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Brazil as a debtor, 1824–19311

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  • MARCELO De PAIVA ABREU

Abstract

Internal rates of return of Brazilian loans floated between 1824 and 1931 fell below those of British and US government consols and bonds only for some of the loans floated after the beginning of the twentieth century. Higher volatility of yearly rates of return was rewarded by higher returns for all Brazilian Federal loans. Their spreads over consols in 1824–1943 are compared to those of Argentina and Chile and of Brazilian state and municipal loans for 1888–1930. In spite of some deterioration over time, Brazilian loans had a better performance than suggested by the literature, especially in the 1920s.

Suggested Citation

  • MARCELO De PAIVA ABREU, 2006. "Brazil as a debtor, 1824–19311," Economic History Review, Economic History Society, vol. 59(4), pages 765-787, November.
    • Handle: RePEc:bla:ehsrev:v:59:y:2006:i:4:p:765-787
    DOI: 10.1111/j.1468-0289.2006.00359.x
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    Cited by:

    1. Marc Flandreau, Juan Flores, 2010. "Hamlet Without The Prince of Denmark: Relationship Banking and Conditionality Lending In The London Market For Foreign Government Debt, 1815 - 1913," IHEID Working Papers 08-2010, Economics Section, The Graduate Institute of International Studies.
    2. Flandreau, Marc & Flores, Juan, 2010. "Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt," CEPR Discussion Papers 7915, C.E.P.R. Discussion Papers.
    3. Flores Zendejas, Juan, 2020. "Explaining Latin America's persistent defaults: an analysis of the debtor–creditor relations in London, 1822–1914," Financial History Review, Cambridge University Press, vol. 27(3), pages 319-339, December.
    4. Marc Flandreau & Juan Flores, 2011. "Bondholders vs. bond-sellers? Investment banks and conditionality lending in the London market for foreign government debt, 1815-1913," Working Papers 0002, European Historical Economics Society (EHES).

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