Empire, public goods, and the Roosevelt Corollary

Empire, public goods, and the Roosevelt Corol ...
Kris James Mitchener, Kris Jam ...
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Last edited by MARC Bot
December 13, 2020 | History

Empire, public goods, and the Roosevelt Corollary

"The Roosevelt Corollary to the Monroe Doctrine marked a turning point in American foreign policy. In 1904, President Roosevelt announced that, not only were European powers not welcome in the Americas, but that the U.S. had the right to intervene in the affairs of Central American and Caribbean countries that were unstable and did not pay their debts. We use this change in U.S. policy to test Kindleberger's hypothesis that a hegemon can provide public goods such as increased financial stability and peace. Using a newly assembled database of weekly sovereign debt prices, we find that the average sovereign debt price for countries under the U.S. 'sphere of influence' rose by 74% in the year following the announcement of the policy. With the dramatic rise in bond prices, the threat of European intervention to support bondholder claims in the Western Hemisphere waned, and the U.S. was able to exert its role as regional hegemon. We find some evidence that the Corollary spurred export growth and better fiscal management by reducing conflict in the region, but it appears that debt settlements were driven primarily by gunboat diplomacy and the threat of lost sovereignty"--National Bureau of Economic Research web site.

Publish Date
Language
English

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Cover of: Empire, public goods, and the Roosevelt Corollary
Empire, public goods, and the Roosevelt Corollary
2004, National Bureau of Economic Research
Electronic resource in English

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Book Details


Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 1/10/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Published in
Cambridge, MA
Series
NBER working paper series ;, working paper 10729, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10729.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3475871M
LCCN
2005615303

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December 13, 2020 Edited by MARC Bot import existing book
May 1, 2010 Edited by WorkBot merge works
December 10, 2009 Created by WorkBot add works page