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• W1989000925 abstract "In the spring of 2010 Greek debt problems headed financial news around the world as credit-rating agencies downgraded Greek debt bonds to junk status. The 300-billion-euro indebtedness was larger than the economy, that is, 120 percent of gross national product, whereas the public deficit mounted to 12.7 percent. Soon after the critical situation was revealed in its full dimensions, a rescue package was put in place, despite the initial opposition of some European Union members who hesitated to lend to a country in such a condition. Eventually the 45,000-million-euro loan materialized, and the Greek government implemented an austerity program that consisted of large reductions in spending, hikes in taxes, and pay cuts for bureaucrats. Yet expectations are bleak, and confidence in Greece’s capacity to pay is still very weak. Is the recent Greek experience useful in understanding the history of Mexico’s “London Debt”? Richard Salvucci believes so, although he warns us not to draw schematic conclusions. Debt analysis in the early twenty-first century should be examined through concepts such as risk premium, default and reputation, debt overhang, debt intolerance, and public finances management under different political regimes. Used with caution, contemporary models and theories shed light on the study of the past.Salvucci presents a chronological account of a loan originally issued in London in 1824, the default three years later, and the subsequent renegotiations until its final conversion in 1887. Thus the book necessarily touches on the political and economic complexities of the history of nineteenth-century Mexico: from continuous turmoil to stability, civil war to foreign threats and invasion, and from efforts to revitalize the economy to complete stagnation. The common thread that unites each chapter is the status of the “London debt,” as the initial loan came to be known, and of public finances.From the early years of independence to the present, Mexican public officials, financial experts, observers, and scholars have examined foreign and domestic loans in great detail. The reason for such interest is clear: debt could endanger growth performance and thus risk long-term welfare. This is what makes Politics, Markets, and Mexico’s “London Debt” fascinating and a major contribution to the economic history of nineteenth-century Mexico. The exhaustive review of figures, rescheduling proposals, and conversions is perfectly balanced with a fine account on how political interests, domestic creditors, and foreign powers interacted in debt negotiations. Focusing on a period of more than 60 years, Salvucci demonstrates that there was not a single factor that led to the repeated default on the London debt. Rather, Mexico’s capacity to pay, the lobby from domestic lenders, and the varying degree of involvement of foreign powers interacted according to the changing political and economic circumstances. Likewise, the bondholders negotiated over and over again not only in the hope of curtailing losses but to gain from speculative movements. None of these reactions are unfamiliar in financial markets, and risk was a major component of debt negotiations during the nineteenth century.Salvucci has also achieved an unusual goal: making sense of economic theory in historical explanations. Chapter by chapter the reader finds appropriate economic concepts applied to a specific circumstance that illustrates and reinforces the argument without requiring advanced knowledge of economics or econometrics. Clear descriptions of how bond markets work or of the relationship between bond prices and consols facilitate comprehension of the long-term evolution of indebtedness, default, and multiple conversions. The excellent account of the maneuvers of different political factions in their interactions with interest groups touches on topics kin to political historians and political scientists alike. Economists seeking applications of contemporary economics will enjoy Salvucci’s analysis of nineteenth-century debt negotiations.The book uses tables, graphs, maps, and drawings to emphasize arguments and synthesize data and descriptions. However, graphs in some cases are mislabeled and might lead to confusion. For example in Figure 1.4 the correct label should be “population” instead of “states”; in figure 3.2 labels “series 1” and “linear (series 1)” need clarification.Politics, Markets, and Mexico’s “London Debt” will be indispensable for economic historians of Latin American in general and of Mexico in particular. This book will soon become a classic on the history of foreign debt. Recent financial crises have equipped us with concepts and analytical frameworks to understand this fascinating episode of Mexican economic history." @default.
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• W1989000925 date "2011-08-01" @default.
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• W1989000925 title "Politics, Markets, and Mexico’s “London Debt,” 1823 – 1887" @default.
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