Crisis And Recovery In Argentina

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Crisis And Recovery In Argentina

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Author : Melanie Khamis
language : en
Publisher:
Release Date : 2005

Crisis And Recovery In Argentina written by Melanie Khamis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Argentina categories.

Argentina S Economic Growth And Recovery

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Author : Michael Cohen
language : en
Publisher: Routledge
Release Date : 2012-05-15

Argentina S Economic Growth And Recovery written by Michael Cohen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-15 with Business & Economics categories.

This book examines the causes of the economic and political crisis in Argentina in 2001 and the process of strong economic recovery. It poses the question of how a country which defaulted on its external loans and was widely criticized by international observers could have succeeded in its growth and development despite this decision in 2002. It examines this process in terms of the impact of neo-liberal policies on the economy and the role of development strategy and the state in recovering from the crisis

Argentina And The Fund

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Author : Michael Mussa
language : en
Publisher: Peterson Institute
Release Date : 2002

Argentina And The Fund written by Michael Mussa and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.

The catastrophic crisis of late 2001 and early 2002 marks the tragic end to Argentina's initially successful, decade-long experiment with sound money and market-oriented economic reform. The IMF consistently Supported Argentina's stabilization and reform efforts in the decade leading up to the current crisis and often pointed to many of Argentina's policies as examples for other emerging-market economies to emulate. In this policy analysis, former IMF Chief Economist Michael Mussa addresses the obvious question: What went wrong in Argentina and what important errors did the IMF make in either supporting inappropriate policies or in failing to press for alternatives that might have avoided catastrophe? He emphasizes that the persistent inability of the Argentine authorities at all levels to run a responsible fiscal policy--even when the Argentine economy was performing very well--was the primary avoidable cause of the country's catastrophic financial collapse. The IMF failed to press aggressively for a more responsible fiscal policy. Mussa also addresses the role of the Convertibility Plan, which linked the Argentine peso rigidly at parity with the US dollar and played a central role in both the initial success and ultimate collapse of Argentina's stabilization and reform efforts. While the IMF accepted this plan as a basic policy choice of the Argentine authorities so long as it remained viable, it erred in the summer of 2001 by extending further massive support for unsustainable policies, rather than insisting on a new policy strategy that might have mitigated some of the damage from a crisis that had become unavoidable. Mussa lays out what needs to be done to restore economic andfinancial stability in Argentina and begin the process of recovery, including the proper role of the IMF and the international community. He also examines what the IMF can do to avoid repeating the types of mistakes it made in t

A Catastrophe Foretold

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Author : Hector E. Maletta
language : en
Publisher:
Release Date : 2007

A Catastrophe Foretold written by Hector E. Maletta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

The economic crisis of 2001-2002 in Argentina caused a large increase in unemployment. Policy responses have been imperfect. This paper discusses the roots and character of the crisis, the policies implemented to address the resulting social situation, and the quality of early warning indicators available at the time of the crisis. The main cause of the crisis was the rapid increase of public expenditure, public indebtedness and debt servicing in the late 1990s, and the failure to reverse it when a new administration took office in December 1999. These fiscal developments prompted a large increase in the rate of interest the country had to pay in international markets, and eventually capital flight and a sudden stop of international financing both for the government and the private sector. The government announced it will stop servicing public debt, imposed capital controls and scrapped the currency system, causing a deep fall in economic activity, a sharp increase in inflation (40.9 in 2002, about 90% from 2002 to 2006) and a big increase in unemployment during 2002 and early 2003, until a recovery went underway. Some interpretations of the crisis have linked it to the monetary system (of the currency board type) the country had adopted in 1991 after several bouts of hyperinflation also linked with excessive public indebtedness and fiscal deficit. An examination of the arguments for this interpretation shows them lacking as an explanation of why the crisis occurred, though in the event of a crisis already happening a more flexible monetary system would have been helpful. The main responses to the social impact of the crisis have involved: - A large workfare program, which at its peak covered about 14% of total labour force - A freeze on utility charges (electricity, gas, fuel, telephones and others), further straining relations with the private firms running public services - A stiff cut in public debt to bondholders (i.e. except debt to international organizations), accepted by 3⁄4 of bondholders so far. This, and obtaining a primary budget surplus, enabled the government to engineer a recovery and accumulate foreign currency reserves while preserving its ability to pay for social programs. Lack of early warning was not a factor in the crisis. Argentina has a good and well developed statistical system, and there was no dearth of indicators and early warning signals about this crisis. Even if improvements might be implemented in the main indicators available, they were enough to ascertain the probability of the crisis, and its impact. The main problems with forecasting and avoiding the crisis lay in poor governance, conflicting views about the country's position, different interpretations of the signals, and inability to respond through policy. Some of these problems are still present, and may have effects in the future.

