ESTADO, BANCA PÚBLICA Y FINANCIAMIENTO DE LAS EXPORTACIONES: EL GRAN PRÉSTAMO ARGENTINO A LOS ALIADOS DE 1918–19

ABSTRACT The outbreak of the First World War had a strong impact on Latin American economies, due to the sharp interruption of the influx of capital and the deep disturbances that it caused in international trade. In the Argentine case, a notable aspect was, together with the increase in the fiscal deficit, the growing trade and payment balance surplus. Public indebtedness was reoriented towards the domestic market by the means of a state bank Banco de la Nación, and this institution also granted a large loan to the governments of England and France, to finance the export of cereals to those countries. This work seeks to contribute both to the debate on the financial impact of the war and postwar conflict in Argentina, as well as to the role of public banks to mitigate the ups and downs of the external sector and mitigate its effects on local actors.