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
... terms than personal financial intermediaries. Surveys of early modern capital markets confirm that the most widely available form of credit was commercial credit, lent at the short term.31 While this was an important development in the ...
... terms, the development of financial institutions tended to emphasize short-term credit to provide the liquidity firms needed for day-to-day operations.34 Britain had the luxury of industrializing first and therefore developing the ...
... short-term credit and long-term investment banking and which had its heyday after the 1870s.36 The universal bank provided everything to its clients —short-term working capital finance, long-term loans, and initial public offerings of ...
... short term, twelve months or less, while mortgage banks typically lend at the very long term, from five to fifty ... credit, the terms at which that credit will be lent, and the types of borrowers who will be accommodated. In addition to ...
... 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 and the sector quickly adapted in order to take advantage of 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 | |