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Heterodox Central Bankers: Eccles, Prebisch and Financial Reform in 1930s

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  • Esteban Pérez Caldentey
  • Matias Vernengo

Abstract

The Great Depression led to a need to rethink the principles of central banking, as much as it had led to the rethinking of economics in general, with the Keynesian Revolution at the forefront of the theoretical changes. This paper suggests that the role of the monetary authority as a fiscal agent of government and the abandonment of the view of the economy as self-regulated were the central changes in central banking in the center. In addition, in the periphery central banks changed to try to insulate the worst effects of balance of payments crises and the use of capital controls became more common. Marriner S. Eccles, in the United States, and Raúl Prebisch, in Argentina, are paradigmatic examples of those new tendencies of central banking in the 1930s.

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Bibliographic Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2012_04.

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Length: 22 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:uta:papers:2012_04

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Related research

Keywords: Monetary Policy; Economic History; Heterodox Economics JEL Classification: B31; B50; E58; N10;

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  1. Greg Hannsgen & Dimitri B. Papadimitriou, 2009. "Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?," Economics Policy Note Archive 09-10, Levy Economics Institute.
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Cited by:
  1. Esteban Pérez Caldentey & Matias Vernengo, 2013. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Working Paper Series, Department of Economics, University of Utah 2013_08, University of Utah, Department of Economics.

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