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Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime

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Author Info
Paolera, Gerardo Della
Taylor, Alan M.

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Abstract

Did macroconomic interventions make any contribution to Argentina's revovery from the Great Depression? Macroeconomic policy deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. Fiscal policy was conservative. Monetary policy became unorthodox after 1931, when the Caja de conversi n began rediscounting to sterilize gold outflows and avoid deflation. This change predated the creation of the central bank in 1935. A wider literature links the interwar depression in the core to flaws in the gold standard, and active monetary policy to escape from defaltion and slump; our work extends this idea to the periphery.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 59 (1999)
Issue (Month): 03 (September)
Pages: 567-599
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:jechis:v:59:y:1999:i:03:p:567-599_02

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. repec:cup:etheor:v:11:y:1995:i:5:p:984-1014 is not listed on IDEAS
  2. Barry Eichengreen., 1991. "The Origins and Nature of the Great Slump, Revisited," Economics Working Papers 91-156, University of California at Berkeley.
  3. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 757-784, December. [Downloadable!]
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  4. Hugh Rockoff & Michael D. Bordo, 1996. "The Gold Standard as a "Good Housekeeping Seal of Approval"," Departmental Working Papers 199528, Rutgers University, Department of Economics. [Downloadable!]
    Other versions:
  5. Taylor, Alan M., 1992. "External Dependence, Demographic Burdens, and Argentine Economic Decline After the Belle ?poque," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 907-936, December. [Downloadable!]
  6. Ben Bernanke & Harold James, 1990. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Working Papers 3488, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Temin, Peter & Wigmore, Barrie A., 1990. "The end of one big deflation," Explorations in Economic History, Elsevier, vol. 27(4), pages 483-502, October. [Downloadable!] (restricted)
  8. Barry Eichengreen & Peter Temin, 1997. "The Gold Standard and the Great Depression," NBER Working Papers 6060, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Gerardo della Paolera and Alan M. Taylor., 1997. "Finance and Development in an Emerging Market: Argentina in the Interwar Period," Center for International and Development Economics Research (CIDER) Working Papers C97-089, University of California at Berkeley.
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  10. Horvath, Michael T.K. & Watson, Mark W., 1995. "Testing for Cointegration When Some of the Cointegrating Vectors are Prespecified," Econometric Theory, Cambridge University Press, vol. 11(05), pages 984-1014, October. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Leandro Prados de la Escosura & Isabel Sanz-Villarroya, 2004. "Institutional Instability And Growth In Argentina: A Long-Run View," Working Papers in Economic History wh046705, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
  2. Guisan, M.Carmen & Martinez, C., 2003. "Education, Industrial Development and Foreign Trade in Argentina: Econometric Models and International Comparisons," Economic Development 67, University of Santiago de Compostela. Faculty of Economics and Business. Econometrics.. [Downloadable!]
  3. Isabel Sanz Villarroya, 2007. "Los resultados macroeconómicos y la posición relativa de la economía argentina: 1875-2000," Working Papers in Economic History wp07-04, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
  4. Lee J. Alston & Andrés A. Gallo, 2009. "Electoral Fraud, the Rise of Peron and Demise of Checks and Balances in Argentina," NBER Working Papers 15209, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Leandro Prados de la Escosura & Isabel Sanz Villarroya, 2006. "Contract Enforcement and Argentina’s Long-Run Decline," Working Papers in Economic History wp06-06, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
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