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