This paper provides an overview of the major economic events in Argentina from the adoption of the convertibility plan … currency board and capital flows, and the inescapable link between fiscal and monetary policy. Argentina inadvertently entered … late 1990s, when Argentina went into recession, it required some sort of stimulus -- either a loosening of monetary policy …

controls, they were able to purchase stocks with associated ADRs for pesos in Argentina, convert them into ADRs, re-sell them … move their funds abroad), (2) the market anticipated (correctly) a 40% devaluation, (3) local market factors in Argentina …