{"id":8951,"date":"2025-12-15T12:55:40","date_gmt":"2025-12-15T15:55:40","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=8951"},"modified":"2025-12-15T12:55:44","modified_gmt":"2025-12-15T15:55:44","slug":"exchange-rate-controls-and-foreign-reserves","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=8951","title":{"rendered":"Exchange Rate Controls and Foreign Reserves"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2025\/8.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We study the impact of multiple\/parallel exchange rate markets. As controls on the exchange rate are often imposed to avoid a currency crisis we study their impact on foreign reserves using Argentina as a natural experiment. We design a Synthetic economy without exchange rate controls and compare it to Argentina. We show evidence that the 2011 controls were largely unexpected. We find that exchange rate controls reduce the accumulation of foreign reserves, contrary to their proclaimed objective. Quantitatively, Argentina\u2019s external reserve in 2014 were 40% smaller than those in the economy without the exchange rate controls.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[33],"class_list":["post-8951","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2025"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"We study the impact of multiple\/parallel exchange rate markets. As controls on the exchange rate are often imposed to avoid a currency crisis we study their impact on foreign reserves using Argentina as a natural experiment. We design a Synthetic economy without exchange rate controls and compare it to Argentina. We show evidence that the 2011 controls were largely unexpected. We find that exchange rate controls reduce the accumulation of foreign reserves, contrary to their proclaimed objective. Quantitatively, Argentina\u2019s external reserve in 2014 were 40% smaller than those in the economy without the exchange rate controls.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aaep.org.ar\/?p=8951\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-15T15:55:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T15:55:44+00:00\" \/>\n<meta name=\"author\" content=\"aaepolitica\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:site\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"aaepolitica\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951\"},\"author\":{\"name\":\"aaepolitica\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\"},\"headline\":\"Exchange Rate Controls and Foreign Reserves\",\"datePublished\":\"2025-12-15T15:55:40+00:00\",\"dateModified\":\"2025-12-15T15:55:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951\"},\"wordCount\":21,\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"keywords\":[\"AAEP Anales 2025\"],\"articleSection\":[\"Anales\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951\",\"name\":\"Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\"},\"datePublished\":\"2025-12-15T15:55:40+00:00\",\"dateModified\":\"2025-12-15T15:55:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aaep.org.ar\\\/?p=8951\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8951#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\\\/\\\/aaep.org.ar\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Exchange Rate Controls and Foreign Reserves\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"description\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aaep.org.ar\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"contentUrl\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"width\":74,\"height\":49,\"caption\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\"},\"image\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/aaepoficial\",\"https:\\\/\\\/www.instagram.com\\\/aaepoficial\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\",\"name\":\"aaepolitica\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"caption\":\"aaepolitica\"},\"sameAs\":[\"https:\\\/\\\/aaep.org.ar\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","robots":{"index":"noindex","follow":"follow"},"og_locale":"es_ES","og_type":"article","og_title":"Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","og_description":"We study the impact of multiple\/parallel exchange rate markets. As controls on the exchange rate are often imposed to avoid a currency crisis we study their impact on foreign reserves using Argentina as a natural experiment. We design a Synthetic economy without exchange rate controls and compare it to Argentina. We show evidence that the 2011 controls were largely unexpected. We find that exchange rate controls reduce the accumulation of foreign reserves, contrary to their proclaimed objective. Quantitatively, Argentina\u2019s external reserve in 2014 were 40% smaller than those in the economy without the exchange rate controls.","og_url":"https:\/\/aaep.org.ar\/?p=8951","og_site_name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","article_published_time":"2025-12-15T15:55:40+00:00","article_modified_time":"2025-12-15T15:55:44+00:00","author":"aaepolitica","twitter_card":"summary_large_image","twitter_creator":"@aaepoficial","twitter_site":"@aaepoficial","twitter_misc":{"Escrito por":"aaepolitica"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aaep.org.ar\/?p=8951#article","isPartOf":{"@id":"https:\/\/aaep.org.ar\/?p=8951"},"author":{"name":"aaepolitica","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c"},"headline":"Exchange Rate Controls and Foreign Reserves","datePublished":"2025-12-15T15:55:40+00:00","dateModified":"2025-12-15T15:55:44+00:00","mainEntityOfPage":{"@id":"https:\/\/aaep.org.ar\/?p=8951"},"wordCount":21,"publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"keywords":["AAEP Anales 2025"],"articleSection":["Anales"],"inLanguage":"es"},{"@type":"WebPage","@id":"https:\/\/aaep.org.ar\/?p=8951","url":"https:\/\/aaep.org.ar\/?p=8951","name":"Exchange Rate Controls and Foreign Reserves - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","isPartOf":{"@id":"https:\/\/aaep.org.ar\/#website"},"datePublished":"2025-12-15T15:55:40+00:00","dateModified":"2025-12-15T15:55:44+00:00","breadcrumb":{"@id":"https:\/\/aaep.org.ar\/?p=8951#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aaep.org.ar\/?p=8951"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aaep.org.ar\/?p=8951#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/aaep.org.ar\/"},{"@type":"ListItem","position":2,"name":"Exchange Rate Controls and Foreign Reserves"}]},{"@type":"WebSite","@id":"https:\/\/aaep.org.ar\/#website","url":"https:\/\/aaep.org.ar\/","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","description":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aaep.org.ar\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/aaep.org.ar\/#organization","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","url":"https:\/\/aaep.org.ar\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/","url":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","contentUrl":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","width":74,"height":49,"caption":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica"},"image":{"@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/aaepoficial","https:\/\/www.instagram.com\/aaepoficial\/"]},{"@type":"Person","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c","name":"aaepolitica","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","caption":"aaepolitica"},"sameAs":["https:\/\/aaep.org.ar"]}]}},"_links":{"self":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/8951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8951"}],"version-history":[{"count":2,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/8951\/revisions"}],"predecessor-version":[{"id":8953,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/8951\/revisions\/8953"}],"wp:attachment":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}