Restoring Economic Growth In Argentina
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Restoring Economic Growth In Argentina
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Author : William R. Cline
language : en
Publisher: World Bank Publications
Release Date : 2003
Restoring Economic Growth In Argentina written by William R. Cline and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Argentina categories.
The author reviews the debate on the causes of Argentina's economic collapse in late 2001 and 2002 and examines the measures needed to help restore sustainable growth. Some analysts stress fiscal imbalances, others overvaluation of the peso under the convertibility plan, and others external shocks. Cline judges that all three contributed substantially, but that it was their inflammatory interaction with domestic political unraveling that forced the bad-equilibrium outcome. He reviews the nascent recovery since the second half of 2002 and the important success of avoiding hyperinflation. Looking forward, the author's analysis underscores the importance of strengthening fiscal performance, in part by increasing relatively low collections of value added taxes. He stresses the need for reform of the system of revenue sharing with the provinces; the importance of strengthening the banking system, which was severely weakened by asymmetric conversion of assets and liabilities from dollars to pesos; and the need to arrive at equitable restructuring of utility tariffs to reestablish confidence of foreign direct investors in the rules of the game. Restructuring government debt is also central to restoring growth. A simple model indicates that a relatively ambitious target for the primary fiscal surplus and a restricted set of senior-status debt will be needed to limit the haircut on junior debt to amounts compatible with longer-term creditor perceptions of fairness. The author also considers the new dynamics of bargaining with the International Monetary Fund (IMF). He judges that although conditionality is arguably appropriately less stringent as only rollover is involved, and despite the large outstanding debt to the IMF, there are limits to how lenient the Fund can and should be in key areas with potential for setting international precedents.
Restoring Economic Growth In Argentina
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Author : William R. Cline
language : en
Publisher:
Release Date : 2016
Restoring Economic Growth In Argentina written by William R. Cline and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Cline reviews the debate on the causes of Argentina's economic collapse in late 2001 and 2002 and examines the measures needed to help restore sustainable growth. Some analysts stress fiscal imbalances, others overvaluation of the peso under the convertibility plan, and others external shocks. Cline judges that all three contributed substantially, but that it was their inflammatory interaction with domestic political unraveling that forced the bad-equilibrium outcome. He reviews the nascent recovery since the second half of 2002 and the important success of avoiding hyperinflation. Looking forward, the author's analysis underscores the importance of strengthening fiscal performance, in part by increasing relatively low collections of value added taxes. He stresses the need for reform of the system of revenue sharing with the provinces; the importance of strengthening the banking system, which was severely weakened by asymmetric conversion of assets and liabilities from dollars to pesos; and the need to arrive at equitable restructuring of utility tariffs to reestablish confidence of foreign direct investors in the rules of the game. Restructuring government debt is also central to restoring growth. A simple model indicates that a relatively ambitious target for the primary fiscal surplus and a restricted set of senior-status debt will be needed to limit the haircut on junior debt to amounts compatible with longer-term creditor perceptions of fairness. The author also considers the new dynamics of bargaining with the International Monetary Fund (IMF). He judges that although conditionality is arguably appropriately less stringent as only rollover is involved, and despite the large outstanding debt to the IMF, there are limits to how lenient the Fund can and should be in key areas with potential for setting international precedents.This paper - a product of the Office of the Chief Economist, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the causes of macroeconomic crises.
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
Argentina
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Author : World Bank
language : en
Publisher:
Release Date : 1987
Argentina written by World Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Business & Economics categories.
Can Debt Reduction Policies Restore Investment And Economic Growth In Highly Indebted Countries
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Author : Jacques Morisset
language : en
Publisher: World Bank Publications
Release Date : 1991
Can Debt Reduction Policies Restore Investment And Economic Growth In Highly Indebted Countries written by Jacques Morisset and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Argentina categories.
Since 1982, public and private investment rates have declined dramatically in most debtor countries. What would be the effects of debt- reduction operations for heavily indebted countries like Argentina?
Recovering Growth
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2021-10-06
Recovering Growth written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-06 with Business & Economics categories.
After its worst economic crisis in 100 years, Latin America and the Caribbean countries are emerging from the COVID†?19 pandemic. The need to recover dynamic, inclusive, and sustainable growth to redress both the legacy of the pandemic and long†?standing social needs has never been more acute. However, despite progress in some areas, the region is facing a weaker recovery than expected given the favorable international tailwinds and is likely return to the low growth rates of the 2010s. Moreover, growth could be further slowed by both internal and external factors: the emergence of a new variant of the virus, a rise in international interest rates to combat global inflation, and high levels of debt in both the private and public sector. Beyond offering the current macroeconomic outlook of the region and the near†?term challenges it faces, this report explores three broad areas where growth†?advancing policies and reforms could be undertaken within a constrained fiscal context: mobilizing sources of revenue that appear to be growthneutral; improving public spending efficiency to free up resources for other purposes; and reallocating spending to areas with highest growth and social impact.
Plan For The Economic Recovery Of Argentina
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Author : Bank of London & South America
language : en
Publisher:
Release Date : 1956
Plan For The Economic Recovery Of Argentina written by Bank of London & South America and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1956 with Argentina categories.
Argentina Ex Post Evaluation Of Exceptional Access Under The 2018 Stand By Arrangement Press Release And Staff Report
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-22
Argentina Ex Post Evaluation Of Exceptional Access Under The 2018 Stand By Arrangement Press Release And Staff Report written by International Monetary 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 2021-12-22 with Business & Economics categories.
On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund’s history, in support of Argentina’s 2018-21 economic program. After an augmentation in October 2018, access under the arrangement amounted to US$57 billion (1,227 percent of Argentina’s IMF quota). The program saw only four of the planned twelve reviews completed, and did not fulfil the objectives of restoring confidence in fiscal and external viability while fostering economic growth. The arrangement was canceled on July 24, 2020.
Latin American Economic Outlook 2021 Working Together For A Better Recovery
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2021-12-02
Latin American Economic Outlook 2021 Working Together For A Better Recovery written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-02 with categories.
The Latin American Economic Outlook 2021: Working Together for a Better Recovery aims to analyse and provide policy recommendations for a strong, inclusive and environmentally sustainable recovery in the region. The report explores policy actions to improve social protection mechanisms and increase social inclusion, foster regional integration and strengthen industrial strategies, and rethink the social contract to restore trust and empower citizens at all stages of the policy‐making process.