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Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?

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Author Info
Graciela Kaminsky
Amine Mati
Nada Choueiri

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Abstract

This 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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15478.

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Date of creation: Nov 2009
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Handle: RePEc:nbr:nberwo:15478

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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

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This page was last updated on 2009-11-25.

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