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Institutional Instability And Growth In Argentina: A Long-Run View

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  • Leandro Prados de la Escosura

    ()

  • Isabel Sanz-Villarroya

    ()

Abstract

Argentina has slipped from being among the ten richest countries in the world by the eve of World War I to its current position close to developing countries. What did originate Argentina’s economic retardation?. In this paper we employ a structural model to investigate the extent to which institutional instability, as captured by “Contract Intensive Money” (Clague, Keefer, Knack and Olson, 1999), conditioned capital accumulation and economic growth in Argentina and, consequently, the country’s relative international position. Our results suggest that institutional instability played a major role in Argentina’s unique historical experience of economic decline.

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Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wh046705.

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Date of creation: Dec 2004
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Handle: RePEc:cte:whrepe:wh046705

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  1. Gerardo della Paolera & Alan M. Taylor, 2000. "Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime," NBER Working Papers 6767, National Bureau of Economic Research, Inc.
  2. Taylor, Alan M., 1992. "External Dependence, Demographic Burdens, and Argentine Economic Decline After the Belle Époque," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 52(04), pages 907-936, December.
  3. Taylor, Alan M., 1998. "On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 58(01), pages 1-28, March.
  4. Peter L. Rousseau & Richard Sylla, 2001. "Financial Systems, Economic Growth, and Globalization," NBER Working Papers 8323, National Bureau of Economic Research, Inc.
  5. Gwartney, James & Lawson, Robert, 2003. "The concept and measurement of economic freedom," European Journal of Political Economy, Elsevier, Elsevier, vol. 19(3), pages 405-430, September.
  6. Roberto Cortes Conde, 1998. "Fiscal Crisis and Inflation in XIX Century Argentina," Working Papers, Universidad de San Andres, Departamento de Economia 18, Universidad de San Andres, Departamento de Economia, revised Nov 1998.
  7. Taylor, Alan M., 1994. "Tres fases del crecimiento económico argentino," Revista de Historia Económica, Cambridge University Press, Cambridge University Press, vol. 12(03), pages 649-683, December.
  8. Clague, Christopher, et al, 1999. " Contract-Intensive Money: Contract Enforcement, Property Rights, and Economic Performance," Journal of Economic Growth, Springer, Springer, vol. 4(2), pages 185-211, June.
  9. Alan M. Taylor & Jeffrey G. Williamson, 1991. "Capital Flows to the New World as an Intergenerational Transfer," NBER Historical Working Papers, National Bureau of Economic Research, Inc 0032, National Bureau of Economic Research, Inc.
  10. Alan M. Taylor, 1997. "Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century," NBER Working Papers 6302, National Bureau of Economic Research, Inc.
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Cited by:
  1. Alston, Lee J. & Gallo, Andrés A., 2010. "Electoral fraud, the rise of Peron and demise of checks and balances in Argentina," Explorations in Economic History, Elsevier, Elsevier, vol. 47(2), pages 179-197, April.

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