Publication: Experimentos monetarios y bancarios en Argentina: 1861-1930
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1994
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Alianza Editorial : Centro de Estudios Constitucionales (España)
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Durante el período 1861-1930, Argentina se rigió por un sistema muy parecido al patrón oro en los años 1867-1876, 1883-1884 y 1900-1913. En los períodos restantes tuvo un patrón papel dirigido, siempre con el objetivo de restablecer la convertibilidad.
En este ensayo se muestra que la sustitución de monedas ya era un fenómeno económico en la economía argentina. Si así fuera, debería matizarse, cuando no rechazarse, la idea de que abandonando el patrón oro, Argentina podía llevar a cabo una política monetaria y bancaria independiente para aislar el nivel de actividad económica de las perturbaciones procedentes del resto del mundo. A medio plazo, los intentos de inflar (deflactar) la economía se tradujeron principalmente en variaciones de los tipos de cambio y/o de los precios.
During the 1861-1930 period, Argentina was under a virtual gold-exchange standard regime in the 1867-1876, 1883-1884 and 1900-1913 years. In the remaining periods, a managed paper standard was in place, always with the aim to restore convertibility. I show that currency substitution was already an economic phenomenon in the Argentine economy. If currency substitution prevailed, then the notion that Argentina, by abandoning the Gold-Standard rule, could manage an independent monetary and banking policy to insulate the level of economic activity from shock arising from the rest of the world should be qualified if not dismissed. In the medium run, domestic attempts to inflate (or deflate) the economy were mainly reflected in changes in the foreign exchange rates and/or prices.
During the 1861-1930 period, Argentina was under a virtual gold-exchange standard regime in the 1867-1876, 1883-1884 and 1900-1913 years. In the remaining periods, a managed paper standard was in place, always with the aim to restore convertibility. I show that currency substitution was already an economic phenomenon in the Argentine economy. If currency substitution prevailed, then the notion that Argentina, by abandoning the Gold-Standard rule, could manage an independent monetary and banking policy to insulate the level of economic activity from shock arising from the rest of the world should be qualified if not dismissed. In the medium run, domestic attempts to inflate (or deflate) the economy were mainly reflected in changes in the foreign exchange rates and/or prices.
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Nuevos enfoques en la historia económica de España y de América Latina.
Homenaje a Robert W. Fogel y Douglas C. North, Premios Nobel de Economía 1993
Editada en la Universidad Carlos III
Editada en la Universidad Carlos III
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Revista de Historia Económica Año XII Otoño 1994 n. 3 pp. 539--589