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Ruled by "fear of floating". Mexico's exchange rate policy during the interwar period, 1925-1936

Author

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  • Gianandrea Nodari

    (Paul Bairoch Institute of Economic History, Université de Genève)

Abstract

Este artículo argumenta que la política cambiaria mexicana durante los años de entreguerras se puede caracterizar como un caso arquetipo de "miedo a flotar". Los relatos convencionales afirman que México escapó de la Gran Depresión porque sus legisladores desecharon deliberadamente la ideología del patrón oro. Usando nuevas fuentes primarias, en este trabajo se sostiene que tanto los políticos nacionales como los integrantes del Banco de México fueron conservadores con respecto a cualquier cambio de régimen cambiario, prefiriendo un tipo de cambio fijo. En resumen, este artículo afirma que la elección del régimen monetario en México no fue impulsada por nuevas ideas heterodoxas. Con la crisis financiera de 1931, que obligó a una depreciación del peso, la autoridad monetaria nacional se apresuró a unirse al bloque del dólar. KEY Classification-JEL: B26; E42; N16; N46

Suggested Citation

  • Gianandrea Nodari, 2023. "Ruled by "fear of floating". Mexico's exchange rate policy during the interwar period, 1925-1936," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 19(01), pages 31-44.
    • Handle: RePEc:ahe:invest:v:19:y:2023:i:01:p:31-44
    DOI: https://doi.org/10.33231/j.ihe.2022.12.002
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    More about this item

    Keywords

    México; Banco Central; Gran Depresión; Bloque dólar;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean

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