Many analysts have characterized Argentina’s four years under the Law of National Guaranteed Banks as a period of “free banking,” which suggests—incorrectly—that the financial crisis of 1890 was a failure of free banking. In reality, that law regulated banks and encouraged them to become less solvent.

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Other Independent Review articles by Nicolás Cachanosky
    Winter 2018   Money
    Fall 2015   Money, Banking, and the Business Cycle. Volume 1
    Winter 2015   A Proposal of Monetary Reform for Argentina