Gerardo
della Paolera y Alan M. Taylor publicaron Sovereign Debt in Latin America, 1820–1913, en su resumen leemos: “This
paper examines sovereign lending to Latin America and the Caribbean from 1820
to 1913. We examine four waves of capital flows where defaults were followed by
a return to market access. In spite of extended default, countries kept
promising high returns that attracted international investors again and again:
financial autarky thus gave way to eras of high integration to global markets
as measured by sovereign risk pricing. We discuss imperfections of the
sovereign debt institutional context in the region and discuss a menu of
options that some countries used to seek funds in the global financial markets
after defaults. The parallel with the modern Latin American and Caribbean
sovereign bond market experience is striking.”
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