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## Abstract After their independence from Spain and Portugal, Latin American governments became frequent borrowers in international capital markets. However, the region’s political and economic instability also led to recurrent episodes of sovereign defaults. During the particular historical context of the nineteenth century, remedies to debt defaults were not limited to bilateral negotiations between creditors and governments. They also encompassed military interventions or control commissions formed by foreign governments, bondholders, or merchant bankers. In North Africa and the Middle East, debt defaults could even trigger military interventions from creditor states ending in the establishment of colonial regimes. This paper shows that such interventions were rare in Latin America, as creditors only enlisted their governments’ military intervention in the most extreme cases. In most cases, external control was exerted privately by bondholders and merchant banks through the imposition of economic policies promoting trade openness and fiscal management. Additionally, bondholders turned to legal methods of contractual enforcement to obtain debt settlements that limited the soverei

Author

Juan Flores Zendejas; Felipe Ford Cole

Publisher

Oxford University PressOxford

Published

2021

Language

EN

ISBN

9780192636171

Subjects

History, Economics, Social Science