| This dissertation examines the history of the Caixa Economica from two perspectives. First, I analyze the social, legal, and commercial context in which the Caixa operated. In the commercial sector I show how elites reserved high yield commerce for themselves while they used charities as private sources of credit to finance these ventures. I also find that the incomplete property and legal rights of married women hampered contracting in the credit market. These two findings indicate that domestic commerce was inefficient and transaction costs were high. Second, I demonstrate how the exclusive relationship between the national treasury and the Caixa intensified over time, and how the Caixa's cash deposits became a vital source of cheap credit for the government. Through deposit and pawning activity I show how and when Caixa clients weathered economic and political change. This analysis has revealed some surprises that indicate that crises in the business sector and austerity measures in government spending were far more likely to create financial stress in the lives of ordinary citizen in Rio de Janeiro than the declaration of the Law of the Free Womb or abolition. The severe economic shock of WWI, as expected, was reflected in the deposit activity in the Caixa. However, the years between 1874-1875 and 1923-1925 also indicate severe economic distress. |
