| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11353 |
| 来源ID | Working Paper 11353 |
| International Borrowing and Macroeconomic Performance in Argentina | |
| Kathryn M.E. Dominguez; Linda L. Tesar | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper provides an overview of the major economic events in Argentina from the adoption of the convertibility plan in 1991 to the collapse of the exchange rate regime in 2001. We focus on the relationship between the credibility of the currency board and capital flows, and the inescapable link between fiscal and monetary policy. Argentina inadvertently entered into a vicious circle with financial markets -- one in which it felt compelled to raise the exit costs from the currency board in order to maintain the regime%u2019s credibility. As exit costs mounted, financial markets became increasingly concerned about the dire implications of a devaluation, which in turn, compelled the government to raise exit costs further. In the late 1990s, when Argentina went into recession, it required some sort of stimulus -- either a loosening of monetary policy (i.e. a devaluation) or fiscal stimulus. But either way spelled disaster. The added pressure of capital outflow, first by international investors and then the withdrawal of deposits from the Argentine banking system, eventually tipped the scales. |
| 主题 | Development and Growth ; Country Studies ; International Economics ; International Finance ; International Factor Mobility ; International Macroeconomics |
| URL | https://www.nber.org/papers/w11353 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568992 |
| 推荐引用方式 GB/T 7714 | Kathryn M.E. Dominguez,Linda L. Tesar. International Borrowing and Macroeconomic Performance in Argentina. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11353.pdf（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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