The political economy of sovereign debt

This dissertation examines international lending arrangements between a competitive foreign investor and a less-developed country. Given that the benefits and costs of borrowing are distributed unequally across society, it is of interest to examine the conditions under which borrowing occurs and how the borrowed funds are allocated. Three theoretical models are developed to consider optimal lending arrangements in the presence of sovereign risk. The models show how a society's level and distribution of wealth influences its access to loans and the terms of the loan agreements. Optimal loan contracts are established, which place either a debt ceiling or a debt floor on the amount of the loan that, will be offered. ^

Colombian society in the 1990s: Fragmentation, legitimacy, and efficiency

During the nineties, Colombia experienced a two-fold process of restructuring. First, the political system underwent a process of constitutional reform in order to strengthen the state and increase its legitimacy, surpass the exclusionary character of the political regime, and achieve greater equity in the distribution of social resources. Second, the economy made the transition from a Keynesian development strategy to a strategy of “opening” or liberalization and internationalization of the economy, in order to increase the economic efficiency by reducing the “size” of the state and its regulatory role. The purpose of this dissertation is to analyze the interplay and contradictions of economic and political factors in the restructuring of the Colombian politico-economic system. ^ The main finding of this dissertation is that the simultaneous adoption of a neoliberal economic strategy and of the Political Constitution of 1991, have had a contradictory relationship: while the “political opening” has produced favorable conditions for fostering programs of democratization and social integration, the “economic opening” has counteracted that possibility given that it implies a social exclusionary process. This tension has aggravated the problems of political and social integration that have traditionally characterized Colombian society. ^ This crucial tension has also been characteristic of Latin America in the nineties. However, it has been neglected and undertheorized in most of the democratization studies of American comparative politics. Most of them lack consideration of structural aspects. According to those studies, the cause of regime change is determined by the strategic elections of actors. Contrary to these approaches, I develop a structural perspective. I consider that social phenomena are partly determined by structural factors, and scientific research should assign them decisive importance, since a fundamental basis for social action and transformation is to be found in the dynamics of relationships between individuals and structures and the development of contradictions within structures. ^

The men behind the market: Merchants, the Atlantic slave trade, and the shaping of South Carolina plantation society, 1700–1756

The purpose of this dissertation is to examine the role played by merchants in the shaping of South Carolina plantation society in its early stages of development. In 1700 South Carolina was on the fringes of the British Empire. By mid-century the colony had become an integral part of the British Atlantic system. This dissertation addresses merchants' activity in the shaping of plantation society through their involvement in the Atlantic slave trade. Records of the British and South Carolina governments, and petitions from merchants on both sides of the Atlantic have been extremely valuable in understanding the complex and rapidly changing political affiliations of merchants on both sides of the Atlantic. These sources are valuable to this study since they illustrate the merchants' strategy of utilizing government policies to acquire the absolute best terms of trade. Records such as wills and inventories yielded valuable information on merchants' economic portfolios and provided valuable insight into their personal lives. The data shows that the integration of Colonial South Carolina into the global economy can be attributed to its merchant class, who actively sought out business opportunities in the global economy while working within the framework of British mercantilism.

Landscape shaping the economy of small coastal villages

Some years ago visitors and natives had a different way of enjoying the landscape of the coastal villages located in Santa Elena Province, in Ecuador. Nowadays natives of those towns are concerned about the emergent tourist industry, which is not just offering lodging but also it is increasing the construction of vacation homes or second homes. This development is showing notorious social and spatial changes in those coastal towns. Since 80's, the real-estate investments in vacation homes have not stopped. In addition, it has been increasing year in year out, to the north of the Province. Nowadays there are not just homes but also luxury complex of buildings attracting more and more seasonal tourists. This real estate growing has been constantly changing the landscape and shaping the economy of those towns. The authorities in this province are aware of those effects citing in the Province's Master Plan of Development the lack of land use policies. This study aims to describe the socioeconomic activity of coastal villages located in Santa Elena Province, which - during many years - have a resource-based economy: agriculture and fishing economy; but during this last years they have been trying to switch it to tourism. The analysis of spatial changes of the landscape and its effects as a consequence of the land use is another goal of this work. Finally, this study describes the quest of new natural tourist attractions that villagers and stakeholders have taken recently. Key words: Nature and society, sociospatial, rural landscape, coastal landscape, tourism.