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The 1980s have been dubbed the “lost decade” in Latin America because during those harsh ten years GDP per capita declined in that region at an average annual rate of 1.5%, in contrast with the 2.3% and 1.8% increase...

The paper combines a brief review of basic monetary theory, a discussion of the critical monetary and banking experience undergone by Argentina between 1980 and 2002, an essay on the stability of velocity of circulation ...