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The price of inconvertible deposits - the stock market boom during the Argentine crisis

Levy Yeyati, Eduardo*Schmukler, Sergio L.* Van Ho
Authors registered in the RePEc Author Service: Neeltje Van Horen (), Sergio Schmukler () and Eduardo Levy Yeyati ()

No 3146, Policy Research Working Paper Series from The World Bank

Abstract: The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a"boom"in the stock market. The authors argue that this boom reflects the cost that depositors were willing to incur to get their money out of the banking system, in light of the impending risks. This boom was generalized to all stocks, and more pronounced in liquid stocks. Furthermore, the boom was a symptom that deposits were effectively restricted, and that investors were not able to circumvent capital controls.

Keywords: Banks&Banking Reform; Access to Markets; International Terrorism&Counterterrorism; Markets and Market Access; Payment Systems&Infrastructure; Fiscal&Monetary Policy; Economic Theory&Research; Financial Economics (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk and nep-ifn
Date: 2003-10-31
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Journal Article: The price of inconvertible deposits: the stock market boom during the Argentine crisis (2004) Downloads
Working Paper: The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine crisis" (2003) Downloads
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