This article aims to analyze a case of outward-bound move of state governments in the realm of external loans during the period of the so-called Old Republic (1890-1930) in Brazil. Based on the definition of "financial paradiplomacy," it argues that the Brazilian historical experience in this regard would have been a typical case of paradiplomatic action. Broad statistical survey of foreign loans borrowed by states, the rescue of primary sources about the subject and historical perspective give relevant support to characterize the period as a time of early financial paradiplomacy.
federative decentralization; foreign loans; financial paradiplomacy
