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Two Hundred Years of Financial Integration: Latin America since Independence

I collect a new database on Latin America’s international issuance from 1820 to 1931 in the major financial centers of that time: London, Paris, Berlin, Frankfurt, and New York. This database includes individual sovereign bonds and loans as well as bonds, loans, and equities issued by private corporations. The database is used to examine the boom-bust pattern in access to international capital markets by Latin American countries in the 19th and 20th and the beginning of the 21st centuries. The paper also very briefly examines the role of external shocks on these financial cycles. In particular, I examine shocks to monetary policy in the financial centers, fluctuations in commodity prices, global imbalances, financial innovations and new technologies.