Jump to ContentJump to Main Navigation
Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
Users without a subscription are not able to see the full content.

Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 September 2019

The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?

The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?

Chapter:
(p.231) 12 The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?
Source:
Monetary Unions and Hard Pegs
Author(s):

Guillermo Perry

Luis Servén

Publisher:
Oxford University Press
DOI:10.1093/0199271402.003.0012

The Argentine crisis has been variously blamed on fiscal imbalances, real overvaluation, and self-fulfilling investor pessimism triggering a capital flow reversal. This chapter provides a full assessment of the role of these and other ingredients in the collapse. It shows that in the final years of its Convertibility program, Argentina was not hit harder than other emerging markets in Latin America by global terms-of-trade shocks and financial disturbances. Hence the crisis reflects primarily the high vulnerability to disturbances built into Argentina’s policy framework. These fragilities reinforced each other in such a way that taken jointly they led to a much larger vulnerability to adverse external shocks than in any other country in the region.

Keywords:   Argentine crisis, banking crises, currency board, currency crises, currency mismatches, emerging markets, external shocks, fiscal imbalances, optimal currency area, terms of trade

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .