Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility? / Graciela Kaminsky, Amine Mati, Nada Choueiri.

Format:

Book

Author/Creator:

Kaminsky, Graciela.

Contributor:

National Bureau of Economic Research.

Mati, Amine.

Choueiri, Nada.

Series:

Working Paper Series (National Bureau of Economic Research) no. w15478.

NBER working paper series no. w15478

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Thirty Years of Currency Crises in Argentina

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2009.

Summary:

This paper examines Argentina's currency crises from 1970 to 2001, with particular attention to the role of domestic and external factors. Using VAR estimations, we find that deteriorating domestic fundamentals matter. For example, at the core of the late 1980s crises was excessively loose monetary policy while a sharp output contration triggered the collapse of the currency board in January 2002. In contrast, adverse external shocks were at the heart of the 1995 crisis, with spillovers from the Mexican crisis and high world interest rates being key sources of financial distress.

Notes:

Print version record

November 2009.