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Inglorious RevolutionPolitical Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil$
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William R Summerhill

Print publication date: 2015

Print ISBN-13: 9780300139273

Published to Yale Scholarship Online: January 2016

DOI: 10.12987/yale/9780300139273.001.0001

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Concentration and Cronyism

Concentration and Cronyism

Commercial Banking in Rio De Janeiro

(p.183) Chapter Seven Concentration and Cronyism
Inglorious Revolution

William R. Summerhill

Yale University Press

This chapter focuses on the evolution of joint-stock commercial banking in Rio de Janeiro. It first highlights general issues in the relationship between banking and financial development and outlines the principal activities of Rio's joint-stock commercial banks. It then examines the role of government in banking and presents original indicators of financial underdevelopment, using evidence from private loan contracts and the structure of the banking sector. It illustrates the nature of financial cronyism by analyzing the direct connections between bankers and politicians. The chapter tests the hypothesis that the largest bank in a highly concentrated market had persistently high profits. It also considers the reforms of the late 1880s, in light of the Empire's decades-long restrictions on banking.

Keywords:   commercial banking, Rio de Janeiro, financial cronyism, joint-stock commercial banks

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