Subsovereign Finance as Discipline: A Critical Macro-Finance Perspective on U.S. Territorial Markets

Subsovereign Finance as Discipline: A Critical Macro-Finance Perspective on U.S. Territorial Markets DOI: 10.5281/zenodo.15566317Resource Type: DatasetPublication Date: 2025-05-31Author: AnonLicense: Creative Commons Attribution 4.0 International (CC BY 4.0)Copyright: © 2025 The AuthorsProgramming Language: PythonRepository Status: Active, replicablePublisher: ZenodoVersion: 1.0 Description This dataset and code repository support the macro-financial empirical study: Illiquidity Without Democracy, which analyzes the UBS Puerto Rico bond fund crisis through a critical macro-finance lens. By compiling liquidity and return data from the full Dow 30 alongside Puerto Rican financial equities, the project investigates how symbolic liquidity withdrawal operates as an instrument of financial subjugation in colonially governed markets. The uploaded materials include: 35 Excel files containing firm-level trading data (Dow 30 and PR equities) A Python script (cmf.py) implementing Amihud illiquidity and Fama–MacBeth regressions A README.md file with detailed reproducibility instructions Grounded in Bonizzi et al. (2022), this work contributes to the theory of financialized colonialism, where credit ratings, liquidity signals, and bond pricing are not merely technical indicators—but expressions of asymmetrical power. Our analysis empirically substantiates that liquidity constraints for Puerto Rican firms intensified during key institutional moments, revealing systemic exclusion embedded in neoliberal financial governance. Keywords Financialized colonialism Critical macro-finance Market microstructure Illiquidity Fama–MacBeth regression Puerto Rico debt crisis UBS bond fund Neoliberalism Event study Dow 30 Amihud illiquidity