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A Tale of Two Monetary Reforms: Argentinean Convertibility in Historical Perspective

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  • Esteban Pérez-Caldentey
  • Matías Vernengo

Abstract

Argentina 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 Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2007_01.

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Length: 45 pages
Date of creation: 2007
Date of revision:
Publication status: Published in Studi e Note di Economia, XII.2: 139-70.
Handle: RePEc:uta:papers:2007_01

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Keywords: Globalization; Monetary Reform; Argentina;

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References

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  1. Michael D. Bordo, 1996. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
  2. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
  3. Werner Baer & Pedro Elosegui & Andres Gallo, 2002. "The Achievements and Failures of Argentina's Neo-liberal Economic Policies," Oxford Development Studies, Taylor & Francis Journals, vol. 30(1), pages 63-85.
  4. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
  5. Reinhart, Carmen, 2004. "Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935: A Review," MPRA Paper 13201, University Library of Munich, Germany.
  6. H. S. Ferns, 1950. "Investment And Trade Between Britain And Argentina In The Nineteenth Century," Economic History Review, Economic History Society, vol. 3(2), pages 203-218, December.
  7. H. S. Ferns, 1952. "Beginnings Of British Investment In Argentina," Economic History Review, Economic History Society, vol. 4(3), pages 341-352, 04.
  8. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98 National Bureau of Economic Research, Inc.
  9. Paolera, Gerardo della & Taylor, Alan M., 2001. "Straining at the Anchor," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226645568.
  10. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions as the Fundamental Cause of Long-Run Growth," NBER Working Papers 10481, National Bureau of Economic Research, Inc.
  11. Alcino F. C�Mara Neto & Matias Vernengo, 2004. "Fiscal policy and the Washington consensus: a Post Keynesian perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 333-343, December.
  12. Matias Vernengo, 2005. "Money and Inflation: A Taxonomy," Working Paper Series, Department of Economics, University of Utah 2005_14, University of Utah, Department of Economics.
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Cited by:
  1. Esteban Pérez Caldentey & Matías Vernengo, 2011. "Portrait of the Economist as a Young Man: Raúl Prebisch’s evolving views on the business cycle and money, 1919-1949," Working Paper Series, Department of Economics, University of Utah 2011_13, University of Utah, Department of Economics.

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