Abstract
This essay explores an important phase in the historical evolution of the Mexican monetary system, stressing the relationship between its reformation of 1905 and the operation of the bank system. Besides revising previous literature, it also studies the perception Mexican authorities had of the presumed inexorability of the Silver Exchange Standard in relation to the Gold Exchange Standard, linking it as much to national interests as to the international situation. Some of the problems of the delay with which the reformation was adopted were technical and to solve them authorities created a regulation fund that had an unexpected success due to external phenomena. This success seemed to guarantee the flexibility of the monetary system; however it also postponed the reformation of the financial system. This delay in addition to the theoretical convictions of those “regulators” left open the way to new channels of uncertainty.
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