Historical Previous of Colombian Foreign Debt. From the Pax Britannica to Pax American

This second paper from Mauricio Avella describes the complete cycle of capital exports originating in the United States in the 1920's: the conversion of United States into a creditor nation; the role of New York as the dominant financial center; and the distribution of United States investments, particularly in South America. Moreover, it examines the availability of these exports to Colombia, and the consequences from collapsing of external credit granted by the United States. Finally, it reviews the balance of the main international creditors when the export cycle of American capital closed in the 1920's