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dc.rights.licensehttp://rightsstatements.org/page/InC/1.0/?language=eses_AR
dc.contributor.authorLevy Yeyati, Eduardo
dc.contributor.authorSchmukler, Sergio
dc.contributor.authorTorre, Augusto de la
dc.date.accessioned2017-04-07T19:07:53Z
dc.date.available2017-04-07T19:07:53Z
dc.date.issued2003
dc.identifier.urihttp://repositorio.utdt.edu/handle/utdt/6268
dc.description.abstractThe rise and fall of Argentina’s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster fiscal or monetary discipline. The failure to adequately address the currency-growth-debt trap, into which Argentina fell at the end of the 1990s, precipitated a run on the currency and the banks, followed by the abandonment of the currency board and a sovereign debt default. The crisis can be best interpreted as a bad outcome of a high-stakes strategy to overcome a weak currency problem. To increase the credibility of the hard peg, the government raised its exit costs, which deepened the crisis once exit could no longer be avoided. But some alternative exit strategies would have been less destructive than the one adopted.
dc.description.sponsorshipPara cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.es_AR
dc.format.extent55 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 03/2003
dc.rightsinfo:eu-repo/semantics/restrictedAccesses_AR
dc.titleLiving and dying with hard pegs: the rise and fall of Argentina's currency board
dc.typeinfo:eu-repo/semantics/workingPaper
UTDT.rights.PDF
UTDT.rights.AUTNo
UTDT.source.idn49789
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_AR
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UTDT.source.originothers
dc.subject.UTDTConvertibilidad
dc.subject.UTDTCrisis monetaria
dc.subject.UTDTRecesión económica
dc.subject.UTDTTipo de cambio


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