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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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Listed:
  • 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.

Suggested Citation

  • Gustavo S. Cortes & Renato L. Marcondes & Maria Dolores M. Diaz, 2011. "Beyond Banks and Stocks: A Study of Industrial Mortgages for the City of São Paulo, Brazil (1866-1914)," Working Papers 09-2011, Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto.
    • Handle: RePEc:fea:wpaper:09-2011
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    References listed on IDEAS

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    More about this item

    Keywords

    crédito hipotecário; indústria; mercados nanceiros;
    All these keywords.

    JEL classification:

    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • N66 - Economic History - - Manufacturing and Construction - - - Latin America; Caribbean
    • N86 - Economic History - - Micro-Business History - - - Latin America; Caribbean

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