المـجــــلــــة العـــلمـــيـــة المـسـتـقـبــــل الاقــتــصــــــادي
Volume 4, Numéro 1, Pages 183-205
2016-12-31
Gestion Des Taux De Change: Leçons A Tirer Pour Les Prochaines Crises De Change - L’experience De L’argentine 1991-2001-
Auteurs : Chabani Madjid . Abouderaz Sofiane .
Résumé
The Aim of this article to address the crisis of exchange experienced by Argentina in the late years of the nineties, because at that time of exchange followed the system, namely version funds regime between 1991 and 2001 it was the experience of Argentina of the most important experiences in the fight against hyper-inflation, as adopted in reducing inflation on the exchange-rate mechanism, through the adoption of the drainage system and the broker of the version type boxes so as to control the monetary version. It culminated in the three years that followed the application of this system a success in terms of inflation rates, decreased from 171.7% in 1991 to 4.2% in 1994, but with the occurrence of the Mexican financial crisis in 1994, suffered Argentina into financial trouble due to release funds system in itself and that made Argentine economy is very sensitive to external shocks, since a reduction in 1994 the Mexican peso, the Brazilian real in 1998, with the improvement in interest rates in the United States and the decline in unemployment in Europe and the United States in the mid-nineties. The global economic situation has created a kind of fear in the financial and monetary markets of a possible devaluation of the Argentine peso or the transition to a floating exchange rate. Wonder in this article all committed errors in setting rate policy in Argentina in 1991, and the extent of their contribution to the payment of the Argentine economy towards exchange crisis was possible avoided. This study help to clarify the weaknesses in the design and conduct of the exchange policy of the Argentine can even monetary policies and the policies of exchange-makers take advantage of them, and thus avoid falling into the same private exchange policy errors.
Mots clés
median drainage system, version funds, exchange rate, runaway inflation, rate policy
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