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Inglorious Revolution
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Inglorious Revolution: Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil

William R Summerhill


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, this book shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil.

Keywords: Brazil, nineteenth century, constitutional monarchy, sovereign debt, international capital, domestic capital, financial markets, public debt

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780300139273
Published to Yale Scholarship Online: January 2016 DOI:10.12987/yale/9780300139273.001.0001


Affiliations are at time of print publication.

William R Summerhill, author