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Author : Miguel Alberto Kiguel
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Argentine Currency Board written by Miguel Alberto Kiguel and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerardo della Paolera
Publisher : University of Chicago Press
ISBN 13 : 0226645584
Total Pages : 296 pages
Book Rating : 4.2/5 (266 download)
Download or read book Straining at the Anchor written by Gerardo della Paolera and published by University of Chicago Press. This book was released on 2007-12-01 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "Argentine disappointment"—why Argentina persistently failed to achieve sustained economic stability during the twentieth century—is an issue that has mystified scholars for decades. In Straining the Anchor, Gerardo della Paolera and Alan M. Taylor provide many of the missing links that help explain this important historical episode. Written chronologically, this book follows the various fluctuations of the Argentine economy from its postrevolutionary volatility to a period of unprecedented prosperity to a dramatic decline from which the country has never fully recovered. The authors examine in depth the solutions that Argentina has tried to implement such as the Caja de Conversión, the nation's first currency board which favored a strict gold-standard monetary regime, the forerunner of the convertibility plan the nation has recently adopted. With many countries now using—or seriously contemplating—monetary arrangements similar to Argentina's, this important and persuasive study maps out one of history's most interesting monetary experiments to show what works and what doesn't.
Author : Jutta Maute
Publisher : Peter Lang Publishing
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (318 download)
Download or read book Hyperinflation, Currency Board, and Bust written by Jutta Maute and published by Peter Lang Publishing. This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally presented as the author's thesis (doctoral)--Universiteat Hohenheim, 2006.
Author : Raffaele Nostitz
Publisher : GRIN Verlag
ISBN 13 : 3640335287
Total Pages : 12 pages
Book Rating : 4.6/5 (43 download)
Download or read book Currency Boards - How a Currency Board Works written by Raffaele Nostitz and published by GRIN Verlag. This book was released on 2009-05-29 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2009 in the subject Economics - Monetary theory and policy, grade: 2,3, Free University of Berlin, course: International Monetary Relations, language: English, abstract: „Stability might not be everything, but without stability everything is nothing.“ This quote of the former federal minister for economics and finance in Germany leads directly to the reason for the installation of a currency board. Stability of the monetary system means the achievement of three objectives: a fixed exchange rate system to alleviate the calculations for international trade, free capital movement to ensure the convertibility of currencies, and a monetary policy that can address independently domestic concerns like inflation or unemployment. Unfortunately, it is impossible to achieve all three objectives at the same time. This goal conflict is often called "triangle of impossibility" or "impossible trinity" in the international economics literature. If a country's decision is to fix the exchange rate to a selected currency, a currency board would be one of the possible instruments. In this essay, first there will be taken a short look at how a currency board works and what the political meanings and consequences are. Afterwards, a short analysis of the currency board-like system that has been installed in Argentina from 1991 to 2002 leads to the drawbacks and opportunities of currency boards.
Author : Augusto de la Torre
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (319 download)
Download or read book Living and Dying with Hard Pegs written by Augusto de la Torre and published by . This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kai Stukenbrock
Publisher : Peter Lang Pub Incorporated
ISBN 13 : 9783631520314
Total Pages : 237 pages
Book Rating : 4.5/5 (23 download)
Download or read book The Stability of Currency Boards written by Kai Stukenbrock and published by Peter Lang Pub Incorporated. This book was released on 2004 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.
