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Inflation And Economic Growth In Imperial Brazil (1824-1889)

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  • Pereira, Thales Zamberlan

    (São Paulo School of Economics / FGV)

Abstract

Drawing on 20,000 monthly quotations, this study revises imperial Brazil's inflation and living standards estimates. The new price index eliminates the nineteenth-century ‘low-growth puzzle’: Brazil’s GDP per capita rose in line with the Latin-American average. Earlier series, which relied on baskets disproportionately weighted toward agricultural goods or whose composition varied over time, display continuous growth and overstate inflation by 57–270%. The revised index reveals a sharp rise in the 1850s and stability thereafter. New evidence on exchange and freight rates, terms of trade, regional commerce, and real wages shows that regional specialization in food production helped stabilize prices after the mid-century.

Suggested Citation

  • Pereira, Thales Zamberlan, 2025. "Inflation And Economic Growth In Imperial Brazil (1824-1889)," SocArXiv y5fnp_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:y5fnp_v1
    DOI: 10.31219/osf.io/y5fnp_v1
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    References listed on IDEAS

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    1. Flandreau, Marc, 1996. "The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880," The Journal of Economic History, Cambridge University Press, vol. 56(4), pages 862-897, December.
    2. Luigi Pascali, 2017. "The Wind of Change: Maritime Technology, Trade, and Economic Development," American Economic Review, American Economic Association, vol. 107(9), pages 2821-2854, September.
    3. Jonas Ljungberg, 2025. "European consumer price indices since 1870," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 19(1), pages 29-80, January.
    4. Marc Flandreau, 1996. "The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870-1880," Post-Print hal-03416271, HAL.
    5. Marc Flandreau, 1996. "The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870-1880," Post-Print hal-03416270, HAL.
    6. Jonas Ljungberg, 2025. "European consumer price indices since 1870," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 19(1), pages 29-80, January.
    7. Marc Flandreau, 1996. "The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870-1880," SciencePo Working papers Main hal-03416271, HAL.
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