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Finanial Policy and Speculative Runs with a Crawling Peg : Argentina 1979-1981

Cumby, Robert E. - 2010

In this paper we present a model of a balance-of-payments crisis and use it to examine the Argentine experiment with a crawling peg between December 1978 and February 1981. The approach taken allows us to examine the evolution of a crisis when the collapse is not a perfectly-foreseen event. The...

Persistent link: https://www.econbiz.de/10012760274

Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations

Burstein, Ariel T.; Neves, Joao C.; Rebelo, Sergio T. - 2021

exchange-rate-based-stabilizations. We use data for the U.S. and Argentina to document the importance of distribution margins … in retail prices and disaggregated price data to study price dynamics in the aftermath of Argentina's 1991 Convertibility …

Persistent link: https://www.econbiz.de/10013221936

Speculative Attacks and Models of Balance-of-Payments Crises

Agenor, Pierre-Richard; Bhandari, Jagdeep S.; Flood, … - 2021

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as:...

Persistent link: https://www.econbiz.de/10013239338

Real Effects of Exchange Rate-Based Stabilization : An Analysis of Competing Theories

Rebelo, Sergio T.; Vegh, Carlos A. - 2021

This paper uses a unified analytical framework to assess, both qualitatively and quantitatively, the relevance of the different hypotheses that have been proposed to explain the real effects of exchange rate-based stabilizations. The four major hypotheses analyzed are: (i) the supply-side...

Persistent link: https://www.econbiz.de/10013240323

Thirty Years of Currency Crises in Argentina : External Shocks or Domestic Fragility?

Kaminsky, Graciela - 2009

This paper examines Argentina's currency crises from 1970 to 2001, with particular attention to the role of domestic …

Persistent link: https://www.econbiz.de/10013155025

Economic Recovery from the Argentine Great Depression : Institutions, Expectations, and the Change of Macroeconomic Regime

della Paolera, Gerardo; Taylor, Alan M. - 2021

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made …-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and …

Persistent link: https://www.econbiz.de/10013221515

International Borrowing and Macroeconomic Performance in Argentina

Dominguez, Kathryn M.E; Tesar, Linda L. - 2022

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 … the late 1990s, when Argentina went into recession, it required some sort of stimulus -- either a loosening of monetary …

Persistent link: https://www.econbiz.de/10013309250

U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float : 1973 - 1981

Bordo, Michael D. - 2011

The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar's decline, but showed a limited ability to smooth dollar movements. Only after...

Persistent link: https://www.econbiz.de/10013131970

U.S. Foreign-Exchange-Market Intervention During the Volcker-Greenspan Era

Bordo, Michael D. - 2010

The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...

Persistent link: https://www.econbiz.de/10013138323

Relaxing the External Constraint : Europe in the 1930s

Eichengreen, Barry - 2011

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great...

Persistent link: https://www.econbiz.de/10013125958

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