Empire, Public Goods, and the Roosevelt Corollary
研究了1904年罗斯福推论对中美洲和加勒比国家主权债务价格的影响，发现美国作为区域霸主提供了金融稳定与和平等全球公共产品，但债务解决主要依赖炮舰外交。
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.