Banking and finance in Argentina in the period 1900-35
From 1900 to 1935, Argentina evolved from an economy highly dependent on external, primarily British, finance to one more nearly self-sufficient. The authors examine the failure of domestic finance to adequately fill the void left by the decline of London and the breakdown of the world financial system in the interwar period, when neither the Buenos Aires Bolsa nor the private domestic banks developed rapidly enough to fully replace British investors as efficient channels for financing private investment. One consequence is that Argentine investable funds were increasingly concentrated in a single institution, the Banco de la Nacion Argentina (BNA), creating a lopsided financial structure that was vulnerable to rent seeking and to authoritarian capture. Nevertheless, several measures, including gold reserves, interest rates, money supply, bank credit, and the market capitalization of domestic corporations, attest to the very high level of financial development achieved by Argentina.
|Date of creation:||2001|
|Date of revision:|
|Contact details of provider:|| Postal: 10 Independence Mall, Philadelphia, PA 19106-1574|
Web page: http://www.philadelphiafed.org/
More information through EDIRC
|Order Information:|| Web: http://www.phil.frb.org/econ/wps/index.html Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Demirguc-Kunt, Asli & Levine, Ross, 1993. "Stock market development and financial intermediary growth : a research agenda," Policy Research Working Paper Series 1159, The World Bank.
- Loretta J. Mester & Leonard I. Nakamura & Micheline Renault, 2001.
"Checking accounts and bank monitoring,"
01-3, Federal Reserve Bank of Philadelphia.
- Loretta J. Mester & Leonard I. Nakamura & Micheline Renault, 2002. "Checking Accounts and Bank Monitoring," Center for Financial Institutions Working Papers 99-02, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Loretta J. Mester & Leonard I. Nakamura & Micheline Renault, 1998. "Checking accounts and bank monitoring," Working Papers 98-25, Federal Reserve Bank of Philadelphia.
- Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
- Leonard I. Nakamura & Carlos E. Zarazaga, 1997. "Economic growth in Argentina in the period 1900-30: some evidence from stock returns," Working Papers 97-22, Federal Reserve Bank of Philadelphia.
- Douglas W. Diamond & Philip H. Dybvig, 2000.
"Bank runs, deposit insurance, and liquidity,"
Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
- Milton Friedman & Anna Jacobson Schwartz, 1970. "Monetary Statistics of the United States: Estimates, Sources, Methods," NBER Books, National Bureau of Economic Research, Inc, number frie70-1.
When requesting a correction, please mention this item's handle: RePEc:fip:fedpwp:01-7. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Beth Paul)
If references are entirely missing, you can add them using this form.