Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations

Currency substitution defined as the use of foreign currency in the domestic economy is a relatively common phenomenon in developing countries. While mainstream economics has analyzed it in some detail, the same is not the case in heterodox economics. This paper proposes an analytical approach to ev...

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Autores principales: Graña Colella, Santiago, Vernengo, Matías
Formato: Artículo publishedVersion
Lenguaje:Inglés
Publicado: Associazione Economia civile 2024
Materias:
Cambio de Monedas
Desarrollo Económico
Economía Heterodoxa
Acceso en línea:https://nulan.mdp.edu.ar/id/eprint/4309/
https://nulan.mdp.edu.ar/id/eprint/4309/1/grana-vernengo-2024.pdf
Aporte de:
Nulan - Fac.Cs.Económicas (UNMdP) de Universidad Nacional de Mar del Plata (UNMdP)
id I29-R135-4309
record_format dspace
spelling I29-R135-43092025-05-14T13:39:44Z Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations Graña Colella, Santiago Vernengo, Matías Currency substitution defined as the use of foreign currency in the domestic economy is a relatively common phenomenon in developing countries. While mainstream economics has analyzed it in some detail, the same is not the case in heterodox economics. This paper proposes an analytical approach to evaluate the effects of currency substitution and its relationship with exchange rate dynamics; it provides an empirical investigation of orthodox and alternative views for the case of Argentina. The orthodox view emphasizes the role of fiscal deficits financed by monetary emissions, while alternative views emphasize the importance of external vulnerabilities, both associated with current and financial account deficits as the source of currency substitution. We find some support in favor of the alternative or heterodox perspective on currency substitution or dollarization. Associazione Economia civile 2024-09 https://nulan.mdp.edu.ar/id/eprint/4309/ application/pdf eng https://nulan.mdp.edu.ar/id/eprint/4309/1/grana-vernengo-2024.pdf PSL Quarterly Review, 77(310), 313-327. ISSN 2037-3643. 10.13133/2037-3643/18652 <https://doi.org/10.13133/2037-3643%2F18652> Argentina 2003-2019 info:eu-repo/semantics/altIdentifier/doi/10.13133/2037-3643/18652 info:eu-repo/semantics/article info:ar-repo/semantics/artículo info:eu-repo/semantics/publishedVersion Fil: Graña Colella, Santiago. Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales; Argentina. Fil: Vernengo, Matías. Bucknell University; Estados Unidos. Cambio de Monedas Desarrollo Económico Economía Heterodoxa info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
institution Universidad Nacional de Mar del Plata (UNMdP)
institution_str I-29
repository_str R-135
collection Nulan - Fac.Cs.Económicas (UNMdP)
language Inglés
orig_language_str_mv eng
topic Cambio de Monedas
Desarrollo Económico
Economía Heterodoxa
spellingShingle Cambio de Monedas
Desarrollo Económico
Economía Heterodoxa
Graña Colella, Santiago
Vernengo, Matías
Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
topic_facet Cambio de Monedas
Desarrollo Económico
Economía Heterodoxa
description Currency substitution defined as the use of foreign currency in the domestic economy is a relatively common phenomenon in developing countries. While mainstream economics has analyzed it in some detail, the same is not the case in heterodox economics. This paper proposes an analytical approach to evaluate the effects of currency substitution and its relationship with exchange rate dynamics; it provides an empirical investigation of orthodox and alternative views for the case of Argentina. The orthodox view emphasizes the role of fiscal deficits financed by monetary emissions, while alternative views emphasize the importance of external vulnerabilities, both associated with current and financial account deficits as the source of currency substitution. We find some support in favor of the alternative or heterodox perspective on currency substitution or dollarization.
format Artículo
Artículo
publishedVersion
author Graña Colella, Santiago
Vernengo, Matías
author_facet Graña Colella, Santiago
Vernengo, Matías
author_sort Graña Colella, Santiago
title Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
title_short Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
title_full Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
title_fullStr Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
title_full_unstemmed Currency substitution in Argentina, 2003-2019: An evaluation of alternative explanations
title_sort currency substitution in argentina, 2003-2019: an evaluation of alternative explanations
publisher Associazione Economia civile
publishDate 2024
url https://nulan.mdp.edu.ar/id/eprint/4309/
https://nulan.mdp.edu.ar/id/eprint/4309/1/grana-vernengo-2024.pdf
work_keys_str_mv AT granacolellasantiago currencysubstitutioninargentina20032019anevaluationofalternativeexplanations
AT vernengomatias currencysubstitutioninargentina20032019anevaluationofalternativeexplanations
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