Accumulation of reserves

, 82

Advances in Behavioral Economics (Camerer, Loewenstein, & Rabin)

, 120

Agricultural exports

, 10

Agricultural production

, 112–113

Ainslie, George

, 137

Altruism

, 138, 142

Angner, E.

, 124

Arboleda, Gonzalo

, 22

Argentina

Argentine Congress

, 56

Central Bank of the Argentina Republic (BCRA). See Argentine Central Bank

economic cycle

, 57–62

monetary form in

, 46, 51n53

Argentine Central Bank

Board of Governors

, 56

British influence on

, 62–65

creation of

, 55–77, 83–86

evolution of functions

, 86–90

exchange policy and reserves of

, 66–69

gold and its use, revaluation of

, 71–72

heterodox, in periphery

, 81–98

mandate and instruments of

, 69–71

need for

, 57–62

objectives of

, 86

Office of Exchange Control

, 67, 68

stages of monetary policy

, 88–89

Aristotle

, 107, 109, 110–111, 116n8

Artisans

, 105–107

Asset integration

, 135

Bacon, Francis

, 111

Balance of payments

, 30, 31, 42, 48, 49, 50n29, 58, 83

Barrera’s position on

, 44–46

classical theory, critique of

, 32–37

disequilibrium

, 31, 39, 42, 44, 51n47, 51n60

imbalances

, 4

Banco Agrícola e Hipotecario

, 95

Banco Central Mexicano

, 40, 50n22

Banco de la Nación Argentina (BNA)

, 60–63, 65, 86, 89

Banco de Londres y México

, 33, 36, 49n10, 50n22

Banco Español del Río de la Plata

, 72

Banco Mercantil de Yucatán (BMY)

, 30, 40

Banco Mexicano de Comercio e Industria

, 40

Banco Nacional

, 10–17, 19–22, 25, 26

Board of Issuance

, 16, 19, 21, 26

semiannual profits of

, 14, 15

Banco Nacional de México (BNM)

, 30, 33, 36, 40, 49n10, 50n22

Banking crises of 1913

, 44–46

Banking Law

, 64, 65, 70, 71, 73

Banknotes

, 31, 33, 36, 37, 41–44, 47, 50n25

circulation by denomination

, 23

classification of

, 13, 14

deficiency of

, 15–16

freedom of stipulation

, 20

issuance and incineration of

, 22

issuing banks, inspection of

, 16–17

list of

, 16

Bank of England

, 37, 42, 45, 47, 50n25, 61–65, 70, 72, 84, 91

reform of 1844

, 30, 44

Bank of France

, 42, 51n45

Banque de Paris et des Pays-Bas

, 31

Baring Brothers

, 63

Baring Crisis of 1890

, 60, 76n10

Barnes, Jonathan

, 116n8

Barrera Lavalle

, 4

Behavioral economics

, 120–126, 128, 132–143, 144n1, 145n5, 146n11, 147n22

Berjemjillo, Andrés

, 50n22

Bimetallism

, 9, 42

Board of Directors of the Bank of Colombia

, 11

Board of Issuance of the Banco Nacional

, 16, 19, 21, 26

Botto, Carlos

, 63

Boyle, Robert

, 111

Brazil

, 96n2

Brewer, Anthony

, 105

British Charter Act of 1844

, 44

British India

, 30

Caciquismo

, 9

Caja de Préstamos para Obras de Irrigación y Fomento de la Agricultura (Irrigation Works and Agricultural Promotion Loan Bank)

, 40

Calderón, Carlos

, 20

Cantillon, Richard

, 105

Capital controls

, 82, 95

Caro, Miguel Antonio

, 8, 13, 16, 17, 20

Carranza, Venustiano

, 32

Casabianca, Manuel

, 26n4

Casasús, Joaquín D.

, 30, 35, 49n2

Central Bank of the Argentina Republic (BCRA). See Argentine Central Bank

Central Bank of the Dominican Republic

, 94

Central Bank Report (1938)

, 88

Centralists vs federalists

, 4

Centralization

, 9

Certainty effect

, 125–128

Churchill, Winston

, 73, 85

Clay, Henry

, 64

Coefficient of expansion

, 85

Colombia

free banking and legal tender, debate between

, 9–12

government regenerator for legal tender, political fight of

, 12–24

National Party

, 8

Comisión Económica para América Latina (CEPAL)

, 4, 5n1, 49

Commission of Exchange Control

, 84

Common difference effect

, 125

Common ratio effect

, 125

Consequentialism, violations of

, 128–132

Conservatives vs liberals

, 4

Constitution of 1886

, 9, 13, 24

Constitution of Rionegro

, 9

Conversion Caisse

, 83, 84

Conversion Law of 1899

, 97n4

Conversion Office

, 97n7

Costa Rica

, 96n2

Counter-cyclical monetary policies

, 83, 84, 87, 89, 95, 96

Creel, Enrique C.

