Abstract: International audience; During the nineteenth century, free trade and financial integration contributed to what is often referred to as the first globalization wave (1820-1914) (Flandreau, 2013; Flandreau & Zumer, 2004; Mauro et al., 2006). As creditors began to expand the reach of their operations by investing in the bonds of foreign nations, sometime from overseas, lending became more perilous. For instance, British investors often knew little about the Latin American countries whose bonds they were purchasing.¹ Nineteenth-century cross-bord...
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Topics: 
Political economy
Economy