New UPIER Working Paper

Making Money Flow: Latin American Banks at the onset of the Great Depression by Adriana Calcagno and Juan Flores Zendejas

In Latin America most of the central banks that remain in operation today were founded during the interwar period.  Largely established in the 1920s, these new institutions marked the determination reached by their respective governments to modernize the economy. Most central banks were developed on the advice of foreign monetary advisors with the aim of providing stability to new monetary regimes that were based on the gold standard. This paper analyzes how these newly created institutions responded to the onset of the Great Depression in 1929.  Please click here to read their paper.