Finance and economic growth in the “Switzerland of the americas”the Montevideo stock exchange, 1875-1945
ISSN: 1988-8767
Year of publication: 2017
Issue: 792
Type: Working paper
More publications in: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]
Abstract
This paper argues the thesis that Uruguay has a long tradition in the liberalization of its finances, materialized in a little known aspect: The strength of its stock exchange. To demonstrate this, we present several indices of contributions, from its origins up to the end of World War II, and other indicators of the capitalization of the Uruguayan economy. All of them reveal a strong rise of stock market activity until 1913, when control of the exchange fell into the hands of the State, and was from that point onwards financed from abroad.