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1648. The Lender of Last Resort Function Under a Currency Board: The Case of Argentina
Gerard Caprio, Jr., Michael Dooley, Danny Leipziger, and Carl Walsh
(September 1996)
No grand solution appears to exist for the problems that seem inevitable in the Argentine system, in which the Central Bank is both lender of last resort and currency board, providing full convertibility between pesos and U.S. dollars. Argentina's strategy therefore must turn on actively strengthening its banking systems to ...
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