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Living and dying with hard pegs : the rise and fall of Argentina's currency board

Author: Augusto de la Torre; Eduardo Levy Yeyati; Sergio L Schmukler; World Bank. Development Research Group. Macroeconomics and Growth.
Publisher: Washington, D.C. : World Bank, Development Research Group, Macroeconomics and Growth, [2003]
Series: Policy research working papers, no. 2980.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
The rise and fall of Argentina's currency board shows 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 monetary or fiscal discipline. The failure to adequately address the currency-growth-debt trap into which Argentina fell at the end of the  Read more...
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Additional Physical Format: Print version:
Torre, Augusto de la.
Living and dying with hard pegs.
Washington, D.C. : World Bank, Development Research Group, Macroeconomics and Growth, [2003]
(OCoLC)51891045
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Augusto de la Torre; Eduardo Levy Yeyati; Sergio L Schmukler; World Bank. Development Research Group. Macroeconomics and Growth.
OCLC Number: 647052125
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (54 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Policy research working papers, no. 2980.
Responsibility: Augusto de la Torre, Eduardo Levy Yeyati, and Sergio L. Scmukler.

Abstract:

The rise and fall of Argentina's currency board shows 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 monetary or fiscal 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. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to understand how currency regimes work.

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