By Thomas Millington
Tracing the origins of contemporary Latin American debt difficulties to the monetary politics of the speedy post-independence interval, Thomas Millington argues that the failure of Latin American states to fund their inner money owed made them depending on overseas credits. destructive political and social results stay this day, he says, and means that debt administration should still movement towards a funded debt objective and clear of the floating debt framework that's endemic in Latin the US. He makes use of the investment event in Bolivia to demonstrate his thesis.
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Extra info for Debt politics after independence: the funding conflict in Bolivia
Under the act the federal government assumed the responsibility to fund not only the war debt of the Continental Congress but also the individual state debts that arose during the course of the revolutionary wars. Many of Hamilton's insights into funding as a way to capitalize politically on public debt by converting it into a national bond applied with even greater pertinence to the Latin American states, given their notoriously weak national foundations. The funded debt paper and treasury debt paper in Latin America in the 1820s differed fundamentally in terms of marketability.
They fell heir to obligations incurred by both the Spanish forces and patriot forces, ranging from sequestered property to Page 12 forced loans, back salaries both civilian and military, and damage claims of every conceivable variety. The so-called Spanish Debt included individuals holding documented claims against the old colonial authorities. 10 Initially the republican governments confined the Spanish Debt to the period preceding the outbreak of the independence struggles, but gradually they became willing to extend the recognized debt to include the insurrectionary period up until the time when Spanish governments actually fell.
This one was apparently not yet in circulation, since the department, date of entry into circulation, and the name of the holder are blank. The signature at the bottom is that of Gavino Ibañez, a Bolivian-born military officer who served as prefect of Chuquisaca in 1827. Source: Ministerio de Hacienda, Contaduría General, Vales, 18271828, t. 5, No. 3. Editorial Committee University of Florida Social Sciences Monographs George E. Pozzetta, Chairman, Professor of History James Button, Professor of Political Science Frederick O.