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Notes on Varieties of Crises


  • Daniel Heymann

    (CEPAL Buenos Aires, Universidad de Buenos Aires)


The current economic and financial crisis is changing people’s life all over the world. As a result, it imposes urgent demands on economic policies. In addition, represents a lesson to be learnt that raises serious questions about the current macroeconomic analysis. The purpose of these notes is to comment briefly on the general features of large macroeconomic crises and also to discuss from an analytical perspective the differences among them in terms of the nature and intensity of the turbulences they create. According to the depth and spread of solvency problems, a schematic identification is made of situations that would differ in terms of the macroeconomic policies required to deal with each crisis and of the instruments (monetary, fiscal, contractual) that might be effective in each case to lessen the real effects.

Suggested Citation

  • Daniel Heymann, 2009. "Notes on Varieties of Crises," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(53-54), pages 67-71, January -.
  • Handle: RePEc:bcr:ensayo:v:1:y:2009:i:53-54:p:67-71

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    References listed on IDEAS

    1. Sebastian Galiani & Daniel Heymann & Mariano Tommasi, 2003. "Great Expectations and Hard Times: The Argentine Convertibility Plan," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, vol. 0(Spring 20), pages 109-160, January.
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    More about this item


    crisis management; international crisis; macroeconomic policy; solvency;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management


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