Data Appendix What Can We Learn from the Current Crisis in Argentina? Timothy J. Kehoe

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1 Daa Appendix Wha Can We Learn from he Curren Crisis in Argenina? Timohy J. Kehoe Original Daa: Descripion O.1 GDP, Unied Saes (millions of 1990 Geary-Khamis Dollars) O.2 GDP Volume Index, Unied Saes (2000 = 100) O.3 GDP, Argenina (millions of 1990 Geary-Khamis Dollars) O.4 GDP, Argenina (1986 pesos) O.5 GDP Volume Index, Argenina (2000 = 100) O.6 Populaion, Unied Saes (housands) O.7 Populaion Ages 15-64, Unied Saes O.8 Populaion, Argenina (housands) O.9 Populaion Ages 15-64, Argenina O.10 Invesmen, Argenina (1986 pesos) O.11 GDP, Argenina (millions of pesos) O.12 Gross Fixed Capial Formaion, Argenina (millions of pesos) O.13 Changes in Invenories, Argenina (millions of pesos) O.14 GDP Deflaor, Argenina (2000 = 100) O.15 CPI, Argenina (2000 = 100) O.16 Inward FDI, Argenina (millions of dollars) O.17 Inward FDI, Chile (millions of dollars) O.18 PPI, Argenina (1995 = 100) O.19 Exchange Rae, Argenina-U.S., period average (pesos per dollar) O.20 Exchange Rae, Chile-U.S., period average (pesos per dollar) O.21 GDP, Chile (billions of pesos) O.22 Expors, Argenina (millions of dollars) O.23 Impors, Argenina (millions of dollars) O.24 CPI, Unied Saes (2000 = 100) O.25 PPI, Unied Saes (2000 = 100) O.26 Overall Governmen Balance, Including Off-Budge Iems, Argenina (percen of GDP) O.27 Populaion, Argenina O.28 Hours Worked, Argenina (1970 = 100) O.29 Exernal Deb, Argenina (dollars) O.30 Exernal Deb 1, Argenina (millions of dollars) O.31 PPI, Argenina (2000 = 100) O.32 Money Marke Ineres Rae on Peso Deposis, Argenina (percen per year) O.33 Money Marke Ineres Rae on Foreign Currency Deposis, Argenina (percen per year) O.34 Federal Governmen Revenue, Argenina (millions of pesos) O.35 Federal Governmen Expendiure, Argenina (millions of pesos) O.36 GDP, Argenina (millions of pesos) 1 Sum of bank loans, deb securiies issued abroad, Brady bonds, non-bank rade credis, mulilaeral claims, and official bilaeral loans (DAC crediors).

2 O.37 Economically Acive 2 Populaion (percen of oal populaion) O.38 Full-Time 3 Employed Populaion (percen of oal populaion) O.39 Par-Time Employed Populaion (percen of economically acive populaion) Original Daa: Source O.1 Maddison, Levels of GDP O.2 IFS, 11199BVRZF... O.3 Maddison, Levels of GDP O.4 Kydland and Zarazaga (2002), originally from Meloni (1999) O.5 IFS, 21399BVPZF... O.6 Maddison, Populaion O.7 WDI, SP.POP.1564.TO O.8 Maddison, Populaion O.9 WDI, SP.POP.1564.TO O.10 Kydland and Zarazaga (2002), originally from Meloni (1999) O.11 IFS, 21399B..ZF... O.12 IFS, 21393E..ZF... O.13 IFS, 21393I..ZF... O.14 IFS, 21399BIPZF... O.15 IFS, ZF... O.16 IFS, 21378BEDZF... O.17 IFS, 22878BEDZF... O.18 IFS (June 2002), ZF... O.19 IFS, 213..RF.ZF... O.20 IFS, 228..RF.ZF... O.21 IFS, 22899B..ZF... O.22 DOTS, DZD001 O.23 DOTS, DZD001 O.24 IFS, ZF... O.25 IFS, ZF... O.26 Krueger (2002), hp:// O.27 WDI, SP.POP.TOTL O.28 Kydland and Zarazaga (2002) O.29 WDI, DT.DOD.DECT.CD O.30 Join BIS-IMF-OECD-WB Saisics on Exernal Deb, hp:// O.31 IFS, 21360B..ZF... O.32 IFS, ZF... O.33 IFS, 21360B.FZF... O.34 Secrearia de Hacienda, Argenina O.35 Secrearia de Hacienda, Argenina O.36 IFS, 21399B..ZF... 2 Economically acive is defined as employed or acively seeking employmen. 3 Full-ime is defined as 35 or more hours per week.

