Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920This book studies the development of banks and stock and bond exchanges in São Paulo, Brazil, during an era of rapid economic diversification. It assesses the contribution of these financial institutions to that diversification, and argues that they played an important role in São Paulo's urbanization and industrialization by the start of the twentieth century. It finds that government regulatory policy was important in limiting and shaping the activities of these institutions, but that pro-development policies did not always have their intended effects. This is the first book on São Paulo's famous industrialization to identify the strong relationship between financial institutions and São Paulo's economic modernization at the turn of the century. It is unique in Brazilian economic history, but contributes to a body of literature on financial systems and economic change in other parts of the world. |
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... bankers, for example, dealt not in loans but in contracts or letters of exchange. The business transactions we would call “credit” became recast as a simple agreement between two parties. Moreover, the Church defined usury as any ...
... banking activities over the first half of the nineteenth century. Their information advantage (connections to savers and borrowers) was eroded by a new national loan register at the same time that they faced competition from new large ...
... banking business of the Parisian notaries.41 Britain's financial institutions in the nineteenth century remained almost exclusively dedicated to commercial banking even in the face of a serious industrial challenge by Germany that ...
... banking reduces a bank's ability to accommodate its clients. Naomi Lamoreaux shows that the unit banks founded in the ... bankers did not feel pressured to form universal banks.45 The geographical diversity of a network can serve to ...
... Bankers, predominantly foreign, were a risk-averse lot, lending short-term capital to wellknown citizens. With the explosion of the coffee economy after 1880, however, bankers' practices became strained by liquidity and credit demands ...
Contents
Brokers and Business Finance under the Empire | |
The Republican Revolution and the Rise of | |
The Republican Revolution and the Failure | |
Commercial Banking and the Business | |
Conclusions | |
NOTES | |
BIBLIOGRAPHY | |
INDEX | |