Government versus Bankers: Sovereign Debt Negotiations in Porfirian Mexico, 1888–1910
研究了墨西哥波菲里奥·迪亚斯政府如何通过谈判改善主权贷款条件，利用美国银行报价与欧洲竞争者博弈，从而建立良好信誉并降低借款成本。
This article assesses how the government of Porfirio Díaz (1876–1910) negotiated sovereign loans. Mexico was a serial defaulter that established a good reputation and issued bonds abroad at progressively better conditions. Based on new archival material, the article demonstrates that borrowing terms improved not only because of sounder fundamentals, but also due to the efforts of high officials to negotiate with debt underwriters. The Mexicans never accepted a patron bank and used the offers from American banks to bargain with European competitors. They acted according to the government's reputation, the underwriters' status, and the ideology of the Porfirian state.