Challenging a Money Doctor: Raúl Prebisch vs Sir Otto Niemeyer on the Creation of the Argentine Central Bank

Florencia Sember

A chapter in Including a Symposium on Latin American Monetary Thought: Two Centuries in Search of Originality, 2018, vol. 36C, pp 55-79 from Emerald Group Publishing Limited

Abstract: The Central Bank of Argentina began its activities in May 1935 surrounded by controversy. The Bank was created as a result of a mission led by the expert from the Bank of England, Sir Otto Niemeyer. The foreign involvement in the origins of the bank was not welcome to a good part of the Argentine society. Finally, the project for a central bank approved by the Argentine Congress was not the one proposed by Sir Otto Niemeyer, but a version of it that contained crucial modifications introduced by Raúl Prebisch. The aim of this work is to highlight Prebisch’s ideas on monetary and banking matters by analyzing the differences with the ideas of Sir Otto Niemeyer around monetary policy and the characteristics of the future Central Bank of Argentina. Even if there were almost no direct debates between them, there were different visions and indirect contentions that can be traced in the writings of both, which on the side of Prebisch were published in theRevista Económica del Banco de la Nación Argentinaand some government documents, and on Niemeyer’s side can be traced in some writings and correspondence regarding his visit to Argentina, held in the archives of the Bank of England.

Keywords: Raúl Prebisch; Otto Niemeyer; Argentine Central Bank; money doctors; Bank of England; Argentine economic cycle. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-41542018000036c004

DOI: 10.1108/S0743-41542018000036C004

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