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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... provinces of Bahia, Maranhão, Pará, and Pernambuco, and two in the capital, Rio de Janeiro.23 They took deposits, extended loans, and discounted commercial paper, making their money on the spread between the low rates of interest they ...
... province.25 In addition to the discount and credit facilities they created, these first private banks acted as banks of issue. Each printed notes known as vales, or monetary equivalents.26 In theory, these vales operated as extremely ...
... activity, however, physical and service infrastructure in the province was minimal. São Paulo had a relatively undeveloped port in Santos and had bad roads, making the transportation of products to port a costly venture in.
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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 | |