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Evolution and Revolution in the Argentine Banking System Under Convertibility : The Roles of Crises and Path Dependence

Alston, Lee J. - 2001

We provide an analytical narrative of the political and economic causes and consequences of institutional changes in the Argentine banking system. We devote most of our attention to the privatization of the provincial banks. Our story differs from the prevailing wisdom in its stress on the key...

Persistent link: https://www.econbiz.de/10012787943

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

Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets

Reinhart, Carmen M. - 2011

Considerable debate rages about whether Federal Reserve policy was too lax in the early part of the 2000s, thereby fueling the home-price bubble that was the proximate cause of the global financial crisis. We present evidence that the view that modest alterations to monetary policy have vast...

Persistent link: https://www.econbiz.de/10013129137

Monetary Policy Strategy : Lessons from the Crisis

Mishkin, Frederic S. - 2011

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy...

Persistent link: https://www.econbiz.de/10013130559

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach

Calomiris, Charles W. - 2011

In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...

Persistent link: https://www.econbiz.de/10013131502

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

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Anand, Rahul - 2011

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...

Persistent link: https://www.econbiz.de/10013133080

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

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