A Tale of Two Monetary Reforms: Argentinean Convertibility in Historical Perspective
AbstractArgentina adopted currency type board arrangements to put an end to monetary instability in the nineteenth and the twentieth centuries under very different historical circumstances and contexts with very different results. The first currency board functioned within an international system that functioned in manner similar to a closed economy. The second currency board experiment the historical conditions. The poor export performance, and the unsustainable trade and current account deficits, resulting from the process of external liberalization, and the process of international financial liberalization eventually led to the collapse of the Convertibility experiment. The role of economic ideas – in particular, the incorrect lessons taken from the first globalization period – in furthering the economic imbalances were central to the failure of the 1991 Convertibility experiment.
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Bibliographic InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2007_01.
Length: 45 pages
Date of creation: 2007
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Publication status: Published in Studi e Note di Economia, XII.2: 139-70.
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Globalization; Monetary Reform; Argentina;
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-05-19 (All new papers)
- NEP-CBA-2007-05-19 (Central Banking)
- NEP-HIS-2007-05-19 (Business, Economic & Financial History)
- NEP-MON-2007-05-19 (Monetary Economics)
- NEP-PKE-2007-05-19 (Post Keynesian Economics)
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