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La reforma monetaria de 1905 y la flexibilización de los medios de pago en México


  • Luis Anaya Merchant

    () (Universidad Autónoma del Estado de Morelos Center for US-Mexican Studies, UCSD)


This essay explores an important phase in the historical evolution of the Mexican monetary system, stressing the relationship between its reformation of 1905 and the operation of the bank system. Besides revising previous literature, it also studies the perception Mexican authorities had of the presumed inexorability of the Silver Exchange Standard in relation to the Gold Exchange Standard, linking it as much to national interests as to the international situation. Some of the problems of the delay with which the reformation was adopted were technical and to solve them authorities created a regulation fund that had an unexpected success due to external phenomena. This success seemed to guarantee the flexibility of the monetary system; however it also postponed the reformation of the financial system. This delay in addition to the theoretical convictions of those “regulators” left open the way to new channels of uncertainty. KEY Classification-JEL: N1, N2, N26

Suggested Citation

  • Luis Anaya Merchant, 2011. "La reforma monetaria de 1905 y la flexibilización de los medios de pago en México," Investigaciones de Historia Económica (IHE) Journal of the Spanish Economic History Association, Asociacion Espa–ola de Historia Economica, vol. 7(01), pages 119-150.
  • Handle: RePEc:ahe:invest:v:07:y:2011:i:01:p:119-150

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    References listed on IDEAS

    1. Becker, Gary S, 1988. "Family Economics and Macro Behavior," American Economic Review, American Economic Association, vol. 78(1), pages 1-13, March.
    2. Samuel Bowles & Herbert Gintis, 2002. "The Inheritance of Inequality," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 3-30, Summer.
    3. Solon, Gary, 1999. "Intergenerational mobility in the labor market," Handbook of Labor Economics,in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 29, pages 1761-1800 Elsevier.
    4. Clark, Gregory & Hamilton, Gillian, 2006. "Survival of the Richest: The Malthusian Mechanism in Pre-Industrial England," The Journal of Economic History, Cambridge University Press, vol. 66(03), pages 707-736, September.
    5. Gary S. Becker & Nigel Tomes, 1994. "Human Capital and the Rise and Fall of Families," NBER Chapters,in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 257-298 National Bureau of Economic Research, Inc.
    6. E.A. Wasson, 1998. "The Penetration of New Wealth into the English Governing Class from the Middle Ages to the First World War," Economic History Review, Economic History Society, vol. 51(1), pages 25-48, February.
    7. Clark, Gregory, 2008. "In defense of the Malthusian interpretation of history," European Review of Economic History, Cambridge University Press, vol. 12(02), pages 175-199, August.
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    More about this item


    Monetary Reform; Silver; Financial Institutions; Porfiriato;

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N2 - Economic History - - Financial Markets and Institutions
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean


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