From Crisis to Recovery, 1998–2006

Daniel Chudnovsky and Andrés López

Chapter Chapter 8 in The Elusive Quest for Growth in Argentina, 2007, pp 135-159 from Palgrave Macmillan

Abstract: Abstract During 1998–199, the Argentine economy suffered a series of external shocks as a result of the Asian, Russian, and Brazilian crises. These shocks, combined with the weaknesses of the Argentine economy, led to a long recessive period that ended in the biggest crisis in the country’s history in 2001–2002. Not only did the GDP record a drastic fall (see graph 8.1), but there was also a banking crash. The economic crisis turned into a deep political crisis, and finally led to the default of the external debt and to a huge peso devaluation in the middle of a sharp increase in the unemployment rate and in the number of families under the poverty line (see graphs 2.9 and 2.10).

Keywords: Monetary Policy; Foreign Currency; External Shock; External Debt; Current Account Deficit (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-60427-8_8

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DOI: 10.1057/9780230604278_8

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