Experimentos monetarios y bancarios en Argentina: 1861–1930

During the 1861–1930 period, Argentina was under a virtual gold-exchange standard regime in die 1867–1876; 1883–1884 and, 1900–1913 years. In die remaining periods, a managed paper standard was in place, always with die aim to restore convertibility. I show that currency substitution was already an economic phenomenon in die Argentine economy. If currency substitution prevailed, dien die notion that Argentina, by abandoning die Gold-Standard rule, could manage an independent monetary and banking policy to insulate die level of economic activity from shocks arising from die rest of die world should be qualified if not dismissed. In die medium run domestic attempts to inflate (or deflate) die economy were mainly reflected in changes in die foreign exchange rates and/or prices.