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Argentinien und Brasilien : Wirtschaftsreformen bei volatilen Kapitalströmen

Author

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  • Nicola Fuchs
  • Thomas Röhm

Abstract

Der "Tequila-Effekt" traf die beiden lateinamerikanischen Länder sehr ungleich. Während Argentinien bis heute unter den Folgen der Mexikokrise leidet, wurde die realwirtschaftliche Situation Brasiliens kaum tangiert. Als Ursache der unterschiedlichen Auswirkung des massiven Kapitalabzugs werden die - teilweise - unterschiedlich konzipierten Stabilisierungsprogramme ausgemacht. Das argentinische Currency-Board-Modell, das seit 1991 die Deckung der monetären Basis durch harte Devisen und Gold vorschreibt, ließ den wirtschaftspolitischen Instanzen kaum Raum für diskretionäre Maßnahmen. Das brasilianische Programm ist zwar in der Grundtendenz ähnlich, verwendet aber den Wechselkurs nicht als einzigen monetären Anker. In Argentinien zeichnen sich angesichts der Rezession soziale Unruhen ab. Die Aufgabe des Currency-Board-Systems könnte jedoch eine Krise à la Mexiko auslösen.

Suggested Citation

  • Nicola Fuchs & Thomas Röhm, 1996. "Argentinien und Brasilien : Wirtschaftsreformen bei volatilen Kapitalströmen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 49(25), pages 33-43, October.
    • Handle: RePEc:ces:ifosdt:v:49:y:1996:i:25:p:33-43
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    Cited by:

    1. Wessolly, Robert & Wienert, Helmut, 2002. "Die argentinische Währungskrise," Beiträge der Hochschule Pforzheim 106, Pforzheim University.

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