Publication: Chilean Monetary History, 1860-1925. An Overview
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1997
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Alianza Editorial : Centro de Estudios Constitucionales
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La política monetaria ha sido uno de los tópicos menos comprendidos y más debatidos de la historia económica chilena. La aceptación incondicional de la convertibilidad ha alienado alos historiadores económicos de un debate más amplop respecto de los costes y beneficios de los regímenes cambiarios. Este ensayo estudia el proceso de creación de dinero en Chile y su relación con las regularizaciones al funcionamiento de los bancos. Dadas las características de la economía chlena, se concluye que la adopción del patrón oro no era posible y que los experimentos chilenos con la doctrina de los real bills permitió alcanzar cierta estabilidad financiera.
Monetary policy has been one of the least understood and mucho debated topics in Chilean economic history. An ideological commitment to convertibility has alineated economic historian from the larger subjetc of costs and benefits of the exchange regime. This paper studies the process of money creation in Chile and its relationship with banking regulation. Given the characteristics of the Chilean economy, the author concludes that adherence to the gold standard was not possible and that Chilean naive experiments with the real bills doctrine provided the economy witj financial stability.
Monetary policy has been one of the least understood and mucho debated topics in Chilean economic history. An ideological commitment to convertibility has alineated economic historian from the larger subjetc of costs and benefits of the exchange regime. This paper studies the process of money creation in Chile and its relationship with banking regulation. Given the characteristics of the Chilean economy, the author concludes that adherence to the gold standard was not possible and that Chilean naive experiments with the real bills doctrine provided the economy witj financial stability.
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Editada en la Fundación Empresa Pública
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Revista de Historia Económica Año XV Otoño-Invierno 1996 n. 3 pp. 125--160