By William R. Summerhill

Nineteenth-century Brazil’s constitutional monarchy credibly devoted to pay off sovereign debt, borrowing time and again in overseas and family capital markets with out default. but it did not lay the institutional foundations that non-public monetary markets had to thrive. This learn exhibits why sovereign creditworthiness didn't inevitably translate into monetary development.

“Using an enormous array of archival facts, Summerhill convincingly exhibits that political dedication to a safe public debt was once neither helpful nor enough to insure monetary improvement in nineteenth-century Brazil. A must-read for monetary and monetary historians and for somebody attracted to the politics of economic development.” —Jean-Laurent Rosenthal, California Institute of Technology

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