Currency board,dollarisation or flexible exchange rates for emerging economies? Reflections on Argentina |
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Authors: | Gerhard Aschinger |
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Institution: | (1) University of Fribourg, Switzerland |
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Abstract: | Since the 1990s many emerging countries have adopted a fixed exchange-rate peg vis-à-vis a reserve currency in order to cope
with economic imbalances such as buoyant inflation, high unemployment or staggering economic growth. However, after a period
of economic stabilisation and prosperity, overheating effects showed up in several countries that were often coupled with
difficulties in the banking and/or the real estate sector. Sticking with a fixed peg, the likelihood of a currency crisis
increased. The case of Argentina shows that even with a currency board it is difficult to restore confidence if a crisis has
already been developing for several years. This article presents an economic analysis of the Argentina crisis. |
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