▁the ▁B NA ▁after ▁ 1 9 1 4 , ▁poll uting ▁its ▁balance ▁sheet . ▁This ▁cor ros ion ▁of ▁balance ▁sheets ▁was ▁a ▁result ▁of ▁cron y ▁lo ans ▁to ▁the ▁other ▁banks ▁and ▁the ▁private ▁sector . ▁In ▁its ▁redis count ing ▁actions ▁the ▁B NA ▁was ▁not ▁engaged ▁in ▁pure ▁l ender ▁of ▁last ▁resort ▁actions , ▁following ▁B age hot ' s ▁principle ▁of ▁l ending ▁freely ▁at ▁a ▁penalty ▁rate . ▁Instead , ▁the ▁state ▁bank ▁allowed ▁the ▁private ▁banks ▁to ▁shed ▁their ▁ris ks , ▁with ▁bad ▁paper ▁used ▁as ▁security , ▁and ▁l ent ▁them ▁c ash ▁at ▁ 4 . 5 %, ▁below ▁the ▁rate ▁the ▁B NA ▁offered ▁its ▁customers ▁on ▁time ▁depos its . ▁ ▁However , ▁unlike ▁its ▁neighb ors , ▁Argentina ▁became ▁capable ▁of ▁still ▁having ▁relatively ▁health y ▁growth ▁rates ▁during ▁the ▁ 1 9 2 0 s , ▁not ▁being ▁as ▁affected ▁by ▁the ▁world wide ▁collapse ▁on ▁comm od ity ▁prices ▁such ▁as ▁Brazil ▁and ▁Chile . ▁Similarly , ▁the ▁gold ▁standard ▁was ▁still ▁in ▁place ▁at ▁a ▁time ▁almost ▁all ▁European ▁countries ▁had ▁abandoned ▁it . ▁Autom obile ▁ownership ▁in ▁the ▁country ▁in ▁ 1 9 2 9 ▁was ▁the ▁highest ▁in ▁the ▁Southern ▁hem is phere . ▁ ▁For ▁all ▁its ▁success , ▁by ▁the ▁ 1 9 2 0 s ▁Argentina ▁was ▁not ▁an ▁industrial ized ▁country ▁by ▁the ▁standards ▁of ▁Britain , ▁Germany ▁or ▁the ▁United ▁States . ▁A ▁major ▁h ind rance