19 research outputs found
Hamlet Without the Prince of Denmark: Relationship Banking and Conditionality Lending in the London Market for Foreign Government Debt, 1815-1913
This paper offers a theory of conditionality lending in 19th century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support countries facing liquidity crises in a manner similar to modern descriptions of relationship lending to corporate clients by parent banks. Prestigious bankers' ability to implement conditionality loans and monitor countries' financial policies also enabled them to deal with solvency. We find that, compared with prestigious bankers, bondholders' committees had neither the tools nor the prestige required for effectively dealing with defaulters. Hence such committees were far less important than previous research has claimed
La hacienda brasileña. ¿Fábrica en el campo o pueblo campesino?
This essay explore the factors which made possible the formation of coffee estates in Brazil, and analyzes the functioning of these productive units.Estudia los factores que posibilitan la formación de latifundios cafetaleros en Brasil, y discute acerca de la lógica de funcionamiento de esa unidad productiva.