Download or read book Restoring Economic Growth in Argentina written by William R. Cline and published by World Bank Publications. This book was released on 2003 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Restoring Economic Growth in Argentina written by William R. Cline and published by . This book was released on 2016 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Argentina s Economic Growth and Recovery written by Michael Cohen and published by Routledge. This book was released on 2012-05-15 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Restoring Economic Growth in Argentina written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Argentina written by and published by . This book was released on 1988 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Argentina written by World Bank and published by . This book was released on 1987 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Argentina and the Fund written by Michael Mussa and published by Peterson Institute. This book was released on 2002 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Can Debt reduction Policies Restore Investment and Economic Growth in Highly Indebted Countries written by Jacques Morisset and published by World Bank Publications. This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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?
Download or read book Recovering Growth written by World Bank and published by World Bank Publications. This book was released on 2021-10-06 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Argentina written by and published by World Bank Publications. This book was released on 1993-01-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Argentina has reformed its public finance system and reversed years of economic decline and deficit spending. This study recommends policy options to speed the already impressive progress. These options would expand the ambitious reform program already under way. This study shows how to sustain balanced public finances over the medium term. It describes ways to sustain price stability and economic growth while providing a cushion against unexpected downturns. Also examined are ways to improve social services while reducing the size of government. Researchers discuss key reforms that could boost the fiscal surplus by as much as 1.4 percent of gross domestic product. They look at ways to build tax revenues, reduce provincial finances, and make social security more equitable. They review methods to cut defense spending and revive a moribund education system. Additional policy options offered are reforms for housing and welfare programs and pension fund investments. The study suggests ways to improve the legal framework for a stronger central bank. Also reviewed are ways to eliminate unnecessary administrative agencies and to privatize public enterprises. The government's new health insurance program is examined. This program offers universal coverage. It lets contributors choose providers and includes subsidies for those who can't pay. It also requires a minimum package of health care at a set price.
Download or read book Growth and Recovery in a Time of Default written by Michael Cohen and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Living Within Our Means written by Aldo Ferrer and published by . This book was released on 1985 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Plan for the Economic Recovery of Argentina written by Bank of London & South America and published by . This book was released on 1956 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Argentina Ex Post Evaluation of Exceptional Access Under the 2018 Stand By Arrangement Press Release and Staff Report written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-22 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Argentina s Economic Recovery written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines Argentina's current economic expansion, which is now more than five and a half years old, and that far exceeded the expectations of most economists and the business media. There are a number of policy choices that seem to have contributed to the recovery, some of them unorthodox and controversial. Among these were the Central Bankâ€TMs targeting of a stable and competitive exchange rate; Argentinaâ€TMs break with the International Monetary Fund (IMF) and its policy prescriptions; and the default on its debt and maintenance of a hard line with its international creditors. The paper suggests that Argentinaâ€TMs experience could have important implications for other developing countries.
Download or read book From Partnership to Collapse written by Mary Elaine Mitchell Waters and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: In 1991, Argentina embarked on an aggressive program of neo-liberal reform in an attempt to combat the hyperinflation, high debt accumulation and unstable currency regimes that defined much of the 1980s. The country soon became the poster child for market reform by tightening monetary policy, privatizing public enterprises and opening the economy to international trade. The initial success of the program was undeniable. Economic growth accelerated, annual inflation fell below 5% by 1994, and the country enjoyed full access to international capital flows. Throughout this period, Argentina pursued a sustained and cooperative partnership with the International Monetary Fund.
Download or read book As Time Goes by in Argentina written by Michele Gragnolati and published by World Bank Publications. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argentina is passing through a demographic transition that constitutes a window of economic and social opportunities and challenges. Argentina's working-age population represents the largest proportion of its total population. The country just began a 30-year period with the most advantageous age structure of its population, which could favor greater economic growth. This situation, known as the demographic window of opportunity, will last until the 2040s. The dynamics of the fertility and mortality rates signify a gradual aging of the population, with implications for various dimensions of the economy, the social protection system, public policies, and society in general. As Time Goes By in Argentina: Economic Opportunities and Challenges of the Demographic Transition explores the opportunities and challenges that the demographic transition poses for the Argentine economy, its most important social sectors such as the healthcare, education, and social protection systems, and the potential fiscal trade-offs. Although Argentina is moving through its demographic transition, it only recently began to enjoy the window of opportunity; this constitutes a great opportunity to achieve an accumulation of capital and future economic growth. Once the window of opportunity passes, population aging will have a significant impact on the level of expenditure, especially on spending in the social protection system. This signifies a challenge from a fiscal policy point of view, because if long-term reforms are not undertaken to mediate these effects, the demographic transition will put pressure on the reallocation of fiscal resources among social sectors. Population aging poses concerns related to sustaining the rate of economic growth with a smaller working-age population. Taking advantage of the current window of opportunities, increasing savings that will finance the accumulation of capital, and increasing future labor force productivity in this way is a challenge for the Argentine economy. As Time Goes By in Argentina will be of importance to both academia, establishing a new research field, and policymakers, given that the potential impact that a slow but constant phenomenon, such as the demographic transition, will have on the Argentine economy, suggests the importance of the current debate on future reforms to mitigate the potential negative effects of aging.
