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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.

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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

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International Organization
  • ISSN: 0020-8183
  • EISSN: 1531-5088
  • URL: /core/journals/international-organization
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