Contract Enforcement and Argentina’s Long-Run Decline

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Contract Enforcement and Argentina’s Long-Run Decline

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Leandro Prados de la Escosura ()
Isabel Sanz Villarroya ()

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Leandro Prados de la Escosur

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. Why did Argentina fall behind? In this paper we employ a structural model to investigate the extent to which contract enforcement, as captured by Clague, Keefer, Knack, and Olson’s “Contract Intensive Money”, conditioned broad capital accumulation and economic growth in Argentina and, consequently, the country’s relative international position. Our results suggest that poor contract enforcement played a major role in Argentina’s unique experience of long-run 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 wp06-06.

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Date of creation: Sep 2006
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Handle: RePEc:cte:whrepe:wp06-06

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This paper has been announced in the following NEP Reports:

NEP-ALL-2006-09-30 (All new papers)
NEP-HIS-2006-09-30 (Business, Economic & Financial History)
NEP-LAM-2006-09-30 (Central & South America)
NEP-REG-2006-09-30 (Regulation)

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Campos, Nauro F & Karanasos, Menelaos & Tan, Bin, 2008. "Two to Tangle: Financial Development, Political Instability and Economic Growth in Argentina (1896-2000)," CEPR Discussion Papers 7004, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Campos, Nauro F. & Karanasos, Menelaos G. & Tan, Bin, 2008. "Two to Tangle: Financial Development, Political Instability and Economic Growth in Argentina (1896–2000)," IZA Discussion Papers 3752, Institute for the Study of Labor (IZA). [Downloadable!]

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