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Beyond Banks and Stocks: A Study of Industrial Mortgages for the City of São Paulo, Brazil (1866-1914)

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  • Gustavo S. Cortes
  • Renato L. Marcondes
  • Maria Dolores M. Diaz

Abstract

O objetivo deste artigo é mostrar a relação entre o mercado de crédito hipotecário e as atividades industriais da Cidade de São Paulo, considerando as hipotecas uma forma não-usual de nanciamento industrial. Hipotecas registram diferentes formas de nanciamento. Por meio delas, podemos descobrir se as indústrias foram nanciadas por bancos nacionais ou estrangeiros, indivíduos privados ou emissão de debêntures. O período analisado está inserido em um contexto de intensa transformação da economia brasileira, que inclui: expansão das exportações cafeeiras, urbanização e investimentos em infra-estrutura. Analisando os dados, armamos que o capital nativo é preponderante em hipotecas industriais e que os tamanhos das indústrias importam para determinar as condições de nanciamento. Não obstante, embora bancos e títulos sejam importantes para se explicar o nanciamento industrial, as hipotecas mostraram que a maior parte das operações de crédito foram realizadas por agentes não-bancários.

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Bibliographic Info

Paper provided by Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto in its series Working Papers with number 09-2011.

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Date of creation: 18 Jul 2011
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Handle: RePEc:fea:wpaper:09-2011

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Keywords: crédito hipotecário; indústria; mercados nanceiros;

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References

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  1. Musacchio,Aldo, 2009. "Experiments in Financial Democracy," Cambridge Books, Cambridge University Press, number 9780521518895, April.
  2. Luis A. V. Catão, 1992. "A new wholesale price index for Brazil during the period 1870-1913," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 46(4), pages 519-534, October.
  3. Robert Cull & Lance E. Davis & Naomi R. Lamoreaux & Jean-Laurent Rosenthal, 2005. "Historical Financing of Small- and Medium-Sized Enterprises," NBER Working Papers 11695, National Bureau of Economic Research, Inc.
  4. Eichengreen, Barry, 1984. "Mortgage Interest Rates in the Populist Era," American Economic Review, American Economic Association, vol. 74(5), pages 995-1015, December.
  5. Haber, Stephen H., 1991. "Industrial Concentration and the Capital Markets: A Comparative Study of Brazil, Mexico, and the United States, 1830–1930," The Journal of Economic History, Cambridge University Press, vol. 51(03), pages 559-580, September.
  6. Snowden, Kenneth A., 1987. "Mortgage Rates and American Capital Market Development in the Late Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 47(03), pages 671-691, September.
  7. Colin M. Lewis, 1999. "Industry and Industrialisation: what has been accomplished, what needs to be done," Anais do III Congresso Brasileiro de História Econômica e 4ª Conferência Internacional de História de Empresas [Proceedings of the 3rd Brazilian Congress of Economic History and the 4th Internati 035, ABPHE - Associação Brasileira de Pesquisadores em História Econômica (Brazilian Economic History Society).
  8. Stone, Irving, 1977. "British Direct and Portfolio Investment in Latin America Before 1914," The Journal of Economic History, Cambridge University Press, vol. 37(03), pages 690-722, September.
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