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Experimentos monetarios y bancarios en Argentina: 1861–1930

Published online by Cambridge University Press:  28 April 2010

Gerardo Della Paolera
Affiliation:
Universidad Torcuato Di Tella

Abstract

During the 1861–1930 period, Argentina was under a virtual gold-exchange standard regime in die 1867–1876; 1883–1884 and, 1900–1913 years. In die remaining periods, a managed paper standard was in place, always with die aim to restore convertibility.

I show that currency substitution was already an economic phenomenon in die Argentine economy. If currency substitution prevailed, dien die notion that Argentina, by abandoning die Gold-Standard rule, could manage an independent monetary and banking policy to insulate die level of economic activity from shocks arising from die rest of die world should be qualified if not dismissed. In die medium run domestic attempts to inflate (or deflate) die economy were mainly reflected in changes in die foreign exchange rates and/or prices.

Resumen

Durante el período 1861–1930, Argentína 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.

Type
Artículos
Copyright
Copyright © Instituto Figuerola de Historia y Ciencias Sociales, Universidad Carlos III de Madrid 1994

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