Monetary policy implementation in a federal country requires both vertical (national and subnational governments) and horizontal (between subnational jurisdictions) institutional coordination. The optimal centralized monetary policy is blind and potentially nonheterogeneous at the subnational...

We use monthly panel data information on Argentine banks to try to explain the variation in deposits during the 2001 crisis. The variables used are related to the solvency condition of the bank, whether it is public or private, interest rates for each bank and macroeconomic variables referred to...