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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- Michael Melvin, .
"A Stock Market Boom During a Financial Crisis? ADRs and capital outflows in Argentina,"
2133524, Department of Economics, W. P. Carey School of Business, Arizona State University.
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- Ross Levine & Sergio L. Schmukler, 2003.
"Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity,"
NBER Working Papers
9614, National Bureau of Economic Research, Inc.
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- Eduardo Levy Yeyati & Augusto de la Torre & Sergio Schmukler, 2003.
"Living and Dying with Hard Pegs: The Rise and Fall of Argentina´s Currency Board,"
Business School Working Papers
catorce, Universidad Torcuato Di Tella.
- Augusto de la Torre & Eduardo Levy Yeyati & Sergio L. Schmukler, 2003. "Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
- 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.
- Alaganar, V. T. & Bhar, Ramaprasad, 2001. "Diversification gains from American depositary receipts and foreign equities: evidence from Australian stocks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 11(1), pages 97-113, March.
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