The Journal of economic history, 2005-09, Vol.65 (3), p.658-692
2005
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Details
- Autor(en) / Beteiligte
- Titel
- Empire, Public Goods, and the Roosevelt Corollary
- Ist Teil von
- The Journal of economic history, 2005-09, Vol.65 (3), p.658-692
- Ort / Verlag
- New York, USA: Cambridge University Press
- Erscheinungsjahr
- 2005
- Quelle
- Alma/SFX Local Collection
- Beschreibungen/Notizen
- In 1904 the Roosevelt Corollary to the Monroe Doctrine proclaimed that the United States would intervene in the affairs of unstable Central American and Caribbean countries that did not pay their debts. We find that the average sovereign debt price for countries under the U.S. “sphere of influence” rose by 74 percent in response to the pronouncement and actions to make it credible. We use this policy change to show that the United States subsequently acted as a regional hegemon and provided the global public goods of increased financial stability and peace. Reduced conflict spurred export growth and better fiscal management, but debt settlements were driven primarily by gunboat diplomacy.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0022-0507eISSN: 1471-6372DOI: 10.1017/S0022050705000240Titel-ID: cdi_proquest_miscellaneous_38211968
- Format
- –
- Schlagworte
- 19th century, Abnormal returns, Annual meetings, Annual reports, Bond markets, British Empire, Canals, Conflict, Countries, Debt, Debt repayment, Debt restructuring, Debt service, Diplomacy, Economic expansion, Economic growth, Economic history, Economic models, Empires, External debt, Financial bonds, Foreign policy, Hegemony, Imperialism, Information dissemination, International relations, Intervention, Latin America, Market prices, Military intervention, Peace, Peacetime, Politics, Prices, Property damage, Public goods, Sovereign debt, Sovereignty, Spanish-American War, Studies, Turn of the century, U.S.A