Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920
This 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.
Results 1-5 of 95
Surveys of early modern capital markets confirm that the most widely available form of credit was commercial credit, ... This demand sparked the creation of investment banks, among other financial innovations, in the nineteenth century.
... and the Crédit Mobilier, an investment bank, either failed in the Great Depression of 1870 or abandoned long-term lending for commercial banking, leaving France with no institutional source of long term credit after 1880.
investment banks failed, although not without first destroying the banking business of the Parisian notaries.41 Britain's financial institutions in the nineteenth century remained almost exclusively dedicated to commercial banking even ...
Naomi Lamoreaux shows that the unit banks founded in the first part of the nineteenth century specifically to finance industrial ventures had turned increasingly toward commercial finance in the second part of the century as a result of ...
The investment banks themselves were victims; none of the three survived past the turn of the twentieth century. ... Chapter 6 looks at the expansion and maturation of the commercial banking sector that resulted.