This paper discusses local currency systems as an instrument of selective spatial closure to mitigate impacts of externally induced changes and to promote endogenous local economic development. Drawing on data collected in Argentina, it was found that local currency systems provided relatively...

This paper evaluates the domestic adjustment to recent positive external shocks in Argentina's natural resource sectors. Although there is no single, exclusive determinant of Argentina's fast economic growth in the period 2003-2007, the paper illustrates the favourable contribution of certain...