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The Dress Rehearsal: the creation of a Central Bank in Brazil in 1923

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  • Lucia Regina Centuriao

Abstract

This paper aims to analyze an experiment in the history of the Brazilian economy: the transformation of Banco do Brasil into a Central Bank in 1923, and the debate surrounding this experiment. More strictly, the article proposes to answer the following question: what was the role of a Central Bank for Brazilian policymakers in the mid-1920s? I point out that the Central Banks abroad were associated at the time with the maintenance of the gold standard, while in Brazil, although the discussion echoed the discourse between papelistas and metalistas, the defense of the creation of the Central Bank was appropriated by the agenda of the first group. Therefore, a generational change of policymakers probably was necessary to undo the association between a Central Bank and the excess of paper currency, in the economic thought of the political environment. The work is based on the idea of communities of interpretation, and editions of the Retrospecto Comercial, the Correio Paulistano, and annals of the Federal Senate were analyzed.

Suggested Citation

  • Lucia Regina Centuriao, 2019. "The Dress Rehearsal: the creation of a Central Bank in Brazil in 1923," Working Papers, Department of Economics 2019_03, University of São Paulo (FEA-USP).
    • Handle: RePEc:spa:wpaper:2019wpecon03
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    More about this item

    Keywords

    Central Bank; Gold Standard; policymakers;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance

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