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Ignorance and Influence: U.S. Economists on Argentina's Depression of 1998–2002

  • Kurt Schuler
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    Economists in the United States wrote reams of commentary on Argentina’s recession-turned-depression of 1998–2002. Most ignored basic facts that were readily available. As a result, they committed important errors, including mistaking Argentina’s central banking system for a currency board and claiming that Argentina’s exports were uncompetitive when in fact Argentina’s share of world exports was growing. The faulty analysis of U.S. and other economists provided justifications for decisions by the Argentine government in early 2002 to devalue the Argentine peso and forcibly convert U.S. dollar assets and liabilities into pesos. Argentina’s depression deepened and exports failed to revive quickly.

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    Article provided by Econ Journal Watch in its journal Econ Journal Watch.

    Volume (Year): 2 (2005)
    Issue (Month): 2 (August)
    Pages: 234-278

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    Handle: RePEc:ejw:journl:v:2:y:2005:i:2:p:234-278
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    1. repec:cto:journl:v:20:y:2000:i:1:p:49-59 is not listed on IDEAS
    2. McCallum, Bennett T., 1996. "International Monetary Economics," OUP Catalogue, Oxford University Press, number 9780195094947, December.
    3. Feldstein, Martin, 2002. "Argentina's Fall: Lessons from the Latest Financial Crisis," Scholarly Articles 2959849, Harvard University Department of Economics.
    4. Sebastian Edwards, 2002. "The Great Exchange Rate Debate After Argentina," NBER Working Papers 9257, National Bureau of Economic Research, Inc.
    5. Sebastian Edwards & Miguel A. Savastano, 1999. "Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?," NBER Working Papers 7228, National Bureau of Economic Research, Inc.
    6. Lee Alston & Andres Gallo, 2002. "The Political Economy of Bank Reform in Argentina Under Convertibility," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(1), pages 1-16.
    7. 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.
    8. Michael Mussa, 2002. "Argentina and the Fund: From Triumph to Tragedy," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa67.
    9. Morris Goldstein, 2002. "Managed Floating Plus," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa66, January.
    10. Schmukler, Sergio L. & Serven, Luis, 2002. "Pricing currency risk under currency boards," Journal of Development Economics, Elsevier, vol. 69(2), pages 367-391, December.
    11. Eichengreen, Barry, 2002. "Financial Crises and What to Do About Them," OUP Catalogue, Oxford University Press, number 9780199257447, December.
    12. Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 203-222.
    13. Feldstein, Martin, 1999. "A Self-Help Guide for Emerging Markets," Scholarly Articles 2961700, Harvard University Department of Economics.
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