Аннотация:The Argentine experiment with convertibility ended in collapse. There is no shortage of after-the-fact explanations of what went wrong, but the search for lessons presupposes that by studying the experience, analysts can gain some knowledge that was not available beforehand. Any analysis of a case like that of Argentina must address the issue of how and why agents behaved in such a way that produced such disastrous aggregate outcomes. This implies asking what expectational "errors" were made by private individuals and policymakers, why they made them, and how their decisions interacted. One should also consider what incentive problems and gaming might have affected the choice of policies and their impact on private expectations. Such matters are the focus of this paper.
