By Valeriano F. Garcia
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Extra info for Black December: Banking Instability, the Mexican Crisis, and Its Effect on Argentina (World Bank Latin American and Caribbean Studies)
Black December central banks. For Argentina we expect that changes in the Central Bank's holdings of foreign assets would lead to changes in the monetary base in the same direction—a positive correlation. If Mexico had an active monetary policy on average, we would expect that changes in money supply would cause changes in the opposite direction in foreign assets—a negative correlation. Under a true fixed exchange−rate regime, we would also expect that movements in the foreign assets of the central bank would be strongly correlated with movements in the real demand for money.
C. Rojas−Suarez, Liliana, and Steven R. Weisbrod. 1995. , October 1995. Sjaastad, Larry. 1994. " Working Paper. Sjaastad, Larry. 1997. " In Preventing Banking Sector Distress and Crises, forthcoming proceedings of a World Bank conference, edited by S. Bery and V. Garcia. C. Talvi, Ernesto. 1996. " Working Paper 324. , March 1996. Tesar, Linda, and Ingrid Warner. 1993. S. " In Portfolio Investment in Developing Countries, 200220. World Bank Discussion Paper 228, edited by Stijn Claessens and Sudarshan Gooptu.
In the late '70s most of the outstanding debt was contracted under floating interest rates, with financing costs mounting as world interest rates skyrocketed. In addition, the worldwide oil−price collapse helped trigger the crisis by drying up petro−dollars, the so−called source of capital flows. 3. Central Bank of Argentina, Boletin Mensual, several issues. 4. For a description, see Alex Fleming, Lily Chu, and Marie−Renee Bakker. , September 1996). 5. $"; otherwise, the "$" symbol will refer to pesos.
Black December: Banking Instability, the Mexican Crisis, and Its Effect on Argentina (World Bank Latin American and Caribbean Studies) by Valeriano F. Garcia