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Real Exchange Rate and Commercial Openness: Argentina in the Long Term

Author

Listed:
  • Marie-Ange Véganzonès-Varoudakis

    (CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique)

  • Aristomène Varoudakis
  • Christine Richaud

Abstract

Argentina's economic policies since the beginning of the century, provide an interesting background to the study of real exchange rate (RER) management in emerging countries. In this article, four types of RER overvaluation are identified. In the 1920s, Argentina provides a short example of overvaluation in the context of a fixed exchange rate policy. Moreover, estimations show that import substitution regimes can lead to a misalignment of RER. Argentina illustrates also the difficult management of RER in a volatile environment. Results allow, in addition, a better understanding of the failure of the trade liberalization attempts of the country and reminds one that successfully integrating the world economy requires an appropriate RER policy.

Suggested Citation

  • Marie-Ange Véganzonès-Varoudakis & Aristomène Varoudakis & Christine Richaud, 2003. "Real Exchange Rate and Commercial Openness: Argentina in the Long Term," Post-Print halshs-03059618, HAL.
    • Handle: RePEc:hal:journl:halshs-03059618
    as

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