2022
DOI: 10.1017/s0212610922000064
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Short- And Long-Run Effects of Devaluations: Evidence From Argentina

Abstract: Devaluations were traditionally considered to be expansionary in the short run and have no real long-run effects. Alternatively, some observers in developing countries found that devaluations were contractionary on impact, and that they might foster long-term growth. Using Argentina as a case study, which is convenient due to its long series availability and its subsequent switches in exchange rate regimes, four structural shocks are identified in line with the traditional and alternative views. It is found th… Show more

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Cited by 4 publications
(2 citation statements)
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“…This channel tends to be absent in traditional representative agent macroeconomic models 4 1 The studies by Campos (2022) and Vicondoa (2019) stand out among recent work offering evidence of contractionary devaluations in Latin America.…”
Section: Introductionmentioning
confidence: 99%
“…This channel tends to be absent in traditional representative agent macroeconomic models 4 1 The studies by Campos (2022) and Vicondoa (2019) stand out among recent work offering evidence of contractionary devaluations in Latin America.…”
Section: Introductionmentioning
confidence: 99%
“…An, Kim and Ren (2014) examined 16 countries and found that, unlike Asian countries and non-G3 developed, output generally decreases after real devaluations in Latin American countries. Campos and Rapetti (2018), by using Bayesian VAR for Argentina over the period 1854-2017, found that devaluations were mostly contractionary. Zack, Montané and Libman (2021) by using monthly data for Brazil, Chile, Colombia, Mexico, Argentina and Peru during the 2000s showed that devaluations seem to be contractionary in Brazil and Mexico.…”
mentioning
confidence: 99%