The Lisbon Stock Exchange: Evolution and Dynamics, 1837-1913

This paper examines the development of the Lisbon Stock Exchange from 1837 to the eve of the First World War, using the Bulletin of the Chamber of Brokers as the main source. Despite its long-term growth, the analysis points to a market with a small number of listed companies and relatively low capitalisation. Thus, the Lisbon Stock Exchange is classified as a market with a limited capacity to mobilise savings. The sectoral structure is similar to that seen internationally, whereby the relative weight of the banking and transport sectors had decreased while the weight of manufacturing and utilities had increased. It also proved to be a market whose listed securities had low liquidity.