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Argentina Since Martinez De Hoz

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  • Rudiger Dornbusch

Abstract

The paper reviews macroeconomic events and policies in Argentina in the period 1981-1984. In that period inflation,that had decelerated to less than 100 percent, resumed and reached irore than 600 percent in mid-1984. The real exchange rate that had appreciated in the policy of disinflation depreciated sharply and, in the end-phase, real wages grew more than forty percent. These events, by Northern-Atlantic standards, are dramatic and the paper attempts to sort out the main issues and connections. Special attention is paid to the role of the real exchange rate and its relation to real wages, the determinants of the black market premium for foreign exchange, and to the budget.

Suggested Citation

  • Rudiger Dornbusch, 1984. "Argentina Since Martinez De Hoz," NBER Working Papers 1466, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:1466
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    References listed on IDEAS

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    1. Carlos F. Diaz Alejandro, 1963. "A Note on the Impact of Devaluation and the Redistributive Effect," Journal of Political Economy, University of Chicago Press, vol. 71(6), pages 577-577.
    2. R. Dornbusch, 1984. "External Debt, Budget Deficits and Disequilibrium Exchange Rates," Working papers 347, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Larry A. Sjaastad, 1983. "Failure of Economic Liberalism in the Cone of Latin America," The World Economy, Wiley Blackwell, vol. 6(1), pages 5-26, March.
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    Cited by:

    1. Emanuel Kohlscheen & Stephen A O'Connell, 2006. "A Sovereign Debt Model with Trade Credit and Reserves," WEF Working Papers 0004, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    2. Nogues, Julio, 1986. "The nature of Argentina's policy reforms during 1976-1981," MPRA Paper 57820, University Library of Munich, Germany.
    3. Osvaldo Meloni & Ana María Cerro, 2005. "Crises & Crashes: Argentina 1885 – 2003," Economic History 0505001, University Library of Munich, Germany.
    4. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping hyperinflations past and present," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 122(1), pages 1-47, March.

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