Author : Alberto F. Ades
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.A/5 ( download)
Download or read book Currency Boards and Its Implications for Argentina written by Alberto F. Ades and published by . This book was released on 1995 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4./5 ( download)
Download or read book The Lender of Last Resort Function Under a Currency Board written by and published by World Bank Publications. This book was released on 1996 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mary Elizabeth Madden
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.:/5 (549 download)
Download or read book The Currency Board in Argentina written by Mary Elizabeth Madden and published by . This book was released on 2002 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
![Download Success and Failures of Arentina's [sic] Currency Board PDF Online Free](https://books.google.com/books/content/images/frontcover/55RzAAAACAAJ?fife=w200-h370)
Author : Sima Motamen-Samadian
Publisher :
ISBN 13 : 9780953984541
Total Pages : 27 pages
Book Rating : 4.9/5 (845 download)
Download or read book Success and Failures of Arentina's [sic] Currency Board written by Sima Motamen-Samadian and published by . This book was released on 2003 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francois J. Gurtner
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Why Did Argentina's Currency Board Collapse? written by Francois J. Gurtner and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sheds light on the risks associated with currency board arrangements, referring to the severe liquidity crisis that emerged in Argentina in November 2000. The inability of the Argentinean economy to grow because of an overvalued peso and the massive borrowing needs of the government in the context of rapidly rising borrowing costs seriously undermined the credibility of the fixed-exchange rate regime. Given the widespread dollarisation of the financial sector on the liability side, Argentina had arguably little choice but to stick to the currency board. A series of measures aimed at reviving growth were implemented but with no signs of upturn in demand, increasingly distrustful international investors and growing social unrest, the country was forced into default in December 2001, putting an abrupt end to its decade long experiment with hard money. This study shows that with rigid labour markets, a lack of fiscal discipline and the absence of a natural anchor currency, Argentina was never a strong candidate for a hard peg.
Author : Robert W. Kolb
Publisher : SAGE Publications
ISBN 13 : 1483381536
Total Pages : 8802 pages
Book Rating : 4.4/5 (833 download)
Download or read book The SAGE Encyclopedia of Business Ethics and Society written by Robert W. Kolb and published by SAGE Publications. This book was released on 2018-03-27 with total page 8802 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thoroughly revised, updated, and expanded, The SAGE Encyclopedia of Business Ethics and Society, Second Edition explores current topics, such as mass social media, cookies, and cyber-attacks, as well as traditional issues including accounting, discrimination, environmental concerns, and management. The new edition also includes an in-depth examination of current and recent ethical affairs, such as the dangerous work environments of off-shore factories for Western retailers, the negligence resulting in the 2010 BP oil spill, the gender wage gap, the minimum wage debate and increasing income disparity, and the unparalleled level of debt in the U.S. and other countries with the challenges it presents to many societies and the considerable impact on the ethics of intergenerational wealth transfers. Key Features Include: Seven volumes, available in both electronic and print formats, contain more than 1,200 signed entries by significant figures in the field Cross-references and suggestions for further readings to guide students to in-depth resources Thematic Reader's Guide groups related entries by general topics Index allows for thorough browse-and-search capabilities in the electronic edition
Author : Michael Bleaney
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Argentina's Currency Board Collapse written by Michael Bleaney and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two basic views can be discerned in post-mortems of Argentina's currency board: (1) that weak fiscal policy was fundamentally to blame, and (2) that the peso had become too severely overvalued for the peg to survive. This paper evaluates the evidence for these rival interpretations. The real effective exchange rate index did not indicate massive overvaluation, but this index does not capture the effects on the equilibrium rate of the 'sudden stop' in capital flows to emerging markets after 1998. It also understates the amount of adjustment required for Argentina to reach the equilibrium rate, because neighbour countries' dollar exchange rates were held up by Argentina's overvaluation, as is indicated by their depreciation in 2002. Argentina was particularly vulnerable to the sudden stop because of the extreme volatility of its portfolio inflows. Fiscal policy simulations suggest that, even with a substantially improved primary balance from 1994 onwards, loss of investor confidence would still have triggered unsustainable debt dynamics once the recession began to bite after 1998. The stagnation of output and prices in Argentina created a yawning gap between the interest rate on debt and the rate of growth of nominal GDP. Had the currency been floated in, say, 1995, the real devaluation of the peso would still have pushed up the debt/GDP ratio, but higher output would have left greater scope for addressing this by running a sizeable primary surplus. Moreover, the more gradual depreciation under floating might have allowed the economy to adjust to higher debt service payments without resort to default. The IMF has criticised itself for not pressing for tighter fiscal policy in the 1990s. A more fundamental criticism would be that it was seduced by the bipolar model into complacency about adjustment to real shocks and forgetting the teachings of optimum currency area theory.
