Nous partons de la situation de l'Argentine: le taux de change est totalement fixe vis-a-vis du dollar, puisqu'il y a currency board, mais il apparait d'importantes primes de risque de defaut; la dette, aussi bien, publique que privee, est en devises, et non en monnaie nationale, ce qui implique qu'une devaluation ruinerait les emprunteurs; enfin, la competitivite est beaucoup degradee puisqu'un partenaire commerce important, le Bresil, a devalue massivement par rapport au dollar.
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Paper provided by Caisse des Depots et Consignations - Cahiers de recherche in its series Papers with number
2001-48/ei.
Length: 23 pages Date of creation: 2001 Date of revision: Handle: RePEc:fth:cadeco:2001-48/ei
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Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange F34 - International Economics - - International Finance - - - International Lending and Debt Problems