With But Few Exceptions (O'Donnell, 1984; Whitehead, 1986; Carleton and Stohl, 1987), the literature on regime change and consolidation has generally stressed the analysis of domestic variables in the larger countries (O'Donnell, Schmitter, and Whitehead, 1986; Drake and Silva, 1986; Baloyra, 1987; Lopez and Stohl, 1987; and Malloy and Seligson, 1987). The adoption of this approach is understandable because most of the literature extant focuses on large countries in which the impact of international factors is, arguably, less salient. However, this is not necessarily true in all cases. Smaller countries, such as Paraguay, are bound to be strongly affected by external variables, and, therefore, their examination becomes a task both more urgent and of greater importance.