Many of today's central banks in Latin America were established in the interwar period. During the 1920s, most of them were designed under the influence of money doctors. The main mandate of these new institutions was to cope with inflation and provide exchange stability. This article analyses how these central banks responded to the onset of the Great Depression. I show that, in accordance with the requirements of the monetary regime, central banks initially acted to prevent capital outflows and to protect their gold reserves. This led to a credit drop to the private sector. Additional credit was made available once governments decided to intervene more actively in the economy, thereby disregarding the advice of money doctors. The central banks that were founded in the 1930s, and the reforms introduced to those already operating, were conceived to face the effects of the crisis.

中文翻译：

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大萧条开始时的货币医生和拉丁美洲中央银行

当今拉丁美洲的许多中央银行都是在两次世界大战期间建立的。在 1920 年代，它们大多是在金钱医生的影响下设计的。这些新机构的主要任务是应对通货膨胀并提供汇率稳定。本文分析了这些中央银行如何应对大萧条的爆发。我表明，根据货币制度的要求，中央银行最初采取行动防止资本外流并保护其黄金储备。这导致对私营部门的信贷下降。一旦政府决定更积极地干预经济，从而无视货币医生的建议，就会获得额外的信贷。成立于 1930 年代的中央银行，以及对已经运营的中央银行进行的改革，