Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
AbstractThis paper examines Argentina’s currency crises from 1970 to 2001, with particular attention to the role of domestic and external factors. Using VAR estimations, we find that deteriorating domestic fundamentals matter. For example, at the core of the late 1980s crises was excessively loose monetary policy while a sharp output contration triggered the collapse of the currency board in January 2002. In contrast, adverse external shocks were at the heart of the 1995 crisis, with spillovers from the Mexican crisis and high world interest rates being key sources of financial distress.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15478.
Date of creation: Nov 2009
Date of revision:
Publication status: published as Graciela Kaminsky & Amine Mati & Nada Choueiri, 2009. "Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
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- Graciela Kaminsky & Amine Mati & Nada Choueiri, 2009. "Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
- F3 - International Economics - - International Finance
- F30 - International Economics - - International Finance - - - General
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-11-14 (All new papers)
- NEP-CBA-2009-11-14 (Central Banking)
- NEP-DEV-2009-11-14 (Development)
- NEP-MON-2009-11-14 (Monetary Economics)
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- María Lorena Mari del Cristo & Marta Gómez-Puig, 2014.
"“Dollarization and the Relationship Between EMBI and Fundamentals Latin American Countries”,"
IREA Working Papers
201406, University of Barcelona, Research Institute of Applied Economics, revised Mar 2014.
- MarÃa Lorena Mari del Cristo & Marta GÃ³mez-Puig, 2014. "Dollarization and the relationship between embi and fundamentals latin american countries," Working Papers 14-05, Asociación Española de Economía y Finanzas Internacionales.
- Tjeerd M. Boonman & Jan P. A. M. Jacobs & Gerard H. Kuper, 2011. "Why didn't the Global Financial Crisis hit Latin America?," CIRANO Working Papers 2011s-63, CIRANO.
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