The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934
Autor(a) principal: | |
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Data de Publicação: | 1998 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Estudos Econômicos (São Paulo) |
Texto Completo: | https://www.revistas.usp.br/ee/article/view/117068 |
Resumo: | This paper examines one of the central hypotheses of the New Institutional Economics: that the reform of institutions—the rules and regulations enforced by the State that both permit and bound the operation of markets—is crucial for the process of economic growth. It examines this hypothesis by estimating the productivity gain afforded to Brazilian textile firms by the reform of the regulations governing Brazil’s securities markets in 1890. The paper argues that the reform of the regulations pertaining to limited liability and mandatory disclosure permitted the widespread use of Brazil’s debt and equity markets to mobilize capital for industry. This meant that the capital constraints faced by firms prior to the 1890’s were relaxed. The result was an increased rate of investment, a growth in the size of firms, and accelerated rates of growth of productivity. |
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The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934capital marketsproductivityBrazilnew institutional economicsmercados de capitaisprodutividadeo Brasilnova economia de instituiçõesThis paper examines one of the central hypotheses of the New Institutional Economics: that the reform of institutions—the rules and regulations enforced by the State that both permit and bound the operation of markets—is crucial for the process of economic growth. It examines this hypothesis by estimating the productivity gain afforded to Brazilian textile firms by the reform of the regulations governing Brazil’s securities markets in 1890. The paper argues that the reform of the regulations pertaining to limited liability and mandatory disclosure permitted the widespread use of Brazil’s debt and equity markets to mobilize capital for industry. This meant that the capital constraints faced by firms prior to the 1890’s were relaxed. The result was an increased rate of investment, a growth in the size of firms, and accelerated rates of growth of productivity.Este texto examina uma das hipóteses centrais da nova economia de instituições (“New Institutional Economics”): a idéia que a reforma de instituições é um elemento fundamental para o crescimento econômico. Esta hipótese é examinada por meio de estimativas a respeito dos avanços em produtividade na indústria têxtil brasileira, a partir da reforma das leis e regras que governavam o mercado de ações em 1890. O resultado da análise apóia a idéia que a reforma das regras relativas à responsibilidade limitada dos accionistas e a divulgação obrigatória de informações sobre as empresas permitiram um ampliado uso de empréstimos e ações ordinárias como meios de gerar capitais para a indústria, diminuindo, assim, as pressões por capital. O resultado foi um aumento na taxa de investimento, expansão no tamanho das indústrias e aceleradas taxas de crescimento na produtividade.Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade1998-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ee/article/view/117068Estudos Econômicos (São Paulo); v. 28 n. 3 (1998); 379-4201980-53570101-4161reponame:Estudos Econômicos (São Paulo)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ee/article/view/117068/114683Copyright (c) 1998 Stephen Haberhttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessHaber, Stephen2021-11-25T13:20:55Zoai:revistas.usp.br:article/117068Revistahttps://www.revistas.usp.br/eePUBhttps://www.revistas.usp.br/ee/oaiestudoseconomicos@usp.br||aldrighi@usp.br1980-53570101-4161opendoar:2021-11-25T13:20:55Estudos Econômicos (São Paulo) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
title |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
spellingShingle |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 Haber, Stephen capital markets productivity Brazil new institutional economics mercados de capitais produtividade o Brasil nova economia de instituições |
title_short |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
title_full |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
title_fullStr |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
title_full_unstemmed |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
title_sort |
The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934 |
author |
Haber, Stephen |
author_facet |
Haber, Stephen |
author_role |
author |
dc.contributor.author.fl_str_mv |
Haber, Stephen |
dc.subject.por.fl_str_mv |
capital markets productivity Brazil new institutional economics mercados de capitais produtividade o Brasil nova economia de instituições |
topic |
capital markets productivity Brazil new institutional economics mercados de capitais produtividade o Brasil nova economia de instituições |
description |
This paper examines one of the central hypotheses of the New Institutional Economics: that the reform of institutions—the rules and regulations enforced by the State that both permit and bound the operation of markets—is crucial for the process of economic growth. It examines this hypothesis by estimating the productivity gain afforded to Brazilian textile firms by the reform of the regulations governing Brazil’s securities markets in 1890. The paper argues that the reform of the regulations pertaining to limited liability and mandatory disclosure permitted the widespread use of Brazil’s debt and equity markets to mobilize capital for industry. This meant that the capital constraints faced by firms prior to the 1890’s were relaxed. The result was an increased rate of investment, a growth in the size of firms, and accelerated rates of growth of productivity. |
publishDate |
1998 |
dc.date.none.fl_str_mv |
1998-09-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/ee/article/view/117068 |
url |
https://www.revistas.usp.br/ee/article/view/117068 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ee/article/view/117068/114683 |
dc.rights.driver.fl_str_mv |
Copyright (c) 1998 Stephen Haber http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 1998 Stephen Haber http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade |
dc.source.none.fl_str_mv |
Estudos Econômicos (São Paulo); v. 28 n. 3 (1998); 379-420 1980-5357 0101-4161 reponame:Estudos Econômicos (São Paulo) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Estudos Econômicos (São Paulo) |
collection |
Estudos Econômicos (São Paulo) |
repository.name.fl_str_mv |
Estudos Econômicos (São Paulo) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
estudoseconomicos@usp.br||aldrighi@usp.br |
_version_ |
1787713830052167680 |