In his book "The Ascent of Money: A Financial History of the World," author Niall Ferguson highlights that several Latin American countries were pioneers in recognizing the ease of defaulting on their debts. This phenomenon was particularly noticeable when a significant number of their bondholders were foreign investors. The distance and lack of direct consequences for these foreign creditors made it less daunting for governments to refuse repayment.

This early trend of defaulting without severe repercussions illustrates the complex relationship between sovereign nations and international finance. Latin American republics managed to navigate their financial obligations by leveraging their status as developing nations against foreign investors' interests, establishing a precedent in global financial practices.