3 O.37 Insiuo Nacional de Esadísica y Censos, Encuesa Permanene de Hogares O.38 Insiuo Nacional de Esadísica y Censos, Encuesa Permanene de Hogares O.39 Insiuo Nacional de Esadísica y Censos, Encuesa Permanene de Hogares Noes: WDI denoes he World Bank s World Developmen Indicaors CD-ROM, IFS denoes he Inernaional Moneary Fund s Inernaional Financial Saisics CD-ROM, June 2004 (unless oherwise noed). Maddison denoes Angus Maddison, Hisorical Saisics, World Populaion, GDP and Per Capia GDP, AD, a hp:// DOTS denoes he Inernaional Moneary Fund s Direcion of Trade Saisics CD-ROM, May Secrearia de Hacienda, Argenina, is a hp:// Insiuo Nacional de Esadísica y Censos is a hp:// Consruced Series: Descripion C.1 Real GDP Index, Unied Saes (2000 = 100) C.2 Real GDP Index, Argenina (2000 = 100) C.3 Populaion Ages 15-64, Unied Saes C.4 Populaion Ages 15-64, Argenina C.5 Invesmen, Argenina (millions of 2000 pesos) C.6 Capial Sock, Argenina (millions of 2000 pesos) C.7 GDP, Argenina (millions of 2000 pesos) C.8 Hours Worked per Week, Argenina C.9 Exernal Deb, Argenina (dollars) C.10 Populaion, Argenina C.11 PPI, Argenina (2000 = 100) Consrucion of Series C.1 O.2 spliced wih O.1 C.2 O.5 spliced wih O.4 and O.3 C.3 O.7 for and an adjusmen of O.6 for , where O.6 was muliplied by he fracion of working-age people in he oal populaion in 1960; values for were exrapolaed C.4 O.9 for and an adjusmen of O.8 for , where O.8 was muliplied by he fracion of working-age people in he oal populaion in 1960; values for were exrapolaed C.5 Sum of O.12 and O.13, deflaed by O.14, hen spliced wih O.10 C.6 Compued by cumulaing C.5 as described below C.7 O.11 deflaed by O.14

4 C.8 For , series O.37, O.38, and O.39 were used o deermine hours worked, as described below, wih populaion given by C.10; values for were spliced in from O.28 C.9 O.29 spliced wih O.30 C.10 O.27 for ; values for were exrapolaed C.11 O.31 spliced wih O.18 Splicing: If a series { x } is spliced wih a series { y } a dae T, hen { y } is adjused as follows: ( x / y ) y. Exrapolaion: The values of populaion series C.3, C.4, and C.10 for were exrapolaed using he growh rae of he series from T Deflaing: Nominal GDP and invesmen were boh deflaed using he GDP deflaor; ha is, he series were divided by O.14 and muliplied by 100. Capial Sock: The capial sock was generaed using a perpeual invenory mehod. Given an iniial capial sock, invesmen was cumulaed using he law of moion of capial wih a depreciaion rae of 0.05: K = 1 (1 δ ) K + + I. The iniial capial sock was chosen so ha he growh rae of he capial sock from mached he average annual growh rae of he capial sock from Hours Worked: The daa on hours worked are esimaed from he daa repored by he Insiuo Nacional de Esadísica y Censos in is Encuesa Permanene de Hogares (hp:// These daa, based on surveys of urban areas ha conain abou 65 percen of he populaion, repor on he percenage of populaion ha is working eiher par ime or full ime. Full-ime work is assumed o be 40 hours per week, and par-ime is assumed o be 20 hours. Daa are averaged over he wo surveys per year. (The daa from he Augus surveys are ignored for 1998 and 1999, when here were hree surveys.) These percenages are hen applied o he daa for oal populaion o obain a series for hours worked. This series is spliced wih daa from Kydland and Zarazaga (2002) for , which were consruced using daa from Elías (1992) and from he Encuesa Permanene de Hogares. T Figures Figure 1: The solid line is C.1 divided by C.3. The dashed line is he 2 percen annual rend. Figure 2: The solid line is C.2 divided by C.4. The dashed line is he 2 percen annual rend. Figure 3: The solid line is C.2 divided by C.4. The dashed line, TFP, is calculaed as 1 A = Y K α L α, using C.6 as capial, C.8 as oal hours worked per week, and C.7 as oupu.

5 Figure 4: The solid lines are C.2 divided by C.4. The dashed lines are he analogues in he Figure 5: The solid lines are C.8 divided by C.4. The dashed lines are he analogues in he Figure 6: The solid lines are C.6 divided by C.7. The dashed lines are he analogues in he Figure 7: The solid lines are C.5 divided by C.7. The dashed lines are he analogues in he Figure 8: The series is he percen growh per year of O.15. Figure 9: The solid line is O.32. The dashed line is O.33. Figure 10: The solid line is O.22 muliplied by O.19 and divided by O.11. The dashed line is O.23 muliplied by O.19 and divided by O.11. Figure 11: The solid line is O.16 muliplied by O.19 and divided by O.11. The dashed line is O.17 muliplied by O.20 and divided by O.21. Figure 12: The solid line is O.34 annualized and divided by O.36. The dashed line is O.35 annualized and divided by O.36. Figure 13: The solid line is O.26. The 2002 esimae is calculaed as he mean of he 2002 quarerly values for (O.34 O.35)/O.36, plus off-budge iems, which are assumed o be he same percenage of GDP as in 2001 and are calculaed as he 2001 value of O.26 minus he mean of he 2001 quarerly values for (O.34 O.35)/O.36. Figure 14: The series is C.9 muliplied by O.19 and divided by O.11. Figure 16: The real exchange rae and he relaive price of nonraded goods are calculaed in he usual way using O.19 as he nominal exchange rae, O.15 as he overall price level and C.11 as he raded goods price level for Argenina, and O.24 as he overall price level and O.25 as he raded goods price level for he Unied Saes.