The first important attempt to liberalize financial markets in Argentina took place between 1977 and 1981, and it was a complete failure. Throughout the 1980s, the degree of ‘financial repression’ oscillated but interest rates were basically market-determined. However, the financial system operated under important distortions related to the volatile macroeconomic environment.


Monetary Policy Central Bank Financial System Banking System Systemic Risk 
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© International Development Research Centre 1998

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