, 30, 49n3

Cuba

, 96n2

Cumulative prospect theory

, 133, 134, 135

Currency School

, 44, 45

Darwin, Charles

, 104, 109

Dasgupta, Partha

, 114

Das Kapital (Karl Marx)

, 113

Decision-making

edition phase of

, 134

evaluation phase of

, 134

DellaVigna, Stefano

, 120

de Pompadour, Madame

, 105

Deutsche Bank

, 31

Diaz, Porfirio

, 30, 32, 35, 40, 44

Disposable class

, 107

Dominican Republic

, 83, 91

monetary reform in

, 93–96

Dufoo, Carlos Díaz

, 30, 49n4

Dynamic consistency

, 130, 146n13

Eccles, Marriner S.

, 82, 91

Economic Commission for Latin America

, 96

Economic methodology

, 121–125

Economic rationality

, 120, 121, 143

Economics and language

, 119–148

Economy of nature

, 109

Ecuador

, 91, 96n2

Edition phase of decision-making

, 134

Elasticity of intertemporal substitution

, 132

El Salvador

, 96n2

England

, 9

Equity

, 142

Essai sur la Nature du Commerce en Général (Richard Cantillon)

, 105

Evaluation phase of decision-making

, 134

Exchange controls

, 82, 84–87, 89–90, 92–96, 98n13, 98n14

Exchange rate

, 4, 45

fluctuations

, 36–37

policy

, 82, 89–90

Expected utility

, 129, 130, 133, 135–137, 144, 147n21

Exponential discounting

, 130, 137–138, 140

Exponentially discounted utility

, 129

Export tax

, 45

Extract from ‘Corn’ (François Quesnay)

, 106, 116n6

Fact/convention dichotomy

, 122–124

Fact/value dichotomy

, 122–124

Fairness

, 142

Farmers

, 105–108

Federal Reserve Board

, 91

Federal Reserve Missions

, 97n3

Federal Reserve of the United States

, 83, 91, 92, 96

Tenth Annual Report on the Principles of Monetary Policy

, 96n1

Fiscal Code

, 13

Foreign capital, support to Monetary Reform of 1905

, 39–41

Foreign-Exchange and Currency Commission (Comisión de Cambios y Moneda, CCYM)

, 31, 35–37, 40, 41–44, 47–49, 50n31

Foreign-exchange markets

, 45

Foreign trade deficit, nature of

, 39–41

Foreign trade disequilibrium

, 46

France

, 9, 38

Franco-Prussian war of 1871

, 38

Free banking

, 9

and legal tender, debate between

, 9–12

model

, 11

Furtado, Celso

, 5n1, 49, 50n29

Game-theoretic issues

, 145n3

Gamonalismo

, 9

‘General Maxims’, The (François Quesnay)

, 106

Germany

, 9

Gold

, 17, 25, 30, 31, 34–39, 45–48, 51n44–47, 51n60, 59, 61, 65, 66, 73–74, 76n28, 76n29, 97n4, 97n7

currency

, 31

inflows, instability of

, 57–58

legislators refuse to obligate banks to redeem notes in

, 41–43

reserves

, 85

revaluation of

, 71–72, 73

standard

, 4, 10, 30, 34, 35, 37, 38, 41, 45, 46, 48, 51n46, 56, 57, 58, 62, 63, 66–69, 82–85, 91, 95, 96n1

Gold Standard Act (Mexico)

, 34, 35, 41

Article

, 21, 51n46

“Good neighbor” policy

, 83, 95–96

Grain Regulating Board

, 61

Great Britain

, 56, 66, 67, 83

Bank of England

, 30, 37, 42, 44, 45, 47, 50n25, 61–65, 70, 72, 84, 91

British Charter Act of 1844

, 44

gold currency

, 31

gold standard, abandonment of

, 83

influence on Argentine Central Bank

, 62–65

monetary system

, 30, 47

Great Depression

, 60, 66, 68, 71, 73, 82–85, 90

Grüne-Yanoff, T.

