Author:
Cortes Gustavo S.,Marcondes Renato L.,Diaz Maria Dolores M.
Abstract
How could a primitive credit market finance the early industrialisation of an underdeveloped economy? To answer this question, we use a hand-collected data set of mortgage loans raised by industrial firms in the city of São Paulo during the period 1866-1914. These mortgages were debt obligations collateralised by land, improvements, machinery and equipment. We argue that the mortgage credit market was a key source of funding for early industrial investments in Brazil. We find that industries were mainly funded by non-banking and domestic agents. The empirical evidence suggests that mortgages were an important proxy for industrial investment.
Publisher
Cambridge University Press (CUP)
Reference42 articles.
1. Statistical inference in vector autoregressions with possibly integrated processes
2. The Brazilian Cotton Manufacture
3. Response surface estimates of the KPSS stationarity test
4. Rolnik R. (1995). The city and the law: legislation, urban policy and territories in the city of São Paulo (1886–1936). PhD dissertation, History Department, New York University.
Cited by
4 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献