The Encilhamento: Brazil's First Financial Bubble (1889-1891)
In 1889 Brazil underwent a significant change, shifting from a monarchy to a republic. This transition led to a period of economic excitement known as the Encilhamento, a term borrowed from horse racing that means "saddling up." This period marked Brazil's first financial bubble in its young stock market.
A Perfect Storm for Speculation
Several factors cr…
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