Economic recovery from the Argentine Great Depression: Institutions, expectations, and the change of macroeconomic regime

• 成果类型: Article
• 署名作者: University of California System; University of California Davis
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• 发表日期: 1999
• 页码: 567-599
• 关键词: exchange-rates; gold standard; LATIN-AMERICA; 1930s

摘要

Did macroeconomic interventions make any contribution to Argentina's recovery from the Great Depression? Macroeconomic policy deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. Fiscal policy was conservative. Monetary policy became unorthodox after 1931, when the Caja de Conversion began rediscounting to sterilize gold outflows and avoid deflation. This change predated the creation of the central bank in 1935. A wider literature links the interwar depression in the core to flaws in the gold standard, and active monetary policy to escape from deflation and slump; our work extends this idea to the periphery.