The welfare cost of Argentine risk

Jorge Avila (jca@ucema.edu.ar)

No 471, CEMA Working Papers: Serie Documentos de Trabajo. from Universidad del CEMA

Abstract: In this paper we do a couple of things: discussing a way to measure the welfare cost of country risk, and measuring it for Argentina in the period 1875-2006. There are two conclusions: a) the welfare cost of Argentine risk has been huge: for example, in the period 1976-2006 it was around 20% of GDP, several times larger than the welfare cost of any conventional distortion; b) this cost would be wholly paid by labor. These fascinating results deserve further investigation.

Keywords: country risk; welfare cost; growth; Argentina (search for similar items in EconPapers)
JEL-codes: D63 D82 O12 O16 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2011-12
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Persistent link: https://EconPapers.repec.org/RePEc:cem:doctra:471

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