This paper shows that actual systems of intergovernmental transfers are incompletely specified when viewed as mechanisms that operate over time, and that the norms of evolution most frequently used do not preserve the distributive properties they have at their initial position. We argue that...

After de facto Independence from Spain in 1810 the economy of Buenos Aires enjoyed a dramatic improvement in its terms of trade, in the order of 400%. The removal of mercantilistic restrictions imposed by Spain as well as the reduction in transport costs