Los flujos de oro y el ajuste externo

Abstract

This paper examines the gold flows of Argentina in the years 1903-1913 with the purpose of determining if the disturbances of the gold flows were adjusted in a short period. It has also the purpose of studying the relationship among the interest rates of Great Britain and Argentina. The empirical results support the existence of a short adjustment process and that the gold flows of Argentina were under the influence of the rate of interest of London. A changing relation among the interest rates of both countries has been found.