Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board

Torre, De La; Yeyati, Augusto Levy; Schmukler, Eduardo; Longobardi, Sergio

doi:10.1596/1813-9450-2980

Search citation statements

Order By: Relevance

Paper Sections

Select...

Introduction1

Citation Types

Supporting

Mentioning

Contrasting

Year Published

2007

2022

Publication Types

Select...

Article5

Book1

Relationship

Self Cite0

Independent6

Authors

Journals

Cited by 39 publications

(1 citation statement)

References 15 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…5 See, e.g. Torre et al (2003) for a detailed account of the episode, including a description of the disruptive effects the crisis had on the Argentinian payment system. , and Aruoba et al (2011).…”

Section: Introductionmentioning

confidence: 99%

Systemic Bank Runs without Aggregate Risk: How a Misallocation of Liquidity May Trigger a Solvency Crisis

2022

View full text Add to dashboard Cite

Section: Introductionmentioning

confidence: 99%

Systemic Bank Runs without Aggregate Risk: How a Misallocation of Liquidity May Trigger a Solvency Crisis

2022

View full text Add to dashboard Cite

Capital market integration, currency crises, and exchange rate regimes 1990–2002

Clark

Zenaidi²,

Trabelsi³

2007

Int. J Fin Econ

View full text Add to dashboard Cite

The international capital market integration and currency crises of the last decade have renewed the debate on optimal exchange rate regimes. Research is mixed regarding what their effect has been on the system of exchange rate regimes and the anchor currencies at the centre of the system. The debate is complicated by growing empirical evidence that the de jure regimes announced by governments often differ from the de facto regimes that are actually applied. In this paper we divide the period 1990-2002 according to the major crises and use the generalized method of moments to identify the individual de facto regimes and relevant anchor currencies for each sub-period. We find that although intermediate regimes as a percentage of the overall database remained stable over the three periods, the type of peg and anchor currencies varied considerably. Pegs on a single currency fell from 62% of the sample in the first period to 49% in the second period, then rose to 66% in the third period. Basket pegs rose from 33% in the first period to 51% in the second period and back to 34% in the third period. Independent floats disappeared after the first period. When we group countries according to their access to capital markets, we find that all nine of the developed countries in the sample followed some type of intermediate regime for all three periods. We also find a trend towards hard pegs in the group of countries that has managed to increase its integration in the international capital markets. Our results also suggest that the US dollar remains the main anchor currency in the international financial system, even after the major currency crises and the rise of the euro.

show abstract

Economic Emergency and Central Bank Autonomy in Argentina

Tapia-Hoffmann

2021

European Yearbook of International Economic Law

View full text Add to dashboard Cite

Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board

Abstract: In nv ve es st ti ig ga ac ci ió ón n e en n F Fi in na an nz za as s

Cited by 39 publications

References 15 publications

Systemic Bank Runs without Aggregate Risk: How a Misallocation of Liquidity May Trigger a Solvency Crisis

Systemic Bank Runs without Aggregate Risk: How a Misallocation of Liquidity May Trigger a Solvency Crisis

Capital market integration, currency crises, and exchange rate regimes 1990–2002

Economic Emergency and Central Bank Autonomy in Argentina

Contact Info

Product

Resources

About