ABSTRACT This article examines the ways in which the financial polemic created by the Spanish Cortes bonds helped to shape notions around international credit and state reputation in the 1820s and 1830s. It also explores its impact in the design of the emerging modern financial markets centred on London and Paris. The Cortes bonds were foreign loans contracted by the Spanish government during the liberal Triennium (1820–1823), subscribed by European investors and rejected by King Ferdinand VII. The article focuses on the actions, opinions and attitudes of their foreign bondholders. The crisis of the Cortes bonds promoted the formation of a distinctive rhetoric around foreign debt that was relevant not only for the Spanish case, but also for the modern discourse and practice of international finance.

中文翻译：

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国家信用和国际金融市场：西班牙债务及其外国债券持有人，1820-1834

摘要 本文考察了西班牙科尔特斯债券引发的金融争论如何帮助塑造了 1820 年代和 1830 年代有关国际信用和国家声誉的概念。它还探讨了它对以伦敦和巴黎为中心的新兴现代金融市场设计的影响。科尔特斯债券是西班牙政府在自由主义三年期（1820-1823 年）期间签订的外国贷款，由欧洲投资者认购并被国王费迪南德七世拒绝。文章重点关注其外国债券持有人的行为、意见和态度。科尔特斯债券危机促进了围绕外债的独特修辞的形成，这不仅与西班牙案例相关，而且与国际金融的现代话语和实践相关。