‘Good investment for quiet folks’? Buenos Aires and São Paulo municipal bonds in the global capital markets 1887-1927
##plugins.themes.bootstrap3.article.sidebar##
##plugins.themes.bootstrap3.article.details##
Este trabalho está licenciado sob uma licença Creative Commons Attribution-NonCommercial 4.0 International License.
Os trabalhos publicados são livres de distribuir e difundir nas mesmas fontes sempre que cite corretamente a fonte de publicação e estes atos não tenham fins comerciais. A publicação é distribuída sob a licença Creative Commons Attribution-noncommercial 4.0 International (CC BY-NC- 4.0).
##plugins.themes.bootstrap3.article.main##
Resumo
Este artículo examina el tema relativamente poco explorado de los bonos municipales de América Latina en el mercado internacional, comparando el rendimiento de los bonos de Buenos Aires y São Paulo con sus contrapartes nacionales entre 1887 y 1927. El estudio también proporciona información sobre cómo estos bonos contribuyeron a establecer la confianza de los inversores y promovieron el crecimiento económico y urbano en América Latina, sugiriendo que los bonos municipales eran igual de seguros (o incluso más seguros) que los soberanos, y que el estatus de una capital política no desempeñaba un papel central en el rendimiento de los bonos. El estudio destaca la naturaleza más estable y menos volátil de los valores municipales, haciéndolos una “buena inversión para personas discretas”. El artículo concluye demostrando la importancia de los bonos municipales en el desarrollo urbano de América Latina.
Referências
The Economist 1875-1929.
Investors Monthly Manual 1877-1929.
The Scotsman 1907-1910.
The Times 1889-1910.
Jornal do Commercio: Retrospecto Comercial 1934.
The Brazilian Review 1908-1919.
Reports Council of the Corporation of Foreign Bondholders 1880-1925.
Abreu, M. de P. (2002). Os funding loans brasileiros—1898-1931. Pesquisa e Planejamento Econômico: PPE, 32(3), 515-540.
Abreu, M. de P. (2006). Brazil as a debtor 1824-1931. Economic History Review, 54, 765-787.
Almandoz, A. (2018). Modernización urbana en América Latina. De las grandes aldeas a las metrópolis masificadas. Ril Editores.
Bordo, M., & Rockoff, H. (1996). The Gold Standard as a «Good Housekeeping Seal of Approval». Journal of Economic History, 56(2), 389-428.
Clemenceau, G. (1911). South America To Day: A study of conditions, social political and commercial in Argentina, Uruguay and Brazil. G.P Putnam’s Sons.
Conti, V. E., & Boto, M. S. (1997). Finanzas municipales en el siglo XIX. La emisión monetaria como recurso fiscal en Argentina. América Latina en la Historia Económica, 35-48. https://doi.org/10.18232/alhe.v4i07.201
Cortés Conde, R. (1995). La deuda publica externa argentina, 1880-1906. En R. Liehr, La deuda pública en América Latina en perspectiva histórica: The public debt in Latin America in historical perspective (pp. 155-170). Vervuert ; Iberoamericana.
Denis, P. (1911). Le Brésil au XXe. Siécle. Armand Colin.
Eichengreen, B., El-Ganainy, A., Esteves, R., & Mitchener, K. J. (2021). In Defense of Public Debt. Oxford University Press.
Flandreau, M., & Flores, J. (2009). Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830. The Journal of Economic History, 69(3), 646-684. JSTOR.
Flandreau, M., & Zumer, F. (2004). The Making of Global Finance 1880-1913. OECD.
Floud, R., & McCloskey, D. N. (1994). The Economic History of Britain since 1700, Vol. 2. Cambridge University Press.
Ford, A. G. (1956). Argentina and the Baring Crisis of 1890. Oxford Economic Papers, 8(2), 127-150.
Fritsch, W. (2014). Apogeu e crise na Primeira República 1900-1930. En M. de P. Abreu (Ed.), A Ordem do Progresso: Dois séculos de política econômica no Brasil (pp. 45-77). Elsevier.
Gamboa, L. (1992). El financiamiento de la urbanización. La deuda interior del Ayuntamiento de Puebla en los mercados extranjeros, 1907-1914. Secuencia, 23, 99-124. http://doi.org/10.18234/secuencia.v0i23.385
Hanley, A. G. (2005). Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920 (1a edição). Stanford University Press.
Hanley, A. G. (2018). The Public Good and the Brazilian State: Municipal Finance and Public Services in São Paulo, 1822–1930. University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/P/bo27847493.html
Herrlein Jr, R. (2004). A transição capitalista no Rio Grande do Sul, 1889-1930: Uma nova interpretação. Economia e Sociedade, 13(1), 175-207.
