The price of inconvertible deposits - the stock market boom during the Argentine crisis
The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a"boom"in the stock market. The authors argue that this boom reflects the cost that depositors were willing to incur to get their money out of the banking system, in light of the impending risks. This boom was generalized to all stocks, and more pronounced in liquid stocks. Furthermore, the boom was a symptom that deposits were effectively restricted, and that investors were not able to circumvent capital controls.
|Date of creation:||31 Oct 2003|
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- Melvin, Michael, 2003.
"A stock market boom during a financial crisis?: ADRs and capital outflows in Argentina,"
Elsevier, vol. 81(1), pages 129-136, October.
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ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION,
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- De la Torre, Augusto & Levy Yeyati, Eduardo & Schmukler, Sergio L., 2003. "Living and dying with hard pegs : the rise and fall of Argentina's currency board," Policy Research Working Paper Series 2980, The World Bank.
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Policy Research Working Paper Series
3046, The World Bank.
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