1. DESREGULACIÓN CAMBIARIA, FUGA DE CAPITALES Y DEUDA: LA EXPERIENCIA ARGENTINA RECIENTE.
- Author
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Rua, Magdalena and Zeolla, Nicolás
- Subjects
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FOREIGN exchange rates , *DEREGULATION , *CAPITAL movements , *PUBLIC debts , *BANKING policy , *EXTERNAL debts , *ECONOMIC policy ,ARGENTINIAN economy - Abstract
In 2011, Argentina began to implement a series of foreign exchange controls, going so far as to prohibit the acquisition of foreign currency for nonproductive purposes. In December 2015, after the change of administration, all of the foreign exchange regulations were eliminated and returned to their pre-2001-2002 crisis levels. These reforms were implemented under the mainstreaming vision, with the expectation that capital outflows would be reversed. Nevertheless, after the controls were lifted, according to information from the foreign exchange balance kept by the Central Bank of Argentina (BCRA) on Foreign Asset Formation (FAF), one year later, capital flight abroad had doubled. This increased currency outflow was financed by rising foreign debt. [ABSTRACT FROM AUTHOR]
- Published
- 2018
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