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Government versus Bankers: Sovereign Debt Negotiations in Porfirian Mexico, 1888–1910

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  • Weller, Leonardo

Abstract

This article assesses how the government of Porfirio Díaz (1876–1910) negotiated sovereign loans. Mexico was a serial defaulter that established a good reputation and issued bonds abroad at progressively better conditions. Based on new archival material, the article demonstrates that borrowing terms improved not only because of sounder fundamentals, but also due to the efforts of high officials to negotiate with debt underwriters. The Mexicans never accepted a patron bank and used the offers from American banks to bargain with European competitors. They acted according to the government's reputation, the underwriters' status, and the ideology of the Porfirian state.

Suggested Citation

  • Weller, Leonardo, 2015. "Government versus Bankers: Sovereign Debt Negotiations in Porfirian Mexico, 1888–1910," The Journal of Economic History, Cambridge University Press, vol. 75(4), pages 1030-1057, December.
    • Handle: RePEc:cup:jechis:v:75:y:2015:i:04:p:1030-1057_00
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    Cited by:

    1. Sasha Indarte, 2017. "Contagion via Financial Intermediaries in Pre-1914 Sovereign Debt Markets," 2017 Meeting Papers 1141, Society for Economic Dynamics.
    2. Tunçer, Ali Coşkun & Weller, Leonardo, 2022. "Democracy, autocracy, and sovereign debt: How polity influenced country risk on the peripheries of the global economy, 1870–1913," Explorations in Economic History, Elsevier, vol. 85(C).

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