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The welfare cost of Argentine risk

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  • Jorge C. Ávila

Abstract

In this paper we do a couple of things: discussing a way to measure the welfare cost of country risk, and measuring it for Argentina in the period 1875-2006. There are two conclusions: a) the welfare cost of Argentine risk has been huge: for example, in the period 1976-2006 it was around 20% of GDP, several times larger than the welfare cost of any conventional distortion; b) this cost would be wholly paid by labor. These fascinating results deserve further investigation.

Suggested Citation

  • Jorge C. Ávila, 2011. "The welfare cost of Argentine risk," CEMA Working Papers: Serie Documentos de Trabajo. 471, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:471
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    File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/471.pdf
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    References listed on IDEAS

    as
    1. Coremberg, Ariel Alberto & Goldszier, Patricia & Heymann, Daniel & Ramos, Adrián, 2007. "Patrones de la inversión y el ahorro en la Argentina," Macroeconomía del Desarrollo 63, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    More about this item

    Keywords

    country risk; welfare cost; growth; Argentina;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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