El mercado financiero inmaduro en America Latina, desde la independencia hasta las Reformas Liberales

Resumen

Hispanic American economic history has puzzled scholars due to its particularities. The region is known for its abundance of natural resources and land, but since its independence, it has not been able to transfer those endowments into sustainable modern economic growth. Some researchers affirm that “we are still far away to understand the causes of the slow growth of Latin America”. This essay is a literature review, which assesses the debates around the question of why Hispanic America did not have a financial revolution after its independence? It also provides a nuanced explanation of the immaturity of the Hispanic American financial markets, the persistence of the Censo Eclesiastico, a type of loan/mortgage widely used as a source of credit during the colonial era, which was only prohibited in the mid-nineteenth century. This type of loans had some unique characteristics, like rent-seeking and close interpersonal relationships between providers and takers within the capital market of the region at that time. Those characteristics could explain the lack of interest of the elites in the establishment of modern financial institutions. The persistence of the censos caused the immaturity of the capital market in Hispanic America. However, more studies are needed it to assert this with confidence and this essay is a call for further studies on the matter.

Palabras clave:

economic history Latin America debt financial Markets

Citas

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