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Ce qu’on en dit après : le « currency board » argentin et sa fin tragique

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  • Jérôme Sgard
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    Abstract

    [eng] The Argentinean currency board and its tragic failure . The Argentinean currency board, established between 1991 and 2001, was the most notable experience of fixed exchange rate last years. This article extends to answer three questions concerning Argentinean currency board arrangement : how to explain and expose this experience ? What can we learn from this arrangement about advantages and disadvantages of currency board ? How to explain its failure and what conclusions can we draw ? First, the author exposes main characteristics of this model and puts the Argentinean economy in perspective during 1991-2001. At last, he analyses main thesis exposed since 2001. . JEL classification : E42, F31, F33, O54 [fre] L'Argentine a mené entre 1991 et 2001 une des expériences de currency board les plus remarquables de la période moderne. Comment rendre compte de cette expérience, prise dans son ensemble ? Qu'apprend-elle sur les avantages et les inconvénients des currency board ? Comment expliquer son échec final et quelles conclusions plus générales en tirer ? Telles sont les questions auxquelles cet article souhaite apporter des éléments de réponse. Pour cela, l'auteur commence par rappeler les principaux caractères de ce modèle, puis met en perspective la trajectoire de l'économie argentine au cours des années 1991-2001. Enfin, il analyse les principales thèses défendues depuis la fin de 2001, en s'en tenant principalement au débat international. . Classification JEL : E42, F31, F33, O54

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    File URL: http://dx.doi.org/doi:10.3406/ecofi.2004.4897
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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 75 (2004)
    Issue (Month): 2 ()
    Pages: 129-151

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4897

    Note: DOI:10.3406/ecofi.2004.4897
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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    13. Alan M. Taylor, 1997. "Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century," NBER Working Papers 6302, National Bureau of Economic Research, Inc.
    14. Eduardo Levy Yeyati, 2003. "Financial Dedollarization: A Carrot and Stick Approach," Business School Working Papers nueve, Universidad Torcuato Di Tella.
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    17. Feldstein, Martin, 2002. "Argentina's Fall: Lessons from the Latest Financial Crisis," Scholarly Articles 2959849, Harvard University Department of Economics.
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