Flores discusses the bargaining power of Argentina's federal government relative to that of the underwriting banks. It examines how the financial intermediaries' gatekeeping function eroded when faced with increased competition. Under normal circumstances, underwriters should have impeded Argentinean access to capital markets or at least hardened the terms under which Argentina could borrow.
Juan H. Flores,
Competition in the Underwriting Markets of Sovereign Debt: The Baring Crisis Revisited,
73 Law and Contemporary Problems
Available at: http://scholarship.law.duke.edu/lcp/vol73/iss4/10