Skip to main content
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 37
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Pittaluga, Giovanni B. and Seghezza, Elena 2016. How Japan remained on the Gold Standard despite unsustainable external debt. Explorations in Economic History, Vol. 59, p. 40.

    Serfati, Claude 2015. Imperialism in Context. Historical Materialism, Vol. 23, Issue. 2, p. 52.

    Chambers, David and Esteves, Rui 2014. The first global emerging markets investor: Foreign & Colonial Investment Trust 1880–1913. Explorations in Economic History, Vol. 52, p. 1.

    Meissner, Christopher M. 2014.

    Tooze, Adam and Fertik, Ted 2014. The World Economy and the Great War. Geschichte und Gesellschaft, Vol. 40, Issue. 2, p. 214.

    Edlinger, Cécile Merli, Maxime and Parent, Antoine 2013. An Optimal World Portfolio on the Eve of World War I: Was There a Bias to Investing in the New World Rather Than in Europe?. The Journal of Economic History, Vol. 73, Issue. 02, p. 498.

    Esteves, R. 2013. Handbook of Key Global Financial Markets, Institutions, and Infrastructure.

    Saiegh, Sebastián M. 2013. Political institutions and sovereign borrowing: evidence from nineteenth-century Argentina. Public Choice, Vol. 156, Issue. 1-2, p. 61.

    Gartzke, Erik and Lupu, Yonatan 2012. Trading on Preconceptions: Why World War I Was Not a Failure of Economic Interdependence. International Security, Vol. 36, Issue. 4, p. 115.

    Bordo, M. D. and Meissner, C. M. 2011. Foreign capital, financial crises and incomes in the first era of globalization. European Review of Economic History, Vol. 15, Issue. 1, p. 61.

    Diaz-Bonilla, Eugenio and Robinson, Sherman 2010.

    Eichengreen, B. and Temin, P. 2010. Fetters of gold and paper. Oxford Review of Economic Policy, Vol. 26, Issue. 3, p. 370.

    SOLÉ, JUAN 2009. A Model of Lending Resumption after Default: Lessons from Capital Markets during the Nineteenth Century. Economica, Vol. 76, Issue. 303, p. 557.

    Babb, Sarah L. and Carruthers, Bruce G. 2008. Conditionality: Forms, Function, and History. Annual Review of Law and Social Science, Vol. 4, Issue. 1, p. 13.

    ESTEVES, RUI PEDRO 2008. The Institutional Foundations of the International Capital Market Before 1914. The Journal of Economic History, Vol. 68, Issue. 02,

    Vasudevan, Ramaa 2008. The Borrower of Last Resort: International Adjustment and Liquidity in a Historical Perspective. Journal of Economic Issues, Vol. 42, Issue. 4, p. 1055.

    FERGUSON, NIALL and SCHULARICK, MORITZ 2006. The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880–1913. The Journal of Economic History, Vol. 66, Issue. 02,

    Sole, Juan 2006. Lending Resumption After Default: Lessons From Capital Markets During the 19Th Century. IMF Working Papers, Vol. 06, Issue. 176, p. 1.

    Zaklan, Aleksandar Mauro, Paolo Minnoni, Martín and Faria, André 2006. The External Financing of Emerging Market Countries: Evidence From Two Waves of Financial Globalization. IMF Working Papers, Vol. 06, Issue. 205, p. 1.

    Bordo, Michael D 2003. Market Discipline in Banking: Theory and Evidence.


Lessons from the past: capital markets during the 19th century and the interwar period


On Friday, 13 August 1982, Finance Minster Jesus Silva Herzog of Mexico made a series of visits to the International Monetary Fund, the Federal Reserve, and the U.S. Treasury. His message to each was the same: Mexico could no longer continue to service its debt. Thus began a dramatic weekend of negotiations that marked the end of the preceding decade's buoyant expansion of developing country debt and the start of a still continuing response to the sudden collapse.

Linked references
Hide All

This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Michael Edelstein , “Realized Rates of Return on U.K. Home and Overseas Portfolio Investment in the Age of High Imperialism,” Explorations in Economic History 13 (1976), p. 295 n. 16 and p. 305, Table 5

Frank C. Costigliola , “Anglo-American Financial Rivalry in the 1920s,” Journal of Economic History 37 (1977), p. 929

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

International Organization
  • ISSN: 0020-8183
  • EISSN: 1531-5088
  • URL: /core/journals/international-organization
Please enter your name
Please enter a valid email address
Who would you like to send this to? *