Monetary policy in Argentina under convertibility, 1991-96

Aldo A. Arnaudo ()

Brazilian Journal of Political Economy, 2000, vol. 20, issue 1, 35-51

Abstract: A conceptual framework to analyze monetary policy might be the relationship“policy goal-operating target-monetary instrument.” Although the discretion of the monetaryauthorities is severely restricted, this analysis is also applicable to Argentina since 1991. Itsmonetary regime is governed by the Convertibility Law, which requires the Central Bank toconvert the domestic currency into dollars, and by the Central Bank Charter, which prescribesthat its “fundamental mission [...] is [...] to maintain the value of the currency.” Fiveperiods were found when the operating targets and monetary instruments were different,while the policy goal of price stability remained unchanged. JEL Classification: E52; F31.

Keywords: Monetary policy; convertibility; exchange rate regimes; currency crisis (search for similar items in EconPapers)
Date: 2000
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