Hard peg and monetary unions : Main lessons from the Argentine experience

Currency board (CB) was a corner solution for Argentine hyperinflation, however its balance is controversial. How does a CB work as a long run regime? After evaluating the result of ten years CB regime, we obtain important lessons for a monetary union and for dollarization proposals. We discuss: 1)...

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Autor principal: Carrera, Jorge Eduardo
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2002
Materias:
Ciencias Económicas
Currency board
Dollarization
Monetary union
Fiscal policy
Monetary policy
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/165091
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-165091
record_format dspace
spelling I19-R120-10915-1650912024-04-19T20:08:56Z http://sedici.unlp.edu.ar/handle/10915/165091 Hard peg and monetary unions : Main lessons from the Argentine experience Carrera, Jorge Eduardo 2002-11 2002 2024-04-19T18:52:20Z en Ciencias Económicas Currency board Dollarization Monetary union Fiscal policy Monetary policy Currency board (CB) was a corner solution for Argentine hyperinflation, however its balance is controversial. How does a CB work as a long run regime? After evaluating the result of ten years CB regime, we obtain important lessons for a monetary union and for dollarization proposals. We discuss: 1) the capacity of such a regime to deal with real and nominal volatility, 2) fiscal problems and debt dynamics, 3) financial problems under currency substitution, 4) CB regime compared with dollarization and 5) the feasibility of a single–peg CB in a flexible exchange rate world. El régimen de caja de conversión fue una solución extrema para la hiperinflación argentina. Sin embargo, el balance final del mismo es controversial. Especialmente respecto a su capacidad de funcionar como un régimen de largo plazo. En el trabajo se evalúan los diez años del régimen y se establecen las principales lecciones. Estas se orientan principalmente al debate académico sobre uniones monetarias y dolarización. Se discute: 1) la capacidad del régimen de absorber shocks nominales y reales, 2) la consistencia fiscal y la dinámica de la deuda, 3) los problema financiaros en un contexto de sustitución de monedas, 4) la caja de conversión comparada con la dolarización y 5) la viabilidad de un régimen fijado a una sola moneda en un contexto internacional de flotación. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Currency board
Dollarization
Monetary union
Fiscal policy
Monetary policy
spellingShingle Ciencias Económicas
Currency board
Dollarization
Monetary union
Fiscal policy
Monetary policy
Carrera, Jorge Eduardo
Hard peg and monetary unions : Main lessons from the Argentine experience
topic_facet Ciencias Económicas
Currency board
Dollarization
Monetary union
Fiscal policy
Monetary policy
description Currency board (CB) was a corner solution for Argentine hyperinflation, however its balance is controversial. How does a CB work as a long run regime? After evaluating the result of ten years CB regime, we obtain important lessons for a monetary union and for dollarization proposals. We discuss: 1) the capacity of such a regime to deal with real and nominal volatility, 2) fiscal problems and debt dynamics, 3) financial problems under currency substitution, 4) CB regime compared with dollarization and 5) the feasibility of a single–peg CB in a flexible exchange rate world.
format Objeto de conferencia
Objeto de conferencia
author Carrera, Jorge Eduardo
author_facet Carrera, Jorge Eduardo
author_sort Carrera, Jorge Eduardo
title Hard peg and monetary unions : Main lessons from the Argentine experience
title_short Hard peg and monetary unions : Main lessons from the Argentine experience
title_full Hard peg and monetary unions : Main lessons from the Argentine experience
title_fullStr Hard peg and monetary unions : Main lessons from the Argentine experience
title_full_unstemmed Hard peg and monetary unions : Main lessons from the Argentine experience
title_sort hard peg and monetary unions : main lessons from the argentine experience
publishDate 2002
url http://sedici.unlp.edu.ar/handle/10915/165091
work_keys_str_mv AT carrerajorgeeduardo hardpegandmonetaryunionsmainlessonsfromtheargentineexperience
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