Gresham on horseback: the monetary roots of Spanish American political fragmentation in the nineteenth century
AbstractThe economics literature is full of studies of monetary or currency unions ranging from the sterling area before 1914, to the Bretton Woods system later and the euro zone within the European Monetary Union today. A quick search in Econ-Lit returned over 10,000 entries among abstracts and subjects, and a good one thousand titles. None was found for currency or monetary disunion, or fragmentation. Yet, the monetary disintegration that occurred in Spanish America over the period 1800-25, along with the fiscal and political fragmentation that followed the implosion of the Spanish Empire, is one of the most prominent examples of such an economic phenomenon. Moreover, the macroeconomic consequences in the long run for the performance of nineteenth century Latin American economies makes the fragmentation of such an extended monetary union a case well worthy of consideration.
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Bibliographic InfoPaper provided by London School of Economics and Political Science, Department of Economic History in its series Economic History Working Papers with number 22321.
Length: 44 pages
Date of creation: Dec 2006
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Find related papers by JEL classification:
- N0 - Economic History - - General
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
- O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
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- John H. Coatsworth & Jeffrey G. Williamson, 2002. "The Roots of Latin American Protectionism: Looking Before the Great Depression," NBER Working Papers 8999, National Bureau of Economic Research, Inc.
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