Author : Bernd Hayo
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (129 download)
Download or read book Does the Currency Board Matter? U.S. News and Argentine Financial Market Reaction written by Bernd Hayo and published by . This book was released on 2012 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a GARCH model, we study the effects of U.S. monetary policy and macroeconomic announcements on Argentine money, stock, and foreign exchange markets over the period January 1998 to July 2007. We show, first, that both types of news have a significant impact on all markets. Second, there are noticeable differences in reaction for different subsamples: Argentine money markets were more dependent on U.S. news under the currency board than after it was abandoned as the floating exchange rate partly absorbs spillover effects from the United States. Finally, we find that U.S.-dollar-denominated assets react less to U.S. news than peso-denominated assets, which suggests that the currency board was not completely credible during its final years.
Author : Eduardo Levy Levy-Yeyati
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book 10 Years of a Currency Board written by Eduardo Levy Levy-Yeyati and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper revisits the economic implications of currency boards discussed in the literature in light of the recent Argentinean experience with the Convertibility Plan. It finds that, while the plan was successful in bringing down inflation, it has done so at the expense of greater output volatility. Moreover, it finds that the disciplining effect on fiscal expenditures expected from the elimination of the inflation tax did not materialize, contributing to the vulnerability of the country to negative external shocks. The main alternatives to the convertibility regime, namely a floating regime and full dollarization, are explored.
Author : Gerard Caprio
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Lender of Last Resort Function Under a Currency Board written by Gerard Caprio and published by . This book was released on 2016 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: No grand solution appears to exist for the problems that seem inevitable in the Argentine system, in which the Central Bank is both lender of last resort and currency board, providing full convertibility between pesos and U.S. dollars. Argentina's strategy therefore must turn on actively strengthening its banking systems to reduce solvency risks and on building its reserves.Within the current rules of the game, Argentina's central bank (BCRA) is charged with being the lender of last resort as well as providing full convertibility between pesos and U.S. dollars - two objectives with one instrument, namely, reserves. Within those rules, it may well be that the balance of responsibilities needs to shift. Complete dollarization can significantly reduce risks but not entirely eliminate them. If the BCRA can concentrate more on building up reserves and helping to ward off crises of confidence in the currency, perhaps the banking system can protect itself better from liquidity shocks. But this will require, among other things, consolidation of the sector (which could give it greater access to outside liquidity) and prudential strengthening of the system. Triage of weaker banks should continue and not await another crisis.More experience with the new liquidity policy is needed and so is reform of the settlement system, as it affects the functioning of the interbank market, which is essential for containing crises. Essentially, however, no grand solution seems to exist for the problems that seem inevitable in a system where the central bank is also the currency board. Argentina's strategy must therefore turn on actively strengthening its banking systems to reduce the risks of insolvency.This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to advise member countries on financial sector policy.
Author : Gerard Caprio
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book The Lender of Last Resort Function Under a Currency Board: The Case of Argentina written by Gerard Caprio and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1996 No grand solution appears to exist for the problems that seem inevitable in the Argentine system, in which the Central Bank is both lender of last resort and currency board, providing full convertibility between pesos and U.S. dollars. Argentina's strategy therefore must turn on actively strengthening its banking systems to reduce solvency risks and on building its reserves. Within the current rules of the game, Argentina's central bank (BCRA) is charged with being the lender of last resort as well as providing full convertibility between pesos and U.S. dollars -- two objectives with one instrument, namely, reserves. Within those rules, it may well be that the balance of responsibilities needs to shift. Complete dollarization can significantly reduce risks but not entirely eliminate them. If the BCRA can concentrate more on building up reserves and helping to ward off crises of confidence in the currency, perhaps the banking system can protect itself better from liquidity shocks. But this will require, among other things, consolidation of the sector (which could give it greater access to outside liquidity) and prudential strengthening of the system. Triage of weaker banks should continue and not await another crisis. More experience with the new liquidity policy is needed and so is reform of the settlement system, as it affects the functioning of the interbank market, which is essential for containing crises. Essentially, however, no grand solution seems to exist for the problems that seem inevitable in a system where the central bank is also the currency board. Argentina's strategy must therefore turn on actively strengthening its banking systems to reduce the risks of insolvency. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to advise member countries on financial sector policy.
