Política monetaria e independencia del Banco Central de la República Argentina en su primera década

Abstract

The purpose of this paper is to examine both the monetary policy of the Central Bank of Argentina aid its independence of the National Government during the years 1935-1945. Central Bank statistic show that in the short run the Bank followed an active monetary policy confronting the monetary oscillations produced by the external sector; nevertheless, in the long run the growth of the monetary base was backed by the increase of the external assets of the Bank. The answer to the question of the independence of the Bank is, in general, positive. However, a financing of the Bank to the Government in 1943, as a result of a law enacted by the Parliament, was an evident exception.