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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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    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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