Doug
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[from IMF, International Capital Markets: Developments, Prospects, and Key Policy Issues, November 1997]
TABLE 70. SELECTED CRISES, 1870-1914
Turkey (1875) Debt default Fiscal deficits were funded by foreign
borrowing that eventually
could not be sustained.
Peru (1876) Debt default Falling guano exports and stagnation of
other revenues combined with increasing fiscal
deficits to generate a crisis.
Egypt(1876) Debt default Increased foreign borrowing to finance
consumption led to unsustainable debt
growth.
Argentina Debt crisis and Argentina's inability to (1890) institutional meet debt-service payments led to the
failure bailout of Baring Bros.
U.S. (1873) Financial crisis Bank runs and failures and fears about
U.S. commitment to gold parity
followed a stock market crash.
Greece (1893) Debt default Increased borrowing to finance consumption
led to unsustainable debt growth.
U.S. (1894-96) Speculative Speculation against the U.S. gold standard
attack parity followed the Sherman Act (1890) and
increasing fiscal deficits.
Brazil (1898) Debt default A decline of 64 percent in
coffee prices over the preceding five
years generated an external crisis.
U.S. (1907) Financial crisis Banking panic and suspension of cash
payments followed interest
rate hikes and bank failures.
Canada (1907) Speculative High interest rates in Canada (in response
attack/banking to hikes in the United States) led to excessive
crisis credit expansion that generated speculation
against the Canadian dollar.
Brazil (1914) Debt default A sharp decline in coffee prices in the
preceding two years generated
a debt crisis.