Johns, M. (1992). The Urbanization of Peripheral Capitalism: Buenos Aires, 1880–1920. International Journal of Urban and Regional Research, 16(3), 352-374. https://doi.org/10.1111/j.1468-2427.1992.tb00181.x
Joslin, D. (1963). A century of banking in Latin America. Oxford University Press.
Kuntz-Ficker, S. (Ed.). (2017). The first export era revisited: Reassessing its contribution to Latin American Economies. Palgrave Maximillian.
Kuntz-Ficker, S., & Rayes, A. (2017). The Contribution of Argentine Exports to the Economy, 1875–1929. En S. Kuntz-Ficker (Ed.), The first export era revisited: Reassessing its contribution to Latin American Economies (pp. 39-74). Palgrave Maximillian.
Lessa, R. (2015). A invenção republicana: Campos Sales, as bases e a decadência da primeira república brasileira (3a edição). Topbooks Editora.
Levy, M. B. (1980). O encilhamento. En P. Neuhaus (Ed.), Economia Brasileira: Uma visão historica (pp. 191-255). Campus.
Love, J. (1975). O regionalismo gaúcho e as origens da revolução de 1930. Perspectiva.
Marichal, C. (1989). A century of debt crises in Latin America: From independence to the Great Depression, 1820-1930. Princeton University Press.
Mauro, P., Sussman, N., & Yafeh, Y. (2008). Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today (1 edition). Oxford University Press, USA.
Michie, R. (2006). The Global Securities Market, a history. Oxford University Press.
Miller, R. (2021). Chile en la era del salitre 1880-1930. En R. Miller & M. Llorca-Jaña, Historia Económica de Chile desde la independéncia (pp. 95-144). Ril Editores.
Miranda, J. A. R. (2017). Small money, big problems: How an investigation on small Latin American republics shaped the financial market for sovereign debt in the 19th century. Estudos Históricos (Rio de Janeiro), 30(60), 55-70.
Miranda, J. A. R. (2023). Os Bons Devedores. Brasil e Peru na formação do mercado global de capitais 1850-1880. Edipucrs.
Monkkonen, E. (1988). America Becomes Urban: The Development of US Cities and Towns, 1780–1980. Berkeley University Press.
Monkkonen, E. H. (1995). The Local State: Public Money and American Cities. Stanford University Press.
Musacchio, A., & Zephyr, F. (2006). Brazil in the International Rubber Trade 1870-1930. En S. Topik, C. Marichal, & Z. L. Frank (Eds.), From silver to cocaine: Latin American commodity chains and the building of the world economy, 1500-2000 (pp. 271-299). Duke University Press.
Petrone, P. (1955). A cidade de São Paulo no século XX. Revista de História, 10(21-22), Article 21-22. https://doi.org/10.11606/issn.23169141.v10i21-22p127-170
Regalsky, A. (2010). De Buenos Aires a Las Provincias. La Formación De Una Gran Empresa Pública: Obras Sanitarias De La Nación, 1891-1930. Desarrollo Económico, 50(199), 455-483.
Sabato, H. (2012). Historia de la Argentina 1852-1890. Siglo XXI.
Saiegh, S. (2013). Political Institutions and Sovereign Borrowing: Evidence from Nineteenth- Century Argentina. Public Choice, 156, 61-75.
Sbragia, A. (2013). Cities, capital and banks: The politics of debt in the United States, United Kingdom and France. En K. Newton (Ed.), Urban Political Economy (pp. 200-220). Bloomsbury Publishing Ltd.
Scobie, J. R. (1972). Buenos Aires as a Commercial-Bureaucratic City, 1880-1910: Characteristics of a City’s Orientation. The American Historical Review, 77(4), 1035-1073. https://doi.org/10.2307/1859507
Summerhill, W. R. (2015). Inglorious Revolution: Political institutions, sovereign debt and financial underdevelopment in Imperial Brazil. Yale University Press.
Topik, S. (1987). A presença do Estado na Economia Política do Brasil de 1889 a 1930. Record.
Topik, S., & Samper, M. (2006). The Latin American Coffee Commodity Chain: Brazil and Costa Rica. En From silver to cocaine: Latin American commodity chains and the building of the world economy, 1500-2000 (pp. 118-146). Duke University Press.
Webster, I. (2022). Making the municipal capital market in nineteenth-century England. Economic History Review, 75(1), 56-79.
Winseck, D. R., & Pike, R. M. (2007). Communication and empire: Media, markets, and globalization, 1860-1930. Duke University Press.
Wright, M. R. (1907). The New Brazil: Its resources and attractions. George Barry & Sons.