The welfare cost of Argentine risk
Jorge Avila ()
No 471, CEMA Working Papers: Serie Documentos de Trabajo. from Universidad del CEMA
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
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Persistent link: https://EconPapers.repec.org/RePEc:cem:doctra:471
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