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Institutional Instability And Growth In Argentina: A Long-Run View

  • Leandro Prados de la Escosura

    ()

  • Isabel Sanz-Villarroya

    ()

Argentina has slipped from being among the ten richest countries in the world by the eve of World War I to its current position close to developing countries. What did originate Argentina’s economic retardation?. In this paper we employ a structural model to investigate the extent to which institutional instability, as captured by “Contract Intensive Money” (Clague, Keefer, Knack and Olson, 1999), conditioned capital accumulation and economic growth in Argentina and, consequently, the country’s relative international position. Our results suggest that institutional instability played a major role in Argentina’s unique historical experience of economic decline.

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Paper provided by Universidad Carlos III, Instituto Figuerola de Historia y Ciencias Sociales in its series Working Papers in Economic History with number wh046705.

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Date of creation: Dec 2004
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Handle: RePEc:cte:whrepe:wh046705
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  1. Peter L. Rousseau & Richard Sylla, 2003. "Financial Systems, Economic Growth, and Globalization," NBER Chapters, in: Globalization in Historical Perspective, pages 373-416 National Bureau of Economic Research, Inc.
  2. Alan M. Taylor & Jeffrey G. Williamson, 1991. "Capital Flows to the New World as an Intergenerational Transfer," NBER Historical Working Papers 0032, National Bureau of Economic Research, Inc.
  3. Taylor, Alan M., 1998. "On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America," The Journal of Economic History, Cambridge University Press, vol. 58(01), pages 1-28, March.
  4. Roberto Cortes Conde, 1998. "Fiscal Crisis and Inflation in XIX Century Argentina," Working Papers 18, Universidad de San Andres, Departamento de Economia, revised Nov 1998.
  5. Taylor, Alan M., 1998. "Argentina and the world capital market: saving, investment, and international capital mobility in the twentieth century," Journal of Development Economics, Elsevier, vol. 57(1), pages 147-184, October.
  6. Clague, Christopher, et al, 1999. " Contract-Intensive Money: Contract Enforcement, Property Rights, and Economic Performance," Journal of Economic Growth, Springer, vol. 4(2), pages 185-211, June.
  7. Gerardo della Paolera & Alan M. Taylor, 2000. "Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime," NBER Working Papers 6767, National Bureau of Economic Research, Inc.
  8. Taylor, Alan M., 1994. "Tres fases del crecimiento económico argentino," Revista de Historia Económica, Cambridge University Press, vol. 12(03), pages 649-683, December.
  9. Gwartney, James & Lawson, Robert, 2003. "The concept and measurement of economic freedom," European Journal of Political Economy, Elsevier, vol. 19(3), pages 405-430, September.
  10. Taylor, Alan M., 1992. "External Dependence, Demographic Burdens, and Argentine Economic Decline After the Belle Époque," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 907-936, December.
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