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Title: Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935 (Nber Series on Long-Term Factors in Economic Development) by Gerardo della Paolera, Alan M. Taylor ISBN: 0-226-64556-8 Publisher: University of Chicago Press Pub. Date: November, 2001 Format: Hardcover Volumes: 1 List Price(USD): $35.00 |
Average Customer Rating: 5 (1 review)
Rating: 5
Summary: When history fruitfully enlightens the current debate
Comment: Very recommendable either for a Ph.D. student interested in the history of emerging markets crisis or the scholar aiming to tell her students how modern theory and empirical tests are applicable to some stories like the Argentine one.
Not only is this book a magnific contribution to understand the monetary and banking history of Argentina, but also a contribution that informs present-day debates in macroeconomics (e.g. the choice of optimal exchange rate regime, various generations of financial and currency crisis, bank runs). The authors make a significant effort to formalise major stylised facts across different crisis episodes, through the lens of modern monetary and banking theory. Moreover, they offer a fresh look at issues concerning crisis management and resolution and policy evaluation in the "first" era of economic globalisation (1880-1914) as well as during the interwar period all the way down to the 1930's depression.
Modern tools help test the hypothesis laid out generally at the beginning of the theoretical framework introduced in each chapter. Ranging from accounting exercises (fiscal solvency, banking balance sheets, as a few examples)to cutting-edge time series econometric modelling, the evidence found by the authours sheds light on crucial empirical issues. Some examples may illustrate this point:
a) The Purchasing Power Parity assumption (PPP, in a single equation cointegrating framework);
b) Money supply and demand, and exchange rate determinants in 1884-1913;
c) The Internal-External Convertibility dynamics (phase diagram, Vector Error Correction Model estimation)
Finally, the lessons drawn by Della Paolera and Taylor are, in my view, very telling to the way Argentina got into the path to the collapse of the currency board 1991-2001.
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Title: Towards a New Paradigm in Monetary Economics by Joseph E. Stiglitz, Bruce Greenwald ISBN: 0521008050 Publisher: Cambridge University Press Pub. Date: 04 September, 2003 List Price(USD): $22.00 |
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Title: A New Economic History of Argentina by Gerardo della Paolera, Alan M. Taylor ISBN: 0521822475 Publisher: Cambridge University Press Pub. Date: 03 November, 2003 List Price(USD): $60.00 |
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Title: Interest and Prices : Foundations of a Theory of Monetary Policy by Michael Woodford ISBN: 0691010498 Publisher: Princeton Univ Pr Pub. Date: 18 August, 2003 List Price(USD): $65.00 |
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Title: The Dollar Crisis: Causes, Consequences, Cures by Richard Duncan ISBN: 0470821027 Publisher: John Wiley & Sons Pub. Date: 25 July, 2003 List Price(USD): $29.95 |
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Title: Knowledge, Information, and Expectations in Modern Macroeconomics : In Honor of Edmund S. Phelps by Philippe Aghion, Roman Frydman, Joseph Stiglitz, Michael Woodford ISBN: 0691094853 Publisher: Princeton Univ Pr Pub. Date: 06 January, 2003 List Price(USD): $49.50 |
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