THE ORIGIN OF MEXICO’S CENTRAL BANK AND OF THE UNITED STATES’S CENTRAL BANK: PROCESSES AND CONTEXTS
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Abstract
This article explains the historical processes and the political and economic contexts behind the creation of the Banco de México (Banxico) and the Federal Reserve System (Fed). The study of these two cases shows that central banks are the result of political and economic circumstances, as well as negotiations between public and private actors. The starting point is the gold standard as an institutional reference for understanding the need for an organization capable of ensuring monetary stability. In this sense, the case studies allow us to observe contexts where the crises of 1907 in the United States and 1913 in Mexico were important in placing central banking at the core of government projects. The consummation of Banxico and the Fed marked the end of one process, but also the beginning of another characterized by transformations in response to the challenges posed by changing economic realities.
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References
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