The World War

Winston Fritsch
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Winston Fritsch: Catholic University of Rio de Janeiro

Chapter 3 in External Constraints on Economic Policy in Brazil, 1889–1930, 1988, pp 33-52 from Palgrave Macmillan

Abstract: Abstract The British declaration of war against the Central Powers had two immediate economic consequences for Brazil. On the one hand, there was a break in the credit lines between Brazilian banks and their London correspondents: the former were unable to discount trade bills bearing German endorsements or drawn against goods shipped in non-Allied vessels in London, where the bulk of German-Brazilian trade was financed. On the other hand, there was the temporary but almost complete halt of transatlantic shipping.1 This sudden disruption of foreign trade and payments immediately affected the foreign exchange market, the federal government’s tariff revenue and the coffee industry, just as the period for marketing the 1914 crop was approaching its peak financial demand.

Keywords: Monetary Policy; Foreign Exchange; Foreign Exchange Market; Treasury Bill; Exchange Rate Stability (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09580-3_3

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DOI: 10.1007/978-1-349-09580-3_3

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