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Things We Learn from Crises. (2013). Levy Yeyati, Eduardo.
In: Monetaria.
RePEc:cml:moneta:v:i:y:2013:i:1:p:199-230.

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  24. Levy Yeyati, E., M. S. Martínez Pería, and S. Schmukler (2010), “Depositor Behavior under Macroeconomic Risk: Evidence from Bank Runs in Emerging Economies,” Journal of Money, Credit, and Banking, Vol. 42, No. 4, pp. 585-614.

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  33. Strictly speaking detailed analysis of Argentina’s case reveals that the country experienced a large substitution of assets (dollarization of savings) but not a currency substitution. In the end this allowed monetary policy to be implemented and prevented higher inflation. Moreover, the issuing of quasi currencies (low denomination bonds in convertible pesos issued by national and provincial Treasuries), often hailed as a model for introducing a new currency was actually a vehicle for fiscal financing which by design avoided the likelihood of a devaluation (de la Torre, et al., 2002).
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