Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Estudos Econômicos (São Paulo) |
Texto Completo: | https://www.revistas.usp.br/ee/article/view/48201 |
Resumo: | The large amount of gold coinage at the Brazilian mints in the first half of the XVIII century contributed to raise the level of monetisation, but was not sufficient to solve definitively the typical problems brought about by bimetallism, particularly those due to the consequences of Gresham’s Law, according to which “bad money drives out good”. At the beginning of that century, silver bought more gold in the market than at the mints. Therefore, there was an incentive to hoard silver, or to export it. After the 1760’s,the falling gold production, couple with the slow growth of the inflow of silver arriving from Buenos Aires reduced slowly the gap between the market and official prices of gold and silver. By the beginning of the nineteenth century, thanks to the rise in the market price of gold, silver had become “bad money”, ready to drive out gold from circulation. |
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Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII centuryBimetalismo, ouro, prata e Gresham: uma contribuição para o estudo da circulação de moeda-metálica no Brasil no século XVIIIBimetallismGresham’s Lawmetallic currencycolonial Brazilmonetary circulationlei de Greshammoeda-metálicaBrasil colonialcirculação monetáriaThe large amount of gold coinage at the Brazilian mints in the first half of the XVIII century contributed to raise the level of monetisation, but was not sufficient to solve definitively the typical problems brought about by bimetallism, particularly those due to the consequences of Gresham’s Law, according to which “bad money drives out good”. At the beginning of that century, silver bought more gold in the market than at the mints. Therefore, there was an incentive to hoard silver, or to export it. After the 1760’s,the falling gold production, couple with the slow growth of the inflow of silver arriving from Buenos Aires reduced slowly the gap between the market and official prices of gold and silver. By the beginning of the nineteenth century, thanks to the rise in the market price of gold, silver had become “bad money”, ready to drive out gold from circulation.A grande cunhagem de moedas de ouro no século XVIII contribuiu para elevar o nível de monetização do Brasil, mas não poderia solucionar definitivamente os problemas típicos de um sistema bimetálico, em particular aqueles decorrentes da lei de Gresham, segundo a qual “a moeda má expulsa de circulação a moeda boa”. No início daquele século, a prata comprava mais ouro no mercado do que nas casas da moeda. Havia incentivo, portanto, de entesourar a prata, ou exportá-la. A partir da década de 1760, aqueda na produção de ouro e o concomitante aumento da oferta de prata vinda de Buenos Aires reduziram a discrepância entre os valores oficiais e de mercado do ouro e da prata. No início do século XIX, em função da maior valorização de mercado do ouro, a prata estaria se tornando a “moeda má”, prestes a expulsar a de ouro.Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade2013-09-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ee/article/view/48201Estudos Econômicos (São Paulo); v. 43 n. 3 (2013); 595-6161980-53570101-4161reponame:Estudos Econômicos (São Paulo)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ee/article/view/48201/65082Copyright (c) 2013 Fernando Carlos Greenhalgh de Cerqueira Limahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessLima, Fernando Carlos Greenhalgh de Cerqueira2020-12-09T12:36:41Zoai:revistas.usp.br:article/48201Revistahttps://www.revistas.usp.br/eePUBhttps://www.revistas.usp.br/ee/oaiestudoseconomicos@usp.br||aldrighi@usp.br1980-53570101-4161opendoar:2020-12-09T12:36:41Estudos Econômicos (São Paulo) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century Bimetalismo, ouro, prata e Gresham: uma contribuição para o estudo da circulação de moeda-metálica no Brasil no século XVIII |
title |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
spellingShingle |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century Lima, Fernando Carlos Greenhalgh de Cerqueira Bimetallism Gresham’s Law metallic currency colonial Brazil monetary circulation lei de Gresham moeda-metálica Brasil colonial circulação monetária |
title_short |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
title_full |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
title_fullStr |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
title_full_unstemmed |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
title_sort |
Bimetallism, gold, silver and Gresham:a contribution to the study of the circulation of coins in Brazil in the XVIII century |
author |
Lima, Fernando Carlos Greenhalgh de Cerqueira |
author_facet |
Lima, Fernando Carlos Greenhalgh de Cerqueira |
author_role |
author |
dc.contributor.author.fl_str_mv |
Lima, Fernando Carlos Greenhalgh de Cerqueira |
dc.subject.por.fl_str_mv |
Bimetallism Gresham’s Law metallic currency colonial Brazil monetary circulation lei de Gresham moeda-metálica Brasil colonial circulação monetária |
topic |
Bimetallism Gresham’s Law metallic currency colonial Brazil monetary circulation lei de Gresham moeda-metálica Brasil colonial circulação monetária |
description |
The large amount of gold coinage at the Brazilian mints in the first half of the XVIII century contributed to raise the level of monetisation, but was not sufficient to solve definitively the typical problems brought about by bimetallism, particularly those due to the consequences of Gresham’s Law, according to which “bad money drives out good”. At the beginning of that century, silver bought more gold in the market than at the mints. Therefore, there was an incentive to hoard silver, or to export it. After the 1760’s,the falling gold production, couple with the slow growth of the inflow of silver arriving from Buenos Aires reduced slowly the gap between the market and official prices of gold and silver. By the beginning of the nineteenth century, thanks to the rise in the market price of gold, silver had become “bad money”, ready to drive out gold from circulation. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-09-30 |
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/48201 |
url |
https://www.revistas.usp.br/ee/article/view/48201 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ee/article/view/48201/65082 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2013 Fernando Carlos Greenhalgh de Cerqueira Lima http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2013 Fernando Carlos Greenhalgh de Cerqueira Lima 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. 43 n. 3 (2013); 595-616 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_ |
1787713829450285056 |