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Journal Article
A hefty price for Argentina's sluggish recovery

Economics Update , Issue Jul , Pages 6

Journal Article
Global banks, local crises: bad news from Argentina

Banking crises have been a recurrent phenomenon in Latin America over the past few decades. Some have argued that the internationalization of the banking sector has ushered in a new era: what used to be systemic risk from the perspective of local banks with undiversified portfolios might no longer be systemic from the standpoint of large international banks. ; Argentina's experience shows that the presence of international banks was not enough to prevent local banking crises and sizable losses to depositors. The "bad news" from Argentina, this article argues, is that depositors in emerging ...
Economic Review , Volume 87 , Issue Q3 , Pages 89-106

Journal Article
Implications of the globalization of the banking sector: the Latin American experience

Foreign entry into domestic banking markets remains a contentious issue. Whether privatizing a state bank in Brazil or selling a failed bank in Japan, the proposed sale of a large domestic financial institution, possibly to a foreign acquirer, frequently results in a major controversy. Many Asian countries have yet to experience major foreign penetration of domestic banking markets, while Latin American countries have privatized many of their banks and have encouraged foreign banks to enter their domestic markets. ; Because many Latin American countries opened their markets during the 1990s, ...
New England Economic Review , Issue Sep , Pages 45-62

Working Paper
Rational inflation and real internal debt bubbles in Argentina and Brazil?

Working Papers , Paper 9113

Journal Article
Is the business cycle of Argentina "different?"

Despite the relative success of Real Business Cycle (RBC) models to replicate key moments of the business cycles of the United States and several European countries, economic research in Latin America tends to take the more traditional view that monetary factors play a predominant role in the economic fluctuations of countries in that part of the world. The different theoretical approach is often justified on the grounds that business cycles in Latin America are "different." However, few comparative studies have analyzed the relevant difference between the business cycles of Latin America ...
Economic and Financial Policy Review , Issue Q IV , Pages 21-36

Working Paper
Argentina's experience with parallel exchange markets: 1981-1990

This paper surveys the development and operation of the parallel exchange market in Argentina during the 1980s, and evaluates its impact upon macroeconomic performance and policy. The historical evolution of Argentina's exchange market policies is reviewed in order to understand the government's motives for imposing exchange controls. The parallel exchange market engendered by these controls is then analyzed, and econometric methods are used to evaluate the behavior of the parallel exchange rate and its impact upon the balance of payments. ; The main conclusion of the paper is that exchange ...
International Finance Discussion Papers , Paper 407

Conference Paper
Economic reorganization as a prerequisite to growth

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Argentina’s “Missing Capital” Puzzle and Limited Commitment Constraints

Capital accumulation in Argentina was slow in the 1990s, despite high total factor productivity (TFP) growth and low international interest rates. A possible explanation for the ?missing capital? is that foreign investors were reluctant to take advantage of the high returns to investment seemingly offered by that small open economy under such favorable conditions, on the grounds that previous historical developments had led them to perceive Argentina as a country prone to external debt ?opportunistic defaults.? The paper examines this conjecture from the perspective of an optimal contract ...
Working Papers , Paper 1815

Journal Article
Dollarization and monetary sovereignty: the case of Argentina

In January, President Menim of Argentina proposed strengthening his country's commitment to monetary stability by replacing the peso with the U.S. dollar. Dollarization leaves Argentina without a lender of last resort, but the Federal Reserve's current operating procedure combines with existing Argentine arrangements to mitigate this drawback.
Economic Commentary , Issue Sep



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