A History of Public Banking in Portugal in the 19th and 20th Centuries

This book examines the history of what became one of Portugal's largest banks, the Caixa Geral de Depósitos.The book weaves in and out of different political and international contexts, following the many changes of the Portuguese political regime and of its interactions with the national and international economy.

Autorentext

Pedro Lains (Lisbon, December 1959 May 2021) was Research Professor at the Instituto de Ciências Sociais, University of Lisbon. His main research interests were Portuguese and European economic history. He has published many books and journal articles in these fields, including a forthcoming edited volume on The Economic History of the Iberian Peninsula, 7112000.

Klappentext

This book examines the history of what became one of Portugal's largest banks, the Caixa Geral de Depósitos. The bank was founded in 1876 by the state to run public deposits, and evolved into a savings bank, catering for both public and private deposits. Its history goes beyond the history of banking, as it ties in with the role of the state in the banking sector and financial markets. The book weaves in and out of different political and international contexts, following the many changes of the Portuguese political regime and of its interactions with the national and international economy. The most important lesson from the study is that publicly owned institutions can compete successfully with the private sector when they simultaneously cater for the interests of policy makers as well as those of the public, in this case, the depositors. The history of the Caixa Geral de Depósitos therefore shows how the state of a peripheral economy is capable of successfully managing a large financial institution when the right set of incentives is in place. This work will be a valuable resource for researchers and students of financial and economic history at both the advanced undergraduate and postgraduate levels. It will also provide interesting insights for practitioners in the financial sector.

Inhalt

Introduction Acknowledgements 1: The rise of public finance, 18201870 2: Financial boom and crisis, 18701876 3. The establishment of the Caixa Geral de Depósitos, 18761880 4. The establishment of the Caixa Económica Portuguesa, 18801886 5. The financial reforms, 18861890 6. The financial crisis, 18901892 7. Back to the old order, 18921910 8. The Republic, 19101926 9. The new order, 19261929 10. The path consolidation of the Estado Novo, 19291935 11. Public investment, 19351950 12. Between the state and the market, 19501968 13. Staying behind, 19681974 14. The nationalizations and beyond, 19741992 15. Coping with the monetary union, 19922010 Conclusion References