Why Argentina did not have a currency board
Argentina introduced its "convertibility" system, which linked the Argentine peso to the dollar at a fixed rate, on 1 April 1991. The convertibility system ended in a spectacular economic crash and currency devaluation in January 2002. Most economists asserted that Argentina's convertibility system was a currency board, with little room for discretionary monetary policy. Armed with that premise, other economists and the financial journalists who followed their lead have concluded that currency
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