Date of Degree

6-2016

Document Type

Thesis

Degree Name

M.A.

Program

Liberal Studies

Advisor(s)

Tomohisa Hattori

Subject Categories

International and Area Studies | Latin American Studies

Keywords

Foreign aid, oil agreements

Abstract

Foreign aid can be allocated through grants and loans each of them having different repercussions in the hierarchical relations between donor/recipient and lender/borrower. This study focuses on the effects of bilateral loans in international relations. The relation created through bilateral loans is conditioned by the payment or cancellation of the debt: a client-patron relationship between lender and borrower remains when there is not debt payment, conversely, when the borrower pays off its debt to the lender on time, the relation of domination does not take place. However, how the relation is transformed if one state is both lender and borrower? To address this question Venezuela is examined as case study, country that performs the dual role of lender and borrower simultaneously. Through energy agreements, Venezuela provides oil loans under low interest rates, the possibility to pay back with goods and services and long periods to pay off the debts. Yet, while being a lender, the country receives loans from other states specifically the oil-for loan type whose payment is made by the supply of oil. Being oil the means to lend and borrow, the argument of this thesis is that in the particular case of Venezuela the dual role of lender and borrower impacts the capacity of the country to fulfill its obligations as lender which subsequently modifies Venezuela’s hierarchical relations with its borrowers.

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