Entre conversão e estabilização: A experiência brasileira com o padrão ouro na Primeira República

This paper analyzes Brazil’s experience with the gold standard during the Primeira República, focusing on the role of the monetary institutions responsible for exchange rate convertibility: the Caixa de Conversão (1906–1914) and the Caixa de Estabilização (1926–1930). This research investigates the economic, political, and institutional conditions that led to the adoption and eventual abandonment of the gold standard in Brazil, as well as the macroeconomic impacts of this policy on exchange rate stability, external financing, and the export sector, especially coffee production. Through the analysis of historical data, political speeches, and specialized literature, the study seeks to understand the structural and functional differences between the two institutions, as well as the challenges faced in contexts of national and international instability and export dependence.