ABSTRACT
In 1952, the first modern study of economic development in Guatemala was only cautiously optimistic about its own value, "Throughout the study," its authors wrote, "an attempt has been made to present the factual material. Confidence was reinforced by the fact that "the disadvantage of limited quantitative information is partly offset by the relative simplicity of the structure of the Guatemalan economy. With a gigantic margin of uncertainty it is clear that no hard and fast statements can be made even about the most basic economic resource of Guatemala, the one that at least stays put long enough to be measured. Both for Guatemalan nationals and for the government, an important limitation on their capacity to invest in their own country has been the late development of the banking system. The Banco de Guatemala was to act as the agent of the bondholders, and a special tax on coffee exports was established to fund the repayments.
