The Credibility and the Macroeconomic Policy after the abandonment of Convertibility
This paper describes and analyzes the macroeconomic policy, in particular the monetary and exchange policy, adopted since the abandonment of the Convertibility in 2002 by the Government of E. Duhalde from considering the concept of credibility. The analysis concluded that: 1) the announcements and m...
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| Formato: | Artículo revista |
| Lenguaje: | Español |
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Facultad de Ciencias Económicas. Instituto de Economía y Finanzas
2019
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| Acceso en línea: | https://revistas.unc.edu.ar/index.php/acteconomica/article/view/24269 |
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I10-R10-article-242692022-08-21T23:56:30Z The Credibility and the Macroeconomic Policy after the abandonment of Convertibility La Credibilidad y la Política Macroeconómica tras el abandono de la Convertibilidad Visintini, Alfredo Aldo Rosales, Julio Macroeconomic Policy Stabilization Policy Fiscal and Monetary Policy Analysis Economic Policy Episodes Economic History E61 E63 E65 N16 Política Macroeconómica Políticas de Estabilización Análisis de Políticas Fiscales y Monetarias Episodios de Política Económica Historia Económica E61 E63 E65 N16 This paper describes and analyzes the macroeconomic policy, in particular the monetary and exchange policy, adopted since the abandonment of the Convertibility in 2002 by the Government of E. Duhalde from considering the concept of credibility. The analysis concluded that: 1) the announcements and macroeconomic policy measures taken to deal with the crisis were implemented in a context of total loss of credibility of the authorities after the abandonment of the Convertibility, 2) the response of the In the face of such a loss of credibility, the government took fiscal and monetary adjustments to extremes in order to contain the exchange volatility and reverse the expectations of hyperinflation with a huge cost in terms of falling output, increased unemployment and poverty, and 3) the reversion of the expectations of the economic agents, which manifested itself in the containment of the volatility of the exchange rate, shows that the strong fiscal and monetary adjustment had a much greater weight than the reputational factors in the formation of the expectations El presente trabajo describe y analiza la política macroeconómica, adoptada desde el abandono de la Convertibilidad en el año 2002 por el Gobierno de E. Duhalde a partir de considerar el concepto de la credibilidad. Del análisis realizado se concluye que: 1) los anuncios y las medidas de política macroeconómica tomadas para hacer frente a la crisis se implementaron en un contexto de total pérdida de la credibilidad de las autoridades tras el abandono de la Convertibilidad, 2) la respuesta del gobierno ante tal pérdida de credibilidad fue el llevar a extremos el ajuste fiscal y monetario a fin de contener la volatilidad cambiaria y revertir las expectativas de una hiperinflación con un costo enorme en términos de caída del producto, aumento del desempleo y la pobreza y 3) la reversión de las expectativas de los agentes económicos, que se manifestó en la contención de la volatilidad del tipo de cambio, evidencia que el fuerte ajuste fiscal y monetario tuvo un peso mucho mayor que los factores reputacionales en la formación de las expectativas Facultad de Ciencias Económicas. Instituto de Economía y Finanzas 2019-05-04 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artículos application/pdf https://revistas.unc.edu.ar/index.php/acteconomica/article/view/24269 Actualidad Económica; Vol. 29 No. 97 (2019): January-April; 9-22 Actualidad Económica; Vol. 29 Núm. 97 (2019): Enero - Abril; 9-22 2250-754X 0327-585X spa https://revistas.unc.edu.ar/index.php/acteconomica/article/view/24269/23648 |
| institution |
Universidad Nacional de Córdoba |
| institution_str |
I-10 |
| repository_str |
R-10 |
| container_title_str |
Revistas de la UNC |
| language |
Español |
| format |
Artículo revista |
| topic |
Macroeconomic Policy Stabilization Policy Fiscal and Monetary Policy Analysis Economic Policy Episodes Economic History E61 E63 E65 N16 Política Macroeconómica Políticas de Estabilización Análisis de Políticas Fiscales y Monetarias Episodios de Política Económica Historia Económica E61 E63 E65 N16 |
| spellingShingle |
Macroeconomic Policy Stabilization Policy Fiscal and Monetary Policy Analysis Economic Policy Episodes Economic History E61 E63 E65 N16 Política Macroeconómica Políticas de Estabilización Análisis de Políticas Fiscales y Monetarias Episodios de Política Económica Historia Económica E61 E63 E65 N16 Visintini, Alfredo Aldo Rosales, Julio The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| topic_facet |
Macroeconomic Policy Stabilization Policy Fiscal and Monetary Policy Analysis Economic Policy Episodes Economic History E61 E63 E65 N16 Política Macroeconómica Políticas de Estabilización Análisis de Políticas Fiscales y Monetarias Episodios de Política Económica Historia Económica E61 E63 E65 N16 |
| author |
Visintini, Alfredo Aldo Rosales, Julio |
| author_facet |
Visintini, Alfredo Aldo Rosales, Julio |
| author_sort |
Visintini, Alfredo Aldo |
| title |
The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| title_short |
The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| title_full |
The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| title_fullStr |
The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| title_full_unstemmed |
The Credibility and the Macroeconomic Policy after the abandonment of Convertibility |
| title_sort |
credibility and the macroeconomic policy after the abandonment of convertibility |
| description |
This paper describes and analyzes the macroeconomic policy, in particular the monetary and exchange policy, adopted since the abandonment of the Convertibility in 2002 by the Government of E. Duhalde from considering the concept of credibility. The analysis concluded that: 1) the announcements and macroeconomic policy measures taken to deal with the crisis were implemented in a context of total loss of credibility of the authorities after the abandonment of the Convertibility, 2) the response of the In the face of such a loss of credibility, the government took fiscal and monetary adjustments to extremes in order to contain the exchange volatility and reverse the expectations of hyperinflation with a huge cost in terms of falling output, increased unemployment and poverty, and 3) the reversion of the expectations of the economic agents, which manifested itself in the containment of the volatility of the exchange rate, shows that the strong fiscal and monetary adjustment had a much greater weight than the reputational factors in the formation of the expectations |
| publisher |
Facultad de Ciencias Económicas. Instituto de Economía y Finanzas |
| publishDate |
2019 |
| url |
https://revistas.unc.edu.ar/index.php/acteconomica/article/view/24269 |
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