Inglorious Revolution : Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil / William R. Summerhill.

Format:

Book

Author/Creator:

Summerhill, William R., Author.

Series:

Yale series in economic and financial history.

Yale Series in Economic and Financial History

Language:

English

Subjects (All):

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

Debts, Public.

Brazil--Economic conditions--19th century.

Brazil.

Brazil--Economic policy--19th century.

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

Physical Description:

1 online resource (357 p.)

Edition:

1st ed.

Place of Publication:

New Haven, CT : Yale University Press, [2015]

Language Note:

English

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. "Using a vast array of archival evidence, Summerhill convincingly shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil. A must-read for economic and financial historians and for anyone interested in the politics of financial development." -Jean-Laurent Rosenthal, California Institute of Technology

Contents:

Frontmatter

Contents

Acknowledgments

Note on orthography and currency

Chapter One: Introduction

Chapter Two: Sovereign Borrowing and Imperial Debt Policy

Chapter Three: Tropical Credibility on Lombard Street

Chapter Four: Borrowing on Rua Direita

Chapter Five: Turning Points

Chapter Six: Controlling Capital

Chapter Seven: Concentration and Cronyism

Chapter Eight: Fall from Grace

Appendix I: Theory

Appendix II: Data

Appendix III: Primary Market Borrowing Costs

Notes

Bibliography

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2020)

ISBN:

9780300218619

0300218613

OCLC:

922581431