Chapter 1 Introduction
Author:
Mrs. Isabelle Mateos y Lago
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,
Shinji Takagi https://isni.org/isni/0000000404811396 International Monetary Fund

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,
Mr. Ricardo Martin
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Ms. Misa Takebe
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Mr. Benjamin H Cohen
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Language:
English
Print Publication Date:
30 Sep 2004
Keywords:
IEOR; IEO; learning culture; government; Board discussion; evaluation report; Argentina; convertibility regime; investor expectation; Exchange rate arrangements; Exchange rates; Global; East Asia; U.S. dollar; financial support; IMF support; shareholder government; government initiative; Conventional peg; Real exchange rates; Exchange rate adjustments

Abstract

The Argentine crisis of 2000–02 was among the most severe of recent currency crises. The currency-board-like arrangement, under which the peso had been pegged at parity with the U.S. dollar since 1991, collapsed in January 2002 and, by the end of 2002, the peso was trading at Arg$3.4 to the U.S. dollar. Coming after three years of recession, the crisis had a devastating impact. The economy contracted by 11 percent in 2002, bringing the cumulative output decline since 1998 to nearly 20 percent. Unemployment rose to over 20 percent, and the incidence of poverty worsened dramatically.

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Cover The IMF and Argentina, 1991-2001
The IMF and Argentina, 1991-2001
ISBN:
9781589063808
ISSN:
2617-670X
Publication Date:
30 Sep 2004
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589063808.017
Pages:
152