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Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash
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
DOI:
https://doi.org/10.15446/ede.v32n60.92592Palabras clave:
Capital Controls, Inflation Targeting, Foreign Exchange Restrictions, Currency Crises, IMF programs, capital flow bonanzas (en)controles de capitales, metas de inflación, restricciones en el mercado de cambios, crisis cambiarias, programas del FMI, auge de flujo de capitales (es)
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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.
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.
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