, 124

Guatemala

, 83, 91

Haiti

, 96n2

Harberler

, 90

Heidl, S.

, 124

Helvecia

, 23–24

Heukelom, F.

, 124

Hirschman, Albert

, 50n29

History of economics

, 120–121

Holland

, 9

Homer Lee Bank

, 22

Honduras

, 83, 91

Household management

, 109

House of Speyer

, 31

Huerta, Victoriano

, 32, 33

Hueyo, Alberto

, 63–64

Human agency

, 107, 113, 115

Hume, David

, 107

Husbandmen

, 105, 106, 116n7

Hyperbolic discounting

, 135–141

Immediacy effect

, 125

Impatience

, 123, 130, 131, 137, 140, 143

Impulse control

, 137

Impulsiveness

, 137

Independence axiom

, 129–130, 146n12

Inequality aversion

, 132

Institute for the Liquidation of Bank Investments (ILBI)

, 71–73

Inter-disciplinary

, 123–124, 135

International crisis of 1907–1908

, 31, 33, 43

International crisis of 1914

, 58

International crisis of 1928

, 58

International Monetary Conference (1933)

, 84

International Monetary Fund

, 94

Inter-temporal preference reversals

, 140

Irrationality

, 122, 124, 132, 134, 136, 140, 143, 145n4, 146n18, 147n22

Jockey Club

, 65, 76n19

Jowett, Benjamin

, 116n8

Kahneman, Daniel

, 120, 125, 126, 131, 133–135, 137, 140, 143, 144n1, 146n9, 146n17, 147n19

Kemmerer, Edwin

, 32, 48, 50n12, 82

Keynes, John Maynard

, 84

Koerner, Lisbet

, 109, 112

Labastida, Louis G.

, 30, 49n6

La Cuestión Monetaria en México (The Monetary Question in Mexico)

, 32–33

Landero y Cos, José

, 30, 49n5

Latin America

central banking

, 81–98

monetary ideas

, 3–5, 8

See also individual entries

Lavalle, Francisco Barrera

vision of Mexico’s Monetary Reform of 1905

, 29–52

Law of Guaranteed Banks

, 60, 76n10

Lean-against-the-wind monetary policy

, 87

Legal tender

arguments for and against

, 18–19

and free banking, debate between

, 9–12

political fight of government regenerator for

, 12–24

Legislators refuse to obligate banks to redeem notes in gold

, 41–43

Leng, Roberts & Co

, 63

León-Gómez, Adolfo

, 24

Limantour, José Yves

, 35, 46, 52n64

Linnaeus, Carl

, 103–116

Linnaeus: Nature and Nation (Lisbet Koerner)

, 109

Liquidity

, 58, 82, 84, 86, 93

informal restrictions on

, 10

Loewenstein, George

, 124, 125

Lombard Street

, 37

Loss aversion

, 123, 135, 136, 143, 147n21

Louis XV, King

, 105

Lyell, Charles

, 109

Macedo, y Pablo

, 30, 34, 35, 46, 49n7, 52n64

Madero, Francisco I.

, 31–33, 40

Magnitude effect

, 126, 127

Magnum opus

, 112

Mallarino, Carlos Holguín

, 16

Manufactured capital

, 104, 115

Marx, Karl

, 112, 113–114

Means to Prosperity, The

, 84

Meek, Ronald L.

, 106

Mejía, Dionisio

, 15

Mejía, José María

, 15

Merchants vs manufacturers

, 4

Methodological orientation

, 121

Mexican Revolution (1910–1920)

, 30–32, 51n52

Mexico

, 96n2

balance of payment disequilibrium

, 31, 39, 42, 44–46, 51n60, 51n47

banknotes

, 31, 33, 36, 37, 41–44, 47, 50n25

exchange-rate fluctuations

, 36–37

Financial and Administrative Reorganization Committee

, 32

Gold Standard Act

, 34, 35, 41, 51n46

Ministry of Finance

, 30, 32, 37

Monetary Act of 1867

, 38

Monetary Act of 1905

, 35, 41, 50n17

Monetary Circulation Regulatory Fund

, 35–39, 41

Monetary Commission

, 34, 35, 38, 41, 46, 49n5

Monetary Reform of 1905

, 29–52

silver currency

, 30, 31, 33–39, 41–48, 51n45, 51n46, 51n54

variations in international price of silver

, 36–37

Mill, John Stuart

, 112

Ministry of Finance

Mexico

, 30, 32, 37

of the Sovereign State of Cundinamarca

, 12

of the Sovereign State of Tolima

, 12

Ministry of the Treasury

, 13

Mirabeau, Marquis de

, 106

Monetary Act of 1867 (Mexico)

