The rise and fall of Argentina's currency board shows the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster monetary or fiscal discipline. The failure to adequately address the currency-growth-debt trap into which Argentina fell at the end of the 1990s precipitated a run on the...
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2003/03/31
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Рабочий документ в рамках исследования вопросов политики
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WPS2980
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1
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1
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2010/07/01
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Living and dying with hard pegs : the rise and fall of Argentina's currency board
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hard peg
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