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A CENTURY OF BRAZILIAN FINANCIAL DEVELOPMENT: AN ANALYSIS OF MORTGAGES (1864-1964)

Abstract

The expansion of credit was an essential condition for growth in recent years. Price stability and institutional change boosted credit growth. Throughout the twentieth century we find various forms of financial structures operating in the Brazilian economy with very different results. The combination of stability and institutional changes has limited the growth at various times. The reforms introduced by the military government after 1964 laid the foundation of the current national financial system through the creation of the Bacen, indexing, segmentation, and later, the conglomeration bank incentives. Until that time the atrophy of the financial system by the difficulty of living with high inflation produced short-term operations, restricting their ability to finance longer-term public and private sector. The institutional measures implemented to minimize the serious crisis in the early 1930s remained operative until 1964, as the law of usury and the end of the gold clause. However, prior to the 1930s there was a very active financial system over longer periods through national and foreign institutions, which were not confined to banks. In the second half of the nineteenth century, a great number of institutional reforms allowed the expansion of credit and the financial system, such as the Commercial Code (1850), mortgage (1864), real bank credit (1875) and corporations (1890). We emphasize the mortgage law of 1864, as gradually allow the expansion of this kind of credit, not only through the banks. Despite the crisis of Encilhamento in the late nineteenth to the twentieth, the mortgage and capital markets were important ways of financing longer-term and industrial real estate in the first half of the twentieth century. (AU)

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Scientific publications
(References retrieved automatically from Web of Science and SciELO through information on FAPESP grants and their corresponding numbers as mentioned in the publications by the authors)
MARCONDES, RENATO LEITE. MORTGAGES, INSTITUTIONAL REFORMS AND THE BANCO DO BRASIL IN THE SECOND HALF OF THE 19(TH) CENTURY. REVISTA DE HISTORIA ECONOMICA, v. 39, n. 3, p. 509-536, DEC 2021. Web of Science Citations: 0.
RENATO LEITE MARCONDES. Malogro da fortuna: Política de crédito, hipotecas e Caixas Econômicas na década de 1930. Nova econ., v. 25, n. 2, p. 261-290, Ago. 2015.

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