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
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