A Tale of Two Monetary Reforms: Argentinean Convertibility in Historical Perspective

Esteban Pérez-Caldentey and Matías Vernengo
Authors registered in the RePEc Author Service: Esteban Perez Caldentey

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

Abstract: Argentina adopted currency type board arrangements to put an end to monetary instability in the nineteenth and the twentieth centuries under very different historical circumstances and contexts with very different results. The first currency board functioned within an international system that functioned in manner similar to a closed economy. The second currency board experiment the historical conditions. The poor export performance, and the unsustainable trade and current account deficits, resulting from the process of external liberalization, and the process of international financial liberalization eventually led to the collapse of the Convertibility experiment. The role of economic ideas in particular, the incorrect lessons taken from the first globalization period in furthering the economic imbalances were central to the failure of the 1991 Convertibility experiment.

Keywords: Globalization; Monetary Reform; Argentina (search for similar items in EconPapers)
JEL-codes: F33 N26 O54 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2007
New Economics Papers: this item is included in nep-cba, nep-his, nep-mon and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in Studi e Note di Economia, XII.2: 139-70.

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Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2007_01

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