Many analysts have characterized Argentinas four years under the Law of National Guaranteed Banks as a period of free banking, which suggestsincorrectlythat 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|
|Fall 2015||Money, Banking, and the Business Cycle. Volume 1|
|Winter 2015||A Proposal of Monetary Reform for Argentina|