Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno
Autor(a) principal: | |
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Data de Publicação: | 1999 |
Tipo de documento: | Artigo |
Idioma: | spa |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000100030 |
Resumo: | ABSTRACT This paper examines the potential effects of volatile international capital flows on a small, commercially and financially open economy under a currency board regime, as is currently the case in Argentine. ln the face of shocks, like those associated with changes in the magnitude and direction of capital flows, the convertibility regime generates pro-cyclical reactions, which pose important problems for the stabilization of real and financial variables. In particular, the paper focuses on the stabilizing role of decisions concerning public debt management and, in general, the administration of the Treasury’s and Central Bank’s financial portfolios (assets and liabilities, including foreign exchange reserves). The paper briefly reviews the main analytical approaches to the public sector’s financial portfolio management and, within that framework, makes a stylized examination of the distinctive characteristics of the Argentine case. |
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Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobiernoPublic debtcapital flowsstabilizationABSTRACT This paper examines the potential effects of volatile international capital flows on a small, commercially and financially open economy under a currency board regime, as is currently the case in Argentine. ln the face of shocks, like those associated with changes in the magnitude and direction of capital flows, the convertibility regime generates pro-cyclical reactions, which pose important problems for the stabilization of real and financial variables. In particular, the paper focuses on the stabilizing role of decisions concerning public debt management and, in general, the administration of the Treasury’s and Central Bank’s financial portfolios (assets and liabilities, including foreign exchange reserves). The paper briefly reviews the main analytical approaches to the public sector’s financial portfolio management and, within that framework, makes a stylized examination of the distinctive characteristics of the Argentine case.Centro de Economia Política1999-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000100030Brazilian Journal of Political Economy v.19 n.1 1999reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31571999-1021info:eu-repo/semantics/openAccessDAMILL,MARIOspa2022-04-18T00:00:00Zoai:scielo:S0101-31571999000100030Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2022-04-18T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
title |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
spellingShingle |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno DAMILL,MARIO Public debt capital flows stabilization |
title_short |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
title_full |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
title_fullStr |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
title_full_unstemmed |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
title_sort |
Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno |
author |
DAMILL,MARIO |
author_facet |
DAMILL,MARIO |
author_role |
author |
dc.contributor.author.fl_str_mv |
DAMILL,MARIO |
dc.subject.por.fl_str_mv |
Public debt capital flows stabilization |
topic |
Public debt capital flows stabilization |
description |
ABSTRACT This paper examines the potential effects of volatile international capital flows on a small, commercially and financially open economy under a currency board regime, as is currently the case in Argentine. ln the face of shocks, like those associated with changes in the magnitude and direction of capital flows, the convertibility regime generates pro-cyclical reactions, which pose important problems for the stabilization of real and financial variables. In particular, the paper focuses on the stabilizing role of decisions concerning public debt management and, in general, the administration of the Treasury’s and Central Bank’s financial portfolios (assets and liabilities, including foreign exchange reserves). The paper briefly reviews the main analytical approaches to the public sector’s financial portfolio management and, within that framework, makes a stylized examination of the distinctive characteristics of the Argentine case. |
publishDate |
1999 |
dc.date.none.fl_str_mv |
1999-03-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000100030 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000100030 |
dc.language.iso.fl_str_mv |
spa |
language |
spa |
dc.relation.none.fl_str_mv |
10.1590/0101-31571999-1021 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.19 n.1 1999 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
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1754122479338520576 |