller
      Pages 21-39

  3. Brazil versus Rothschilds

    1. Front Matter

      Pages 41-41
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    2. Rothschilds’ Tropical Empire: Brazil, 1822–1889

      • Leonardo Weller
      Pages 43-58

    3. Rothschilds’ Troubled Republic: Brazil, 1889–1898

      • Leonardo Weller
      Pages 59-82

    4. Rothschilds and Coffee Finance: Brazil, 1898–1914

      • Leonardo Weller
      Pages 83-102

  4. Mexico versus Mediocre Banks

    1. Front Matter

      Pages 103-103
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    2. From Defaults to Redemption: Mexico, 1821–1890

      • Leonardo Weller
      Pages 105-126

    3. The Bankers’ Beloved Dictatorship: Mexico, 1890–1910

      • Leonardo Weller
      Pages 127-146

    4. The Loans of the Revolution: Mexico, 1911–1914

      • Leonardo Weller
      Pages 147-162

    5. Conclusion

      • Leonardo Weller
      Pages 163-167

  5. Back Matter

    Pages 169-183
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Keywords

About this book

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. 

Authors and Affiliations

  • São Paulo School of Economics—FGV, São Paulo, Brazil

    Leonardo Weller

About the author

Leonardo Weller is Lecturer at the São Paulo School of Economics, Fundação Getulio Vargas, (EESP-FGV), Brazil. He earned his PhD at the London School of Economics, UK.

Bibliographic Information

  • Book Title: Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914

  • Book Subtitle: Governments versus Bankers

  • Authors: Leonardo Weller

  • DOI: https://doi.org/10.1007/978-3-319-73633-4

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s) 2018

  • Hardcover ISBN: 978-3-319-73632-7Published: 08 May 2018

  • Softcover ISBN: 978-3-030-08824-8Published: 01 February 2019

  • eBook ISBN: 978-3-319-73633-4Published: 20 April 2018

  • Edition Number: 1

  • Number of Pages: XX, 183

  • Number of Illustrations: 8 b/w illustrations

  • Topics: Public Finance, Financial History, International Economics, Economic History, Banking

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