Financial system reform of the Argentine Republic in the 1930s: the role of the Bank of England in creating central banks in peripheral countries

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  • 1930年代アルゼンチンにおける金融制度改革 : 周辺国における中央銀行の創設とイングランド銀行の役割
  • 1930ネンダイ アルゼンチン ニ オケル キンユウ セイド カイカク シュウヘンコク ニ オケル チュウオウ ギンコウ ノ ソウセツ ト イングランド ギンコウ ノ ヤクワリ

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Abstract

The aim of this paper is to re-examine the role of the Bank of England in the reform of the financial system of the Argentine Republic in the 1930s. At the end of the year 1931, the Bank of England dispatched Otto Niemeyer to the Argentine government to submit a report that was composed of two parts: an analysis of the financial situation of the country at the time and a draft of the Central Banking Law. Then, following the establishment of the Central Bank, the private banking sector was completely reorganized, purportedly under the guidance of F.F.J. Powell, a technical advisor of the Bank of England. Although little is known about the actual role of these advisors, previous studies have indicated that the Bank of England played a key role in the reform of the Argentinian financial system. In order to reconsider the validity of such interpretations, this paper will clarify whether or not Niemeyer's and Powell's recommendations were adopted and implemented.

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