Carte Inglorious Revolution William R. Summerhill

Inglorious Revolution

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

Limbă: engleză
Legare: Copertă tare
Disponibilitate: În depozitul extern
Expediem în 10-18 zile
480.91 lei
After gaining independence in 1822, Brazil's new constitutional monarchy credibly committed to repay...

Informații despre carte

Limbă
engleză
Legare
Carte - Copertă tare
Publicat
2015
Pagini
320
EAN
9780300139273
ISBN
0300139276
Enbook ID
09232108
Greutate
650
Dimensiuni
244 x 164 x 24

Descriere completă

After gaining independence in 1822, Brazil's new constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. But contrary to modern economic theory, it failed to lay the institutional foundations that private financial markets needed to thrive. William Summerhill shows why sovereign creditworthiness did not translate into financial development, and how arbitrary policy choices eventually undermined Brazil's ability to tap capital. "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

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