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

Author

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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    1. 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 International 035, ABPHE - Associação Brasileira de Pesquisadores em História Econômica (Brazilian Economic History Society).
    2. 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.
    3. Musacchio,Aldo, 2015. "Experiments in Financial Democracy," Cambridge Books, Cambridge University Press, number 9781107514782, April.
    4. 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.
    5. Eichengreen, Barry, 1984. "Mortgage Interest Rates in the Populist Era," American Economic Review, American Economic Association, vol. 74(5), pages 995-1015, December.
    6. Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.
    7. 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.
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    More about this item

    Keywords

    crédito hipotecário; indústria; mercados nanceiros;

    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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