Inglorious Revolution

Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil

Nonfiction, History, Americas, South America, Modern, 19th Century, Business & Finance, Economics, Economic History
Cover of the book Inglorious Revolution by William R. Summerhill, Yale University Press
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Author: William R. Summerhill ISBN: 9780300218619
Publisher: Yale University Press Publication: October 6, 2015
Imprint: Yale University Press Language: English
Author: William R. Summerhill
ISBN: 9780300218619
Publisher: Yale University Press
Publication: October 6, 2015
Imprint: Yale University Press
Language: English
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
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
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

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