Argentina's economic crisis has strong similarities with previous crises stretching back to the nineteenth century. A … interacts with a convertibility plan? We compare the 1929 and 2001 crises the two instances where rigid convertibility plans …-conceived approach to the problems of internal and external convertibility (or, to rephrase Gresham, bad inside money drives out good …

differs from the prevailing wisdom in its stress on the key roles played by convertibility and an independent Central Bank …

-1914, banks responded to the severe panics by suspending convertibility, that is, they refused to exchange cash for their …

convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of … revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must … drop at the point of suspension of convertibility, so that there is no discontinuity at the date of resumption. We then …

We study why capital accumulation in Argentina was slow in the 1990s and 2000s, despite high productivity growth and … economy shows that the two mechanisms are quantitatively important for the dynamics of Argentina's capital accumulation. The … model accounts for between 50% and 85% of the capital missing from Argentina in the two decades mentioned above, relative to …