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dc.rights.licensehttp://rightsstatements.org/page/InC/1.0/?language=eses_AR
dc.contributor.authorLevy Yeyati, Eduardo
dc.contributor.authorGaliani, Sebastián
dc.contributor.authorSchargrodsky, Ernesto Santiago
dc.coverage.spatialArgentinaes_AR
dc.date.accessioned2017-04-07T19:07:23Z
dc.date.available2017-04-07T19:07:23Z
dc.date.issued2003
dc.identifier.urihttp://repositorio.utdt.edu/handle/utdt/6257
dc.description.abstractIn the late currency board years, Argentina faced a real exchange rate adjustment through price deflation amidst growing devaluation expectations. Using a firm-level panel database to analyze the incidence of these factors on the currency composition of private debt and on firms’ performance, we find that widespread debt dollarization showed no relationship with the firms’ production mix or the ever-changing probability of a nominal devaluation. While relative price changes favored export-oriented firms with the expected impact on sales, earnings and investment, increases in devaluation expectations elicited only a marginal differential response in investment from more financially dollarized firms. Our findings provide support to two criticisms faced by the Argentine currency board in recent years, namely, that by fueling beliefs in an implicit guarantee it stimulated across-the-board debt dollarization, and that it could not fully isolate the economy from real shocks, as the feared balance sheet effect was replaced by a gradual but equally deleterious debt deflation effect.
dc.description.sponsorshipPara cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.es_AR
dc.format.extent30 p.
dc.format.mediumapplication/pdfes_AR
dc.publisherUniversidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
dc.relation.ispartofCentro de Investigaciones Financieras (CIF). Documentos de trabajo 14/2003
dc.rightsinfo:eu-repo/semantics/restrictedAccesses_AR
dc.titleFinantial dollarization and debt deflation under a currency board
dc.typeinfo:eu-repo/semantics/workingPaper
UTDT.rights.PDF
UTDT.rights.AUTNo
UTDT.source.idn49778
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_AR
UTDT.source.raw<?xml version="1.0" encoding="UTF-8" standalone="yes"?> <document> <leader>00925cam-a2200229uu-4500</leader> <controlfield tag="001">000049778</controlfield> <controlfield tag="005">20150226155046</controlfield> <controlfield tag="008">050506s1000------------r-----000-0-spa-d</controlfield> <datafield tag="100" ind1="1" ind2=" "> <subfield code="a">Levy Yeyati, Eduardo</subfield> </datafield> <datafield tag="245" ind1="1" ind2="0"> <subfield code="a">Finantial dollarization and debt deflation under a currency board / Eduardo Levy Yeyati.</subfield> </datafield> <datafield tag="246" ind1="1" ind2=" "> <subfield code="a">Documentos de trabajo - Centro de Investigaciones en Finanzas, Universidad Torcuato Di Tella</subfield> </datafield> <datafield tag="260" ind1=" " ind2=" "> <subfield code="a">Buenos Aires :</subfield> <subfield code="b">Universidad Torcuato Di Tella. Centro de Investigaciones en Finanzas,</subfield> <subfield code="c">2003.</subfield> </datafield> <datafield tag="300" ind1=" " ind2=" "> <subfield code="a">30 p.</subfield> </datafield> <datafield tag="440" ind1=" " ind2="0"> <subfield code="a">Documentos de trabajo - Centro de Investigaciones en Finanzas, Universidad Torcuato Di Tella;</subfield> <subfield code="v">n. 14</subfield> </datafield> <datafield tag="650" ind1=" " ind2="4"> <subfield code="a">Convertibilidad</subfield> </datafield> <datafield tag="650" ind1=" " ind2="4"> <subfield code="a">Deflación</subfield> </datafield> <datafield tag="650" ind1=" " ind2="4"> <subfield code="a">Deuda</subfield> </datafield> <datafield tag="651" ind1=" " ind2="4"> <subfield code="a">Argentina</subfield> </datafield> <datafield tag="700" ind1="1" ind2=" "> <subfield code="a">Galiani, Sebastián</subfield> </datafield> <datafield tag="700" ind1="1" ind2=" "> <subfield code="a">Schargrodsky, Ernesto Santiago</subfield> </datafield> <datafield tag="856" ind1="4" ind2="1"> <subfield code="6">Link</subfield> <subfield code="u">http://www.utdt.edu/departamentos/empresarial/cif/publicaciones.htm</subfield> </datafield> <datafield tag="LNG" ind1=" " ind2=" "/> </document>
UTDT.source.originothers
dc.subject.UTDTConvertibilidad
dc.subject.UTDTDeflación
dc.subject.UTDTDeuda


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