An unlikely Phoenix: The recovery of Argentina’s monetary and financial system from its ashes in the 2000s and its lessons

Autor: Roberto Frenkel, Lucio Simpson, Mario Damill
Rok vydání: 2016
Předmět:
Zdroj: Journal of Post Keynesian Economics. 39:228-255
ISSN: 1557-7821
0160-3477
Popis: The study discusses the recovery of the Argentine financial system after the crisis of the so called convertibility regime of the 1990s. The Argentine macroeconomic regime established in 1991 and based on the hard peg of the peso to the dollar at a 1 to 1 parity ended in a multiple crisis in 2001–2. Beyond the default on the public debt, the crisis also involved the breakdown of the domestic financial system, and an almost complete isolation of the country from the international financial markets as a consequence of the default. Under such a deep crisis and the consequent uncertainty, the recovery of the solvency of the financial institutions was an almost insurmountable enterprise. However, with a gradualist approach (contrary to the advice of the International Monetary Fund) and a degree of “regulatory forbearance,” the financial and monetary authorities were able to recover the health of the financial system, which became much more resilient to shocks, even if its development has been very slow and, as a consequence, the contribution of domestic credit to the economic expansion of the 2000s can be considered almost negligible. Fil: Damill, Mario. Centro de Estudios de Estado y Sociedad; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina Fil: Frenkel, Roberto. Centro de Estudios de Estado y Sociedad; Argentina Fil: Simpson, Lucio. Centro de Estudios de Estado y Sociedad; Argentina
Databáze: OpenAIRE
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