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In 2000, economic activity declined by 0.5 percent, reflecting an 8 percent drop in investment spending. All rated banks, many corporate, several provinces, and the city of Buenos Aires were also downgraded on concerns about growth and the difficult fiscal situation. The performance in regard to...
Persistent link: https://www.econbiz.de/10014407670
The review focuses on fiscal consolidation and on structural reforms to improve productivity and competitiveness in the economy. The continuing recession hindered the implementation of the fiscal program for 2000. The authorities fully recognize the importance of reassuring domestic and foreign...
Persistent link: https://www.econbiz.de/10014407689
In 2001- 02, Argentina experienced one of the worst economic crises in its history. A default on government debt, which occurred against the backdrop of a prolonged recession, sent the Argentine currency and economy into a tailspin. Although the economy has since recovered from the worst, the...
Persistent link: https://www.econbiz.de/10014410989
Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country’s currency. Potential advantages include lower borrowing costs and deeper integration into world markets. But countries lose the ability to devalue, and become dependent on the U.S....
Persistent link: https://www.econbiz.de/10014411050
This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real depreciation and with quality, leading to more...
Persistent link: https://www.econbiz.de/10014411197
Using data from Argentina, Australia, Colombia, El Salvador, Peru, and the United States, we identify three types of threshold effects when assessing the impact of economic activity on nonperforming loans (NPLs). For advanced financial systems showing low NPLs, there is an embedded...
Persistent link: https://www.econbiz.de/10014402053
Recent banking crises in Argentina, Paraguay, and Venezuela suggest that the macroeconomic impact is influenced by the causes of the crisis, the exchange rate regime, the degree of dollarization, and the structure of the banking system. Crises stemming from both macroeconomic and bank-specific...
Persistent link: https://www.econbiz.de/10014403255
The experiences of seven countries that have undergone banking crises show that crises have significant implications for the short-run stability of the demand for money, the money multiplier, the transmission mechanism, and the signal variables of monetary policy. Monetary and credit...
Persistent link: https://www.econbiz.de/10014403284
This paper examines the effects on the supply of credit of the concentration of financial institutions in Argentina that followed the crisis caused by the December 1994 devaluation of the Mexican peso. While the concentration process may have improved the efficiency of domestic financial...
Persistent link: https://www.econbiz.de/10014403360
A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...
Persistent link: https://www.econbiz.de/10014403375