Banker to the Third World : U. S. Portfolio Investment in Latin America, 1900-1986 / Barbara Stallings.

Format:

Book

Author/Creator:

Stallings, Barbara, author.

Series:

Studies in international political economy ; Volume 18.

Studies in International Political Economy Series ; Volume 18

Language:

English

Subjects (All):

Investments, American--Latin America--History.

Investments, American.

Loans, American--Latin America--History.

Loans, American.

Physical Description:

1 online resource (459 pages)

Edition:

First edition.

Place of Publication:

Berkeley : University of California Press, [1987]

Summary:

By the end of 1985, Latin Americans owed their foreign creditors 368 billion. That was nearly 1,000 for every man, woman, and child between the Rio Grande and Tierra del Fuego. The debt represented more than half of the region's gross domestic product, and interest payments alone consumed 36 percent of export revenues. If profits are added to interest, and the total compared to new capital inflows, the drama of the situation becomes clear: a real resource transfer from Latin American was under way. More than three-fourths of Latin America's debt was owed to several hundred commercial banks with headquarters in North America, Europe, and Japan. Banker to the Third World examines why the loans that precipitated the 1985 debt crisis were made, how these loans were similar to, and different from, other loans, what solutions to the crisis would be effective, and how such problems could be avoided in the future. When originally published, this title presented a new and timely analysis of the crisis; today it serves as a historical exploration that will give readers a better understanding of both Latin American economic history and more recent foreign debt crises. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1987.

Contents:

Cover

Series Editors

Title Page

Copyright

Contents

List of Tables

List of Figures

Acknowledgments

Introduction

Chapter One. Theories of Capital Export: Lessons from the British Experience

Conceptualizing Capital Export

Literature on British Capital Export

Nineteenth-Century Britain Versus Twentieth-Century United States

Modification of Hypotheses

Chapter Two. U.S.-Latin American Financial Relations: A Historical Overview

The Transition Period in International Finance: 1897-1919

The First Lending Boom: 1920-30

Default and the Private Bank Retreat: 1931-54

Nonbank Capital Flows: 1955-69

The Second Lending Boom: 1970-80

Epilogue: The 1980s

Conclusions

Chapter Three. Characteristics of U.S. Portfolio Investment in Latin America

Notes on the Data

Periodization of Portfolio Investment

Comparisons with Other Types of lnvestment

Characteristics of Portfolio Investment

Chapter Four. Long-Term Trends in U.S. Portfolio Investment

Supply Factors: Characteristics of the U.S. Economy

Demand Factors: Characteristics of Latin American Economies

Chapter Five. Short-Term Fluctuations in U.S. Portfolio Investment

Links Between U.S. and Latin American Economies

The 1920s

The 1970s

Chapter Six. The Lending Process: A Case Study of Peru

The Beginning of U.S. Domination in Peru

The First Loan Cycle: The Leguia Government, 1919-30

Retreat of the Banks: 1931-68

The Second Lending Cycle: The Military Government, 1968-78

Epilogue: A New Lending Cycle

Chapter Seven. The Future in Historical Perspective

U.S. Lending in the 1920s and 1970s

U.S. Lending and Theories of Capital Export

The Financial Crisis of the 1980s

Appendixes. Statistical Data, Sources, and Methodology.

I. Capital Flow Series

II. U.S. Economic Series

III. Latin American Regional Economic Series

IV. Latin American Country Economic Series

V. Data Bank on International Loans

Bibliography

Index.

Notes:

Includes bibliographical references and index.

Description based on publisher supplied metadata and other sources.

Description based on print version record.

ISBN:

0-520-37718-4

OCLC:

1435751998