Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash

• Libman, Emiliano ^[1] ; Stanley, Leonardo ^[2]
  1. [1] Universidad de San Martín
  2. [2] Centro de Estudio de Estado y Sociedad —CEDES—
• Localización: Ensayos de economía, ISSN 0121-117X, Vol. 32, Nº. 60, 2022, págs. 14-37
• Idioma: inglés
• DOI: 10.15446/ede.v32n60.92592
• Títulos paralelos:
  • Adiós a los controles de capital, hola préstamos del FMI, bienvenida de vuelta a la represión financiera. Notas sobre el quiebre de la moneda Argentina 2018/2019
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Este artículo describe la experiencia argentina durante las dos primeras décadas del siglo XXI. Luego de una recuperación exitosa de la crisis de 2001, a partir del año 2011 Argentina adoptó una política macroeconómica incorrecta, implementando un esquema de restricciones a la compra - venta de divisas. Cuatro años luego de introducidas, las restricciones fueron levantadas, y durante 2016-2017 Argentina retornó a los mercados financieros internacionales, hasta que el país sufrió de un freno a los ingresos de capitales.

     

  • English

    This article describes the Argentinean experience during the first two decades of the 21st century. After a successful recovery phase from the 2001 debt crisis, during 2011 Argentina adopted incorrect macroeconomic policies to avoid the contractionary and inflationary effects from a large depreciation of the currency, by implementing a strict system of restrictions on foreign exchange purchase and sale. The restrictions were lifted 4 years after their implementation, and during 2016-2017 Argentina drew heavily from international capital markets until the country suffered a sudden stop of capital flows.

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