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March 1st Readings Summaries

by: Susannah Gilmore

March 1st Readings Summaries PLCP 1500

Susannah Gilmore

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Summaries of Fishlow and Felix readings from the course.
Comparative Politics
Herman Schwartz
Class Notes
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This 1 page Class Notes was uploaded by Susannah Gilmore on Monday March 14, 2016. The Class Notes belongs to PLCP 1500 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Herman Schwartz in Spring 2016. Since its upload, it has received 336 views. For similar materials see Comparative Politics in Political Science at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.


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Date Created: 03/14/16
Readings Summary  Albert Fishlow, “Lessons from the Past: capital markets during the 19th century and interwar period,” International Organization, 39:3, Summer, 1985, pp. 383-439. (how did developers get investment funds?)  1980s, Mexico could service its debt. Similar cases in developing countries, affect world. In 1870, a global economy occurred for the first time, at its heart was a system of expanfding finance that allowed for production. Larde infusions of capital provided the savings and equipment, loaning money to developming countries. This kind of foreign investment was central to trade and growth persormance of countries like australia, canafa, argentina, and brazil. WWI causes US to emerge as a net creditor nation, germany became leading importer of capital, and french assets abroad were dramatically reduced. Lending took place after WWI for reconstruction. When the great depression hit, the level of world trade declined, and this independence has severe consequences for peripheral countries. Four determinants of capital market performance: principle of what borrowing countries made of their international finance. Recipients could use the resouces to supplemetn their own savings and increase investment or enhance consumption. Second, is the ease with which debtor countries increase their exports. Third, institutional form of financial intermediation. Fourth: the source of finance shaped the quantities and onsequences of capital flows.  David Felix, “Alternative Outcomes from the Latin American Debt Crisis: Lessons from the Past,” Latin American Research Review 22:2, 1987, pp. 3-46 (19 century vs mid-20 century)  Latin American debt crisis: whats the outcome, how will it affect globally. The Baring Crisis brokw out in 1890 when Argentina and Uruguay suspended payments on their sterling debts. This eventually pushed Baring Brothers, Britains leading merchant and acceptance bank towards bankruptcy. This threatened to exhaust Britain's gold reserves. The Bank of England acted as a last resort lender, and eventuall the crises ended but with permanent capital losses to some debt holders. What led to this? After each debt suspension, the lenders decided to reverse a prolonged acceleration of lending, which should lead to the suspension of sebt servicing. In the last phase of debt buildup, the market for international loans behaves peversely in that increases in the interest charge pressure the debtors to increase bowwowing.  1930s debt crisis: many bonds in US


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