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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... funds that others needed, so this relationship was most likely an unequal one.32 Individuals in a position to lend funds were generally in a position of strength vis-à-vis their debtors, as they had surplus funds as a result of their ...
... fund family-based businesses, many of them industrial ventures. This was a twist on what families had done for centuries. By adapting the increasingly common institutional framework to personal or kinship finance, the resulting banks ...
... funds to cover their obligations. Research by Eugene White identified an inverse relationship between branching and bank failures in the U.S. banking industry in the 1920s.46 The beneficial effects of branching on bank system stability ...
... funds in this way. Only big, bulky, capital-hungry companies like railroads and public utilities found any backers ... fund them, on the other. This tension.
... fund them, on the other. This tension was relieved in November 1889 when the Republican coup toppled the conservative Empire and replaced it with a pro-business regime. This new regime immediately sought to reform the regulatory ...
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 | |