TAILIEUCHUNG - A stock market boom during a financial crisis? ADRs and capital outflows in Argentina

Horizontal sliding windows should be treated much the same as sliding glass doors. Header stops in the form of screws with metal washer stacks can be used to remove the space between the top rail of the sash and the track in a way that prevents the sash from being lifted from the track. Once this has been accomplished, a length of wood dowel or special blocking lock bar can be installed on the window to prevent the window from sliding. In some cases, both window sashes slide independently. The outer most sash should be fixed in the track by screws and/or brackets. Once this is accomplished, the. | ELSEVIER Available online at Economics Letters 81 2003 129-136 economics letters locate econbase A stock market boom during a financial crisis ADRs and capital outflows in Argentina Michael Melvin Department of Economics Arizona State University Tempe AZ 85287-3806 USA Received 9 December 2002 received in revised form 3 April 2003 accepted 6 May 2003 Abstract The surprising Argentine stock market boom during a financial crisis is explained as a result of investors using the stock market to circumvent cash withdrawal restrictions and capital controls and shift funds out of Argentina and into the United States. 2003 Elsevier . All rights reserved. Keywords Argentina Financial crisis American depositary receipts ADRs Stock market JEL classification F30 G15 1. Introduction From late 2001 to early 2002 the Argentine economy experienced a crisis of massive proportions. Ultimately it led to the end of the peso peg against the dollar drastic foreign exchange and capital controls a nationwide bank closure and the largest debt default in history. Yet in the face of economic disarray and social unrest the Argentine stock market experienced a boom. Between the end of November 2001 prior to the first announcement of restrictions on financial transactions and March 25 2002 when extensive capital controls were imposed the Argentine stock market experienced a dramatic rise of more than 217 as measured by the Merval index. The Argentine experience stands in sharp contrast to other recent financial crises. If one examines the stock market performance of other countries in the immediate months involving crises one finds the following fall in stock market indexes Mexico December 1994-February 1995 Korea July 1997-November 1997 Malaysia July 1997-January 1998 and Thailand July 1997-December 1998 . Yet the Argentine market more than doubled in the early Tel. 1 1-480-965-6860 fax 1 1-480-965-0748. E-mail address .

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