Inglorious Revolution
Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil
1st Edition
Published on 28. October 2015
360 pages
978-0-300-21861-9 (ISBN)
Available for download
Description
Nineteenth-century Brazil's constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. Yet it failed to lay the institutional foundations that private financial markets needed to thrive. This study shows why sovereign creditworthiness did not necessarily translate into financial development. ",Using a vast array of archival evidence, Summerhill convincingly shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil. A must-read for economic and financial historians and for anyone interested in the politics of financial development.", -Jean-Laurent Rosenthal, California Institute of Technology
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William R. Summerhill
Inglorious Revolution
Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil
Book
11/2015
Yale University Press
€84.50
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Content
- Cover
- Contents
- Acknowledgments
- Note on Orthography and Currency
- 1 Introduction
- 2 Sovereign Borrowing and Imperial Debt Policy
- 3 Tropical Credibility on Lombard Street
- 4 Borrowing on Rua Direita
- 5 Turning Points: Default Risk on Two Sides of the Atlantic
- 6 Controlling Capital: Institutional Obstacles to Incorporation
- 7 Concentration and Cronyism: Commercial Banking in Rio de Janeiro
- 8 Fall from Grace
- Appendix I. Theory
- Appendix II. Data
- Appendix III. Primary Market Borrowing Costs: Sources and Method
- Notes
- Bibliography
- Index
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- L
- M
- N
- O
- P
- R
- S
- T
- U
- V
- W
- Y
