IDEAS home Printed from https://ideas.repec.org/a/ekm/repojs/v19y1999i1p30-57id1044.html
   My bibliography  Save this article

Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno

Author

Listed:
  • Mario Damill

Abstract

This paper examines the potential effects of volatile international capital flowson a small, commercially and financially open economy under a currency board regime, asis currently the case in Argentine. ln the face of shocks, like those associated with changes inthe magnitude and direction of capital flows, the convertibility regime generates pro-cyclicalreactions, which pose important problems for the stabilization of real and financial variables.In particular, the paper focuses on the stabilizing role of decisions concerning public debtmanagement and, in general, the administration of the Treasury’s and Central Bank’s financial portfolios (assets and liabilities, including foreign exchange reserves). The paper briefly reviews the main analytical approaches to the public sector’s financial portfolio management and, within that framework, makes a stylized examination of the distinctive characteristics of the Argentine case. JEL Classification: F41; H63; E61.

Suggested Citation

  • Mario Damill, 1999. "Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 30-57.
    • Handle: RePEc:ekm:repojs:v:19:y:1999:i:1:p:30-57:id:1044
    as

    Download full text from publisher

    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1044/1029
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Public debt; capital flows; stabilization;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ekm:repojs:v:19:y:1999:i:1:p:30-57:id:1044. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Brazilian Journal of Political Economy (Brazil) (email available below). General contact details of provider: https://centrodeeconomiapolitica.org/repojs/index.php/journal/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.