Inglorious Revolution: Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil (Hardcover) (ISBN-13: 9780300139273)

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

Author: William R. Summerhill
ISBN-10: 0300139276
ISBN-13: 9780300139273
Publisher: Yale University Press
Language: English
Published: 10/06/2015
Pages: 360
Format: Hardcover
Weight: 1.35lbs
Size: 9.30h x 6.10w x 1.00d