Lições da década de 1890 para a de 1980

Abstract

This paper analyzes the debt crises of Argentina and Brazil in the 1890s. It discusses the importance of domestic monetary policy versus external factors in provoking devaluation and eslablishes the differential role of reduced capital inflows in Argentina relative to Brazil. The paper emphasizes the different acceptance of Argentine and Brazilian %crucifies on file London market and the consequences of market valuation for debt relief. It also contrasts the domestic adjustments required in the 1890s to achieve balance of payments equilibrium. The paper concludes by droning parallels between the cyclical pattern of peripheral, externally financed development in the 1890s and developing country reliance on debt in the 1970s and 1980s.