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Contract enforcement, capital accumulation, and Argentina's long-run decline

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Author Info

  • Leandro Prados de la Escosura

    ()
    (Historia Economica e Instituciones and Instituto Figuerola, Universidad Carlos III de Madrid, Calle Madrid, 126, Getafe, 28903 Madrid, Spain.)

  • Isabel Sanz-Villarroya

    ()
    (Estructura Economica, Economia Publica e Historia Economica,Universidad de Zaragoza, Gran Via 2, Zaragoza, Spain.)

Abstract

Argentina has slipped from being among the ten world’s richest countries by the eve of World War I to its current position close to mid-range developing countries. Why did Argentina fall behind? We employ a structural model to investigate the extent to which the enforceability of contracts and the security of property rights, as measured by Clague et al.’s “contract intensive money” (CIM), conditioned broad capital accumulation and, subsequently, economic performance in Argentina. Our results suggest that poor contract enforcement played a significant role at the origins of Argentina’s unique experience of long-run decline.

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Bibliographic Info

Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 3 (2009)
Issue (Month): 1 (January)
Pages: 1-26

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Handle: RePEc:afc:cliome:v:3:y:2009:i:1:p:1-26

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Web page: http://www.cliometrie.org
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Related research

Keywords: Contract intensive money; Economic decline; Argentina;

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Cited by:
  1. Leandro Prados de la Escosura & Joan R. Rosés & Isabel Sanz Villarroya, 2010. "Stabilization and growth under dictatorship: the experience of Franco's Spain," Working Papers in Economic History wp10-02, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  2. González, Germán & Viego, Valentina, 2009. "Argentina-Canada from 1870: Explaining the dynamics of divergence," MPRA Paper 18394, University Library of Munich, Germany.
  3. Sebastián Fleitas & Andrés Rius & Carolina Román & Henry Willebald, 2013. "Contract enforcement, investment and growth in Uruguay since 1870," Documentos de Trabajo (working papers) 13-01, Instituto de Economía - IECON.
  4. David Grreasley, 2010. "Cliometrics and Time Series Econometrics: Some Theory and Applications," Working Papers in Economics 10/56, University of Canterbury, Department of Economics and Finance.
  5. Campos, Nauro F. & Karanasos, Menelaos G. & Tan, Bin, 2012. "Two to tangle: Financial development, political instability and economic growth in Argentina," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 290-304.

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