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From Plurality of Issue to Monopoly and Back: 1850–60

In: The Political Economy of Money and Banking in Imperial Brazil, 1850–1889

Author

Listed:
  • André A. Villela

    (Fundação Getulio Vargas)

Abstract

This chapter covers the main events in Brazil’s monetary and banking history between 1850 and 1860. It starts with the abolition of the slave trade and the ensuing freeing up of capital, which was ultimately recycled by an incipient banking system consisting of deposit and discount banks that also issued short-term script (vales) used as money. In chartering a semi-official bank in 1853 (the third Bank of Brazil), entrusted with a monopoly of note issues, the government sought to regulate the money supply and the rate of exchange. The authorization granted in 1857–8 to new banks of issue to operate in competition with the Bank of Brazil coincided with the spread of the 1857 financial crisis in Brazil. This led to an orthodox reaction against plurality of note issue.

Suggested Citation

  • André A. Villela, 2020. "From Plurality of Issue to Monopoly and Back: 1850–60," Palgrave Studies in the History of Finance, in: The Political Economy of Money and Banking in Imperial Brazil, 1850–1889, chapter 0, pages 13-59, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-32774-3_2
    DOI: 10.1007/978-3-030-32774-3_2
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