, 38

Monetary Act of 1905 (Mexico)

, 35, 41

Article

, 1, 50n17

Monetary Circulation Regulatory Fund

, 35–39, 41

Monetary doctors

, 90–93

Monetary Law of the Dominican Republic

Article

, 17, 94n18

Monetary Reform of 1893

, 46

Monetary Reform of 1905 (Mexico)

, 29–52

background of

, 38–39

banking crises of 1913

, 44–46

Barrera’s critique of

, 38–44

foreign trade deficit, nature of

, 39–41

legislators refuse to obligate banks to redeem notes in gold

, 41–44

Monetary Circulation Regulatory Fund

, 41

one-peso silver coin, overvaluation of

, 44

reform to

, 46–48

support of foreign capital

, 39–41

Monetary signs

, 17

Monetary Stabilization Fund (Fondo de Estabilidad Monetaria, FEM)

, 31, 37, 40, 47, 48

Money and Economic Activity

, 90

Money doctors

, 55–77

Multiple-selves model

, 139

Mun, Thomas

, 105

National Bank

, 8, 9, 12, 13, 15–17, 19–21

banknotes, classification of

, 13, 14

National Catholic Party

, 32

Nationalisms vs regionalism

, 4

National Party (Colombia)

, 8

Natural capital

distinguished from manufactured capital

, 104

historical roots of

, 103–116

Oeconomy of Nature

, 105, 108–112, 114, 115

originality

, 104, 112–114, 115

self-generation

, 104, 112–114, 115

Natural Origins of Economics (Margaret Schabas)

, 109

Nature

, 103–116

Newton, Isaac

, 42, 51n44

Niemeyer, Sir Otto

, 5, 82–86, 97n6

on creation of Argentine Central Bank

, 55–77

Novum Organum (Francis Bacon)

, 111

Núñez, Rafael

, 8, 16, 25

Nurkse, Ragnar

, 73

Oeconomy of Nature (Carl Linnaeus)

, 105, 108–112, 114, 115

Office for the Control of Exchanges (Oficina de Control de Cambios)

, 86

Office of Economic Research

, 75n1

Office of Exchange Control

, 67, 68

Oikonomikê

, 109–110, 116n8

O´Leary, Arturo Malo

, 15

Oligopolistic competition

, 92

One-peso silver coin

exchange rate of

, 46

overvaluation of

, 44

Open market operations

, 82, 97n8

Optimism

, 135

Organization and Programme of Tasks of the Division for Economic Research for the Central Bank of Paraguay

, 93

Originality

, 104, 112–114, 115

Original prospect theory

, 133

Osorio, Nicolás

, 14

Other-regarding behaviors

, 141–143

Over time

, 120, 126, 128–130, 137–141, 144

Paper money

, 9, 11, 15, 17, 19–21, 23, 24

Paraguay

, 83, 91, 98n16

Monetary Board

, 93

monetary reform in

, 93–95

Pardo, Santiago Guarín y Emilio

, 15

Patriotic Loan

, 60

Peace Board

, 23

Pessimism

, 135

Philosophy of economics

, 122, 132, 141

Physiocrats

, 104–109, 112, 114, 115

Pinedo, Federico

, 65, 82, 83, 85

Plan for National Reactivation, The

, 89

Politics (Aristotle)

, 116n8

Polity of nature

, 109

Pollination services

, 104

“Positive economics” versus “standard economics,”

, 140

Positive/normative distinction

, 121–123, 140

Powell, Frank

, 56, 64, 82

Prebisch, Raúl

, 5, 49, 50n29, 82–96, 97n3, 97n6, 97n8, 98n14

monetary doctors and

, 90–93

role in creation of Argentine Central Bank

, 55–77, 83–86

Prebisch–Singer hypothesis

, 85

Preferences

, 123

Prelec, Drazen

, 125

Principles of Political Economy (John Stuart Mill)

