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Journal Article

Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime

Gerardo Della Paolera and Alan M. Taylor
The Journal of Economic History
Vol. 59, No. 3 (Sep., 1999), pp. 567-599
Stable URL: http://www.jstor.org/stable/2566317
Page Count: 33
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime
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Abstract

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 Conversión 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.

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