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Publisher: Universidad Carlos III de Madrid. Instituto Figuerola de Historia Económica

Issued date: 2009

Citation: Revista de Historia Económica - Journal of Iberian and Latin American Economic History, Año XXVII, otoño 2009, n. 2, pp. 247-289

ISSN: 0212-61092041-3335 online

DOI: 10.1017-S0212610900000768

Review: PeerReviewed

Publisher version: http:-dx.doi.org-10.1017-S0212610900000768

Keywords: Spanish America , sovereign debt , default , war , Hispanoamérica , deuda externa , deuda impagada , guerra

JEL Classification: F34 , N26 , N46

Rights: Atribución-NoComercial-SinDerivadas 3.0 España

Abstract: 

Upon gaining independence, most Spanish American countries had accumulated a substantial external debt, and by 1829 each defaulted. It took decades for these countries to settle their debts and even longer for them to access new loans. We argue that a major faUpon gaining independence, most Spanish American countries had accumulated a substantial external debt, and by 1829 each defaulted. It took decades for these countries to settle their debts and even longer for them to access new loans. We argue that a major factor influencing the pattern of debt service was the incidence of war. War created incentives for governments to channel scarce resources to «emergency» spending and domestic debt service, rather than to the repayment of the foreign debt. Interestingly, we detect an asymmetry between countries long in good standing with creditors and those that had only recently settled. Countries that had established a longer record of continuous debt service were far less likely to default in times of war. We also find that international wars were responsible for the largest effects.+- 

En este artículo sugerimos que un factor que determinò en buena medida la trayectoria del pago de la deuda externa de los países hispanoamericanos en las primeras décadas de su vida independiente, fue la enorme incidencia de conflictos armados en la región. LaEn este artículo sugerimos que un factor que determinò en buena medida la trayectoria del pago de la deuda externa de los países hispanoamericanos en las primeras décadas de su vida independiente, fue la enorme incidencia de conflictos armados en la región. Las frecuentes guerras crearon incentives para que éstos dirigieran sus escasos recursos a gastos militares y al servicio de la deuda interna en vez de a la deuda exterior. Un resultado interesante es la asimetría que se registra entre los países que llegaron a renegociar su deuda exitosamente y mantuvieron su servicio por largos períodos de tiempo, y la de aquellos que no tuvieron mayor éxito en sus renegociaciones. En el caso de estos Ultimos, las guerras registraron efectos negativos mayores. También demostramos que las guerras internacionales tuvieron los efectos más dramáticos.+- 







Autor: Sicotte, Richard; Vizcarra, Catalina

Fuente: http://e-archivo.uc3m.es


Introducción



Universidad Carlos III de Madrid Repositorio institucional e-Archivo http:--e-archivo.uc3m.es Revista de Historia Económica - Journal of Iberian and Latin AmericanRHE Economic 2009 n.History 02 otoño 2009 War and Foreign Debt Settlement in Early Republican Spanish America Sicotte, Richard Universidad Carlos III de Madrid.
Instituto Figuerola de Historia Económica Revista de Historia Económica - Journal of Iberian and Latin American Economic History, Año XXVII, otoño 2009, n.
2, pp.
247-289 http:--hdl.handle.net-10016-19646 Descargado de e-Archivo, repositorio institucional de la Universidad Carlos III de Madrid WAR AND FOREIGN DEBT SETTLEMENT IN EARLY REPUBLICAN SPANISH AMERICA * RICHARD SICOTTE University of Vermont a CATALINA VIZCARRA University of Vermont ABSTRACT Upon gaining independence, most Spanish American countries had accumulated a substantial external debt, and by 1829 each defaulted.
It took decades for these countries to settle their debts and even longer for them to access new loans.
We argue that a major factor influencing the pattern of debt service was the incidence of war.
War created incentives for governments to channel scarce resources to «emergency» spending and domestic debt service, rather than to the repayment of the foreign debt.
Interestingly, we detect an asymmetry between countries long in good standing with creditors and those that had only recently settled.
Countries that had established a longer record of continuous debt service were far less likely to default in times of war.
We also find that international wars were responsible for the largest effects. Keywords: Spanish America, sovereign debt, default, war JEL Classification: F34, N26, N46 * Received 01-05-2009.
Accepted 04-23-2009.
We thank participants at the 2007 International Society for the New Institutional Economics conference, and at the 2008 New Frontiers in Latin American History conference for valuable comments.
The usual disclaimers apply. a Departmen...





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