The peso's one‑to‑one peg strangled Argentina's ability to adjust
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The peso's one‑to‑one peg strangled Argentina's ability to adjust
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The peso's one‑to‑one peg strangled Argentina's ability to adjust
In this episode, we trace the chain of policy choices and external shocks that led to Argentina’s frozen accounts and political collapse in December 2001. How did a currency law designed to cure hyperinflation become the mechanism that prevented economic adjustment when crises arrived?
Person: Fernando de la Rúa
Date: December 20, 2001
Policy: Convertibility plan (peso pegged 1:1 to US dollar, enacted 1991)
External shocks: Brazil devaluation (1999), Russia default (1998), LTCM collapse
Measures imposed: IMF loans tied to spending cuts, wage freezes, public-sector reductions
- President Fernando de la Rúa left the Casa Rosada by helicopter while millions could not withdraw their savings from banks.
- The convertibility law of 1991 fixed the peso one-to-one with the US dollar to stop hyperinflation and build credibility.
- When Brazil devalued and commodities fell, Argentina’s fixed exchange rate prevented currency adjustment and made exports uncompetitive.
- Global financial shocks-Russia’s 1998 default and the LTCM collapse-tightened credit and raised Argentina’s borrowing costs.
- IMF-mandated fiscal adjustments forced spending cuts and wage freezes onto an economy already constrained by the peg.
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