Economy of Argentina GDP levels in the world, at par with Canada and Australia and surpassing both France and Italy. Argentina today (2018) is plagued by currency crisis which involved a potential bailout from International Monetary Fund. The currency declined by 18% over a period of 12 days in May 2018 to more than 25 Argentine pesos per U.S. Dollar. Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and is one of the G-20 major economies. Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat, wool, leather, and hide industries for both
Currency substitution currency substitution by adopting the US dollar as legal tender in 1904. This type of currency substitution is also known as de jure currency substitution. Currency substitution can be used semiofficially (or officially bimonetary systems), where the foreign currency is legal tender alongside the domestic currency. In literature, there is a set of related definitions of currency substitution such as external liability currency substitution, domestic liability currency substitution, banking sector's liability currency substitution or deposit currency substitution, and credit dollarlization. External liability currency substitution measures total external debt (private and public) denominated in foreign currencies of the economy. Deposit currency