Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina

41 Pages Posted: 15 Feb 2006

See all articles by Nada Choueiri

Nada Choueiri

International Monetary Fund (IMF) - Research Department

Graciela Kaminsky

National Bureau of Economic Research (NBER); George Washington University - Department of Economics

Date Written: November 1999

Abstract

The recent turmoil in currency markets in Asia, Europe, and Latin America has given a new impetus to the literature on currency crises. The literature originally linked currency crises to deteriorating economic fundamentals, but has more recently focused on self-fulfilling expectations and contagion. To assess the changing roles of domestic and external market fundamentals and contagion, this paper examines seven major currency crises in Argentina. It finds that while crises in the 1970s and 1980s were driven mainly by monetary and fiscal policies at home and abroad, contagion played an important role in the 1990s.

Keywords: Argentina currency crises speculative attacks vector autoregressions

JEL Classification: C1 C3 F3 F4

Suggested Citation

Choueiri, Nada and Kaminsky, Graciela, Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina (November 1999). IMF Working Paper, Vol. , pp. 1-41, 1999. Available at SSRN: https://ssrn.com/abstract=880679

Nada Choueiri (Contact Author)

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Graciela Kaminsky

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

George Washington University - Department of Economics ( email )

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Washington, DC 20052
United States
202-994-6686 (Phone)
202-994-6147 (Fax)

HOME PAGE: http://www.gracielakaminsky.com/

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