, 113

Productive class

, 107

Proprietors

, 107

Prospect theory

, 133–137, 140, 147n21

for risk preferences

, 137

Public Treasury

, 17

Purchasing power

, 88, 89

Putnam, Hilary

, 122, 123, 143

Qualitative challenges

, 121

Quantitative challenges

, 121

Quasi-hyperbolic discounting

, 137–140

Quesnay, François

, 105–108, 116n5, 116n6

Rabin, Matthew

, 136

Rabin paradox

, 136

Radicals

, 9, 10

Rank-dependent utility

, 135

Rastier, François

, 123–124

Rationality

, 122, 124, 132, 134, 136, 137, 140–144, 145n4, 146n17, 146n18, 157n22

economic

, 120, 121, 143

Ray, John

, 111

Reciprocity

, 142

Reconstruction Finance Corporation of the United States

, 71

Rediscounts

, 84, 86–87, 92

Reference-dependent preferences

, 135

Réflections sur la Formations et Distribution des Richesses (Reflections on the Formations and Distribution of Riches)

, 107

Regeneration

, 8, 16, 22, 24–26

Regenerators

, 8, 9, 17

for imposing legal tender, political fight of

, 12–24

Ricardo, David

, 30, 45, 49

Risk aversion

, 132, 136, 143

Roca, Julio A.

, 97n4

Roca-Runciman Agreement of 1933

, 67–68, 76n14

Roldán, José Camacho

, 15

Roosevelt, Franklin Delano

, 83

Rosa, José María

, 97n4

Rosinago, José Manuel

, 15

Sabana Railroad

, 26n2, 26n3

Schabas, Margaret

, 104, 109

Scherer, Hugo, Jr.

, 50n22

Scotland

, 9, 44

Second World War

, 69

Secretary of the Treasury of the Union

, 11

Self-centered welfare

, 131

Self-generation

, 104, 112–114, 115

Self-goal choice

, 131

Self-interest

, 120, 130

Self-welfare goal

, 131, 141

Sen, Amartya

, 122, 123, 130, 132, 141, 142, 143

Sign effect

, 126, 127

Silva, Carlos Martínez

, 16

Silver currency

, 30, 33–39, 41–48, 51n45, 51n46, 51n54

variations in international price of

, 36–39

Smith, Adam

, 105, 109, 112–113, 114

Social distance

, 127, 145n10

Sovereignty

, 8, 25

Stauffer, Robert

, 109

Strong, Benjamin

, 82

Subutility function

, 129

Systema Naturae

, 109

Tableau économique

, 105

Tanco, Mario

, 15

Taussig, Frank

, 58

Technical assistance missions

, 96n2

Temporal reference-dependence

, 140

Tenth Annual Report on the Principles of Monetary Policy (Federal Reserve)

, 96n1

Thaler, Richard

, 120, 121, 125, 126, 129, 137, 144n1, 147n21, 147n23

Thornton, Henry

, 30, 42, 45, 51n47, 51n60

Thousand Days War

, 22, 25, 26

Tornquist House

, 72

Torres, Carlos Arturo

, 21

Treasury

, 83–86, 92

Triffin, Robert

, 73, 83, 89–96, 97n2, 97n3, 98n14

Turgot, Anne-Robert-Jacques

, 107–108, 113, 116n7

Tversky, Amos

, 120, 125, 126, 133–135, 137, 140, 143, 144n1, 146n17, 147n19

Under risk

, 120, 126–128, 129, 133–137, 144

United Nations

, 5n1

United States

, 3, 9, 45, 56, 84

Federal Reserve System

, 83, 91, 92, 96

gold currency

, 31

gold standard

, 38

“Good neighbor” policy

, 83, 95–96

National Banking System

, 79

Unmoved Mover

, 107

Unproductive class

, 107

Uribe, Carlos

, 15

Uribe, Guillermo

, 15, 26n4

Uriburu, José Félix

, 63, 76n16, 83, 85

Value function

, 135

Venezuela

, 83

Violations of consequentialism

, 128–132

Walker, James

, 50n22

Wallich, Henry

, 83, 94, 97n2

Walsh, Vivian

, 122, 123, 130, 132, 143

Watson, Guy McOlvin

, 64

Wealth of Nations (Adam Smith)

, 105, 112

Weighting function

, 133

Williams, John

, 57, 58

Worster, Donald

, 111

Young, Norman

, 64