The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934

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 esti...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	Stephen Haber
Formato:	article
Lenguaje:	EN PT
Publicado:	Universidade de São Paulo 1998
Materias:	capital markets productivity Brazil new institutional economics Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/1b58468105724178ac1543b9a6d2eb11
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:1b58468105724178ac1543b9a6d2eb11
record_format	dspace
spelling	oai:doaj.org-article:1b58468105724178ac1543b9a6d2eb112021-11-24T16:08:20ZThe efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-19340101-41611980-5357https://doaj.org/article/1b58468105724178ac1543b9a6d2eb111998-09-01T00:00:00Zhttps://www.revistas.usp.br/ee/article/view/117068https://doaj.org/toc/0101-4161https://doaj.org/toc/1980-5357This 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. Stephen HaberUniversidade de São Pauloarticlecapital marketsproductivityBrazilnew institutional economicsEconomics as a scienceHB71-74ENPTEstudos Econômicos, Vol 28, Iss 3 (1998)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	capital markets productivity Brazil new institutional economics Economics as a science HB71-74
spellingShingle	capital markets productivity Brazil new institutional economics Economics as a science HB71-74 Stephen Haber The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934
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.
format	article
author	Stephen Haber
author_facet	Stephen Haber
author_sort	Stephen Haber
title	The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934
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	efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in brazil, 1866-1934
publisher	Universidade de São Paulo
publishDate	1998
url	https://doaj.org/article/1b58468105724178ac1543b9a6d2eb11
work_keys_str_mv	AT stephenhaber theefficiencyconsequencesofinstitutionalchangethepoliticaleconomyoffinancialmarketregulationandindustrialproductivitygrowthinbrazil18661934 AT stephenhaber efficiencyconsequencesofinstitutionalchangethepoliticaleconomyoffinancialmarketregulationandindustrialproductivitygrowthinbrazil18661934
_version_	1718414798190804992

The efficiency consequences of institutional change: the political economy of financial market regulation and industrial productivity growth in Brazil, 1866-1934

Ejemplares similares