Munich Personal RePEc Archive

Formalization of Chilean banking activity in the second half of the 19th century

Ross, Cesar (2016): Formalization of Chilean banking activity in the second half of the 19th century.

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Abstract

This article analyzes the formalization of Chilean banking activity in the second half of the 19th century. It also considers the consequences of the legalization of banknote issuance as legal currency on the Chilean economy. The main hypothesis is that the formalization of banking activity had two main effects: on the one hand, it helped to develop the money market. On the other hand, it increased market concentration while there was no control of money issuing activity. This article is based on an archival research, contemporary magazines, newspapers and other secondary sources.

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