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The price of inconvertible deposits - the stock market boom during the Argentine crisis, Volume 1
 
Author:Levy Yeyati, Eduardo; Schmukler, Sergio L.; Van Horen, Neeltje; Country:Argentina;
Date Stored:2003/10/25Document Date:2003/10/31
Document Type:Policy Research Working PaperSubTopics:International Terrorism & Counterterrorism; Markets and Market Access; Payment Systems & Infrastructure; Economic Theory & Research; Banks & Banking Reform; Access to Markets; Fiscal & Monetary Policy; Financial Economics
Language:EnglishMajor Sector:Public Administration, Law, and Justice; Finance
Region:Latin America & CaribbeanReport Number:WPS3146
Sub Sectors:General public administration sector; General finance sector; Banking; Capital marketsCollection Title:Policy, Research working paper ; no. WPS 3146
Volume No:1  

Summary: The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a "boom" in the stock market. The authors argue that this boom reflects the cost that depositors were willing to incur to get their money out of the banking system, in light of the impending risks. This boom was generalized to all stocks, and more pronounced in liquid stocks. Furthermore, the boom was a symptom that deposits were effectively restricted, and that investors were not able to circumvent capital controls.

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