| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6767 |
| 来源ID | Working Paper 6767 |
| Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime | |
| Gerardo della Paolera; Alan M. Taylor | |
| 发表日期 | 2000-04-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and had little power to smooth output. Monetary policy became heterodox after 1929. The first and most important stage of institutional change took place with the switch from a metallic monetary regime to a fiduciary regime in 1931; the Caja de Conversi¢n (Conversion Office, a currency board) began rediscounting as a means to sterilize gold outflows and avoid deflationary pressures, thus breaking from orthodox game. and were not enough to fully offset the incipient monetary contractions: the recovery derived from changes in beliefs and expectations surrounding the shift in the monetary and exchange-rate regime, and the delinking of gold flows and the money base. Agents perceived a new regime, as shown by the path of consumption, investment, and estimated ex ante real interest rates: the predated a later, and supposedly more significant, stage of institutional reform, namely the creation of the central bank in 1935. Still, the extent of intervention was weak, and insufficient to fully offset external shocks to prices and money. Argentine macropolicy was heterodox in terms of the change of regime, but still conservative in terms of the tentative scope of the measures taken. |
| 主题 | History ; Macroeconomic History ; Macroeconomics ; Fiscal Policy |
| URL | https://www.nber.org/papers/w6767 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565184 |
| 推荐引用方式 GB/T 7714 | Gerardo della Paolera,Alan M. Taylor. Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6767.pdf（262KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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