Empire, public goods, and the Roosevelt Corollary

• 成果类型: Article
• 署名作者: Santa Clara University; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• 发表日期: 2005
• 页码: 658-692
• 关键词: imperialism

摘要

In 1904 the Roosevelt Corollary to the Monroe Doctrine proclaimed that the United States would intervene in the affairs of unstable Central American and Caribbean countries that did not pay their debts. We find that the average sovereign debt price for countries under the U.S. sphere of influence rose by 74 percent in response to the pronouncement and actions to make it credible. We use this policy change to show that the United States subsequently acted as a regional hegemon and provided the global public goods of increased financial stability and peace. Reduced conflict spurred export growth and better fiscal management, but debt settlements were driven primarily by gunboat diplomacy.