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The Central Bank: An Indispensable Institution for Development

Author

Listed:
  • Federico Tassara

    () (University of Buenos Aires)

  • Pablo Borio

    () (University of Buenos Aires)

Abstract

The study of the agro-export economic model, the economic cycles and the international monetary system of the early 20th Century throws light on the need of creating an entity to manage monetary policy. The precarious nature of the preceding monetary mechanisms is exposed to unveil the key functions to be assumed by the new entity. On the basis of the peculiarities of the Argentine economy, the main challenges addressed by the different creation projects are raised, while those presented by Raúl Prebisch and Sir Otto Niemeyer are analyzed and compared. The study of both figures, with their views, concerns, priorities and proposals is developed without losing sight of the historical context and simultaneously interpreting their special nuances. The conclusion underlines the lessons left by the creation process of the Central Bank of the Argentine Republic (BCRA) in 1935 for future challenges.

Suggested Citation

  • Federico Tassara & Pablo Borio, 2011. "The Central Bank: An Indispensable Institution for Development," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(61-62), pages 253-274, January -.
  • Handle: RePEc:bcr:ensayo:v:1:y:2011:i:61-62:p:253-274
    as

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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/61_62_Tassara%20Borio.pdf
    File Function: Spanish version (versión en Español)
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    References listed on IDEAS

    as
    1. Holmstrom, Bengt & Tirole, Jean, 2000. "Liquidity and Risk Management," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(3), pages 295-319, August.
    2. Miklós Koren & Silvana Tenreyro, 2007. "Volatility and Development," The Quarterly Journal of Economics, Oxford University Press, vol. 122(1), pages 243-287.
    3. Barth, James R. & Caprio, Gerard Jr. & Levine, Ross, 2004. "Bank regulation and supervision: what works best?," Journal of Financial Intermediation, Elsevier, vol. 13(2), pages 205-248, April.
    4. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
    5. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Argentina; central bank; creation of BCRA; economic cycles; Otto Niemeyer; Raúl Prebisch;

    JEL classification:

    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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