Argentina Since The 2001 Crisis

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Author : C. Levey
language : en
Publisher: Springer
Release Date : 2014-07-17

Argentina Since The 2001 Crisis written by C. Levey and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-17 with Political Science categories.

This timely and interdisciplinary volume analyzes the many impacts of and contrasting responses to the Argentine political, economic, and social crises of 2001-02. Chapters offer original theoretical models and examine the relationship between political, cultural, economic, and societal spheres.

Three Essays In Emerging Market Post Crisis Recovery

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Author : Pritha Mitra
language : en
Publisher: Ann Arbor, Mich. : University Microfilms International
Release Date : 2005

Three Essays In Emerging Market Post Crisis Recovery written by Pritha Mitra and has been published by Ann Arbor, Mich. : University Microfilms International this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Developing countries categories.

Living Within Our Means

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Author : Aldo Ferrer
language : en
Publisher:
Release Date : 1985

Living Within Our Means written by Aldo Ferrer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Argentina categories.

Study of economic conditions and the economic recession in Argentina - discusses external debt and inflation; gives an overview of proposals for economic policy, wage policy, employment policy, trade policy, monetary policy etc. For economic recovery. Statistical tables.

Lessons From The Crisis In Argentina

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Author : Ms.Christina Daseking
language : en
Publisher: International Monetary Fund
Release Date : 2005-02-10

Lessons From The Crisis In Argentina written by Ms.Christina Daseking and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02-10 with Business & Economics categories.

In 2001- 02, Argentina experienced one of the worst economic crises in its history. A default on government debt, which occurred against the backdrop of a prolonged recession, sent the Argentine currency and economy into a tailspin. Although the economy has since recovered from the worst, the crisis has imposed hardships on the people of Argentina, and the road back to sustained growth and stability is long. The crisis was all the more troubling in light of the fact that Argentina was widely considered a model reformer and was engaged in a succession of IMF-supported programs through much of the 1990s. This Occasional Paper examines the origins of the crisis and its evolution up to early 2002 and draws general policy lessons, both for countries’ efforts to prevent crises and for the IMF’s surveillance and use of its financial resources.

Growth And Recovery In A Time Of Default

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Author : Michael Cohen
language : en
Publisher:
Release Date : 2011

Growth And Recovery In A Time Of Default written by Michael Cohen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

International narratives on Argentina's recovery from the crisis of 2001-02 tend to emphasize the role of rising commodity prices and growing demand from China. Argentina is said to have been 'lucky', saved by global demand for its agricultural exports. The international narrative has also been used by local agricultural exporters to justify their objections against higher export taxes during periods of high commodity prices. These narratives are not correct. Data on the country's recovery show that it was not led by agricultural exports but was fuelled by urban demand and production. When the Convertibility period ended and the peso was devalued in 2002, price increases for imports stimulated the production of domestic goods and services for consumers. This production in turn generated multiplier effects which supported small and medium-sized firms and helped to create many new jobs. This later produced a revival of the construction and then the manufacturing sectors as well. -- economic crisis ; urban sector ; economic recovery

Oecd Insights From Crisis To Recovery The Causes Course And Consequences Of The Great Recession

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Author : Keeley Brian
language : en
Publisher: OECD Publishing
Release Date : 2010-09-10

Oecd Insights From Crisis To Recovery The Causes Course And Consequences Of The Great Recession written by Keeley Brian and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-10 with categories.

From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy.