La política monetaria de San Martín en el Perú: Papel por una plata ausente

Abstract

The aim of this article is to analyze the monetary initiatives which the government of San Martín was forced to implement in order to resolve its peculiar monetary paradox: machines without silver. The Banco Auxiliar de Papel Moneda played a central role in the new orientation of monetary policy, opening up debates which continued beyond the span of its brief and tortuous existence. Attempts at reform were eventually neutralized and ruined by errors in the initial approach to the problem, an absence of objective conditions and highly questionable management.