Inglorious revolution : political institutions, sovereign debt, and financial underdevelopment in imperial Brazil / William R. Summerhill.

Format:

Book

Author/Creator:

Summerhill, William R. (William Roderick), author.

Series:

Yale series in economic and financial history

Language:

English

Subjects (All):

Debts, Public--Brazil--History--19th century.

Debts, Public.

Economic policy.

Brazil.

History.

Brazil--Economic conditions--19th century.

Economic conditions.

Brazil--Economic policy--19th century.

Brazil--History--Empire, 1822-1889.

Physical Description:

xiii, 342 pages ; 25 cm.

Place of Publication:

New Haven : Yale University Press, [2015]

Summary:

Nineteenth-century Brazil's constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. Yet it failed to lay the institutional foundations that private financial markets needed to thrive. This study shows why sovereign creditworthiness did not necessarily translate into financial development. Book jacket.

Contents:

1 Introduction 1

2 Sovereign Borrowing and Imperial Debt Policy 19

3 Tropical Credibility on Lombard Street 45

4 Borrowing on Rua Direita 80

5 Turning Points: Default Risk on Two Sides of the Atlantic 121

6 Controlling Capital: Institutional Obstacles to Incorporation 151

7 Concentration and Cronyism: Commercial Banking in Rio de Janeiro 183

8 Fall from Grace 215.

Notes:

Includes bibliographical references and index.

ISBN:

9780300139273

0300139276

OCLC:

896806873