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. |
From inside the book
Results 1-5 of 45
... liquidity in the economy. Second, and arguably more important, the expansion of trade affected the domestic economy by transmitting international demand to local productive markets. The ease of international trade and finance made it ...
... liquidity crucial to stimulating both consumption and investment. The use of collateral to secure a loan, rather than reliance on a person's reputation, gave creditors a real asset they could liquidate in the event of default. This was ...
... liquidity firms needed for day-to-day operations.34 Britain had the luxury of industrializing first and therefore developing the required supporting institutions at its leisure. Later industrializers did not have this same luxury. They ...
... (liquidity) and then helped raise finance capital for the sorts of large-scale domestic enterprises that built São Paulo's industrial base (investment). Stimulated by economic expansion on the one hand and regulatory legislation on the ...
... liquidity and credit demands and the sector quickly adapted in order to take advantage of the newly growing market. Bankers remained reluctant to move beyond short-term lending practices, the subject of Chapter 2, thanks to the ...
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 | |