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Le rôle des institutions politiques dans les crises financières de l'Argentine et du Brésil

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  • Philippe Faucher
  • Leslie Elliott Armijo

Abstract

[eng] VARIA Philippe Faucher, Leslie Elliott armijo — Currency crises an decision making frameworks : The politics of bouncing back in Argentina and Brazil This paper seeks to explain why exchange rate crises of rather similar causes and magnitudes can be so much harder for one emerging market country to absorb and bounce back from than for its neighbour. Brazil was able to recover readily from its recent forced devaluation and associated domestic financial/political crisis, which looked quite bad in January 1999, but was virtually over by April of that year. Argentina's superficially similar crisis, which pushed the country off its strict Currency Board and let the peso float in December 2001, has been extraordinarily prolonged and debilitating. We conclude that most of the difference resulted from the structure of domestic political institutions and the incentives for cooperation and conflict that they created for political incumbents and other players.

Suggested Citation

  • Philippe Faucher & Leslie Elliott Armijo, 2004. "Le rôle des institutions politiques dans les crises financières de l'Argentine et du Brésil," Revue Tiers Monde, Programme National Persée, vol. 45(178), pages 387-417.
    • Handle: RePEc:prs:rtiers:tiers_1293-8882_2004_num_45_178_5471
    DOI: 10.3406/tiers.2004.5471
    Note: DOI:10.3406/tiers.2004.5471
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