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According
to this paper, the severity of Argentina's
economic crisis following the capital
flow reversal of the late nineties is
explained by the interplay of two structural
weaknesses of the economy viz., the quite
closed nature of the economy to international
trade and the extreme portfolio dollarization
of its domestic agents, both of which
came about due to the country's premature
and outright financial liberalization.
These characteristics also meant that
it was unfeasible to achieve the large
real exchange rate depreciation required
for adjustment, without causing a distressing
effect on the economy.
August 12, 2003. |
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