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

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Author Info
Esteban Pérez-Caldentey
Matías Vernengo

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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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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: Jan 2007
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Handle: RePEc:uta:papers:2007_01

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Related research
Keywords: Globalization; Monetary Reform; Argentina;

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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

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  2. Michael D. Bordo & Hugh Rockoff, 1996. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall. [Downloadable!] (restricted)
  4. Robert J. Barro & David B. Gordon, 1983. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions As The Fundamental Cause Of Long-Run Growth," DOCUMENTOS CEDE 002888, UNIVERSIDAD DE LOS ANDES-CEDE. [Downloadable!]
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  6. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a ?Good Housekeeping Seal of Approval?," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June. [Downloadable!]
  7. Werner Baer & Pedro Elosegui & Andres Gallo, 2002. "The Achievements and Failures of Argentina's Neo-liberal Economic Policies," Oxford Development Studies, Taylor and Francis Journals, vol. 30(1), pages 63-85. [Downloadable!] (restricted)
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