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

Author Info

Listed author(s):
  • Esteban Pérez-Caldentey
  • Matías Vernengo

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: 2007
Publication status: Published in Studi e Note di Economia, XII.2: 139-70.
Handle: RePEc:uta:papers:2007_01
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Keywords: Globalization; Monetary Reform; Argentina;

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, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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  12. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
  13. Paolera, Gerardo della & Taylor, Alan M., 2001. "Straining at the Anchor," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226645568.
  14. Mathías Vernengo, 2007. "Money and Inflation," Chapters,in: A Handbook of Alternative Monetary Economics, chapter 28 Edward Elgar Publishing.
  15. Reinhart, Carmen, 2004. "Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935: A Review," MPRA Paper 13201, University Library of Munich, Germany.
  16. Fanelli, José María, 2002. "Crecimiento, inestabilidad y crisis de la convertibilidad en Argentina," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
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Cited by:

  1. Pérez Caldentey, Esteban & Vernengo, Matías, 2012. "Portrait of the economist as a young man: Raúl Prebisch's evolving views on the business cycle and money, 1919-1949," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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