| 總結: | Algunas consideraciones económicas, published anaonymously in Mexico in 1836, offers a remarkably modern analysis of the depression of the early nineteenth century. Internal evidence suggests its author was Jose Mariano Michelena, who negotiated the Mexican loan with Barclay, Herring and Richardson, and whose personal fortunes suffered many of the reverses of which the pamphlet speaks. A fixed exchange rate, irreducible costs, and the wealth effect of declining rural property values had de- pressed total demand. The author recommends a currency that abandons fixed parity with silver and brings an end to deflationary pressures, but maintains its value by monetizing the liabilities tied to the real wealth of estate owners.
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