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Medientyp:
E-Artikel
Titel:
Politics, International Banking, and the Debt Crisis of 1982
Beteiligte:
Altamura, Carlo Edoardo;
Zendejas, Juan Flores
Erschienen:
Cambridge University Press (CUP), 2020
Erschienen in:
Business History Review, 94 (2020) 4, Seite 753-778
Sprache:
Englisch
DOI:
10.1017/s0007680520000653
ISSN:
0007-6805;
2044-768X
Entstehung:
Anmerkungen:
Beschreibung:
How does politics affect private international lending? This article highlights the relationship between international banks, their home governments, the International Monetary Fund (IMF), and international regulators during the years that preceded the debt crisis of 1982. Based on new archival evidence from different case studies, we find that the decisions of commercial banks to lend were largely based on the home governments’ preferences, competition, and the assumption that home governments and international organizations would provide lender of last resort functions to support borrowing governments. While previous works suggest the 1982 debt crisis was unexpected, we show that banks primarily reacted to the deteriorating macroeconomic situation in many emerging economies once the support of their home governments and the IMF became uncertain.