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 And the Money Kept Rolling In and Out Wall Street the IMF and the Bankrupting of Argentina written by Paul Blustein and published by Public Affairs. This book was released on 2006-04-04 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author of "The Chastening" returns with this definitive account of the most spectacular economic meltdown of modern times as he exposes dangerous flaws of the global financial system.

Download or read book And the Money Kept Rolling In and Out Wall Street the IMF and the Bankrupting of Argentina written by Paul Blustein and published by PublicAffairs. This book was released on 2006-04-04 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, few countries were more lionized than Argentina for its efforts to join the club of wealthy nations. Argentina's policies drew enthusiastic applause from the IMF, the World Bank and Wall Street. But the club has a disturbing propensity to turn its back on arrivistes and cast them out. That was what happened in 2001, when Argentina suffered one of the most spectacular crashes in modern history. With it came appalling social and political chaos, a collapse of the peso, and a wrenching downturn that threw millions into poverty and left nearly one-quarter of the workforce unemployed. Paul Blustein, whose book about the IMF, The Chastening, was called "gripping, often frightening" by The Economist and lauded by the Wall Street Journal as "a superbly reported and skillfully woven story," now gets right inside Argentina's rise and fall in a dramatic account based on hundreds of interviews with top policymakers and financial market players as well as reams of internal documents. He shows how the IMF turned a blind eye to the vulnerabilities of its star pupil, and exposes the conduct of global financial market players in Argentina as redolent of the scandals -- like those at Enron, WorldCom and Global Crossing -- that rocked Wall Street in recent years. By going behind the scenes of Argentina's debacle, Blustein shows with unmistakable clarity how sadly elusive the path of hope and progress remains to the great bulk of humanity still mired in poverty and underdevelopment.

Download or read book The Foreign Debt of the Argentine Republic written by Harold Edwin Peters and published by . This book was released on 1983 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Argentina s Defaulted Sovereign Debt written by J. F. Hornbeck and published by DIANE Publishing. This book was released on 2010-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Dec. 2001, Argentina suffered a severe financial crisis, leading to the largest default on sovereign debt in history. In 2005, Argentina made a one-time unilateral offer on terms highly unfavorable to the creditors. Although 76% of creditors accepted the offer, a diverse group of ¿holdouts¿ opted instead for litigation in hopes of achieving a better settlement in the future. Argentina still owes private creditors $20 billion in defaulted debt and $10 billion in past-due interest, as well as $6.2 billion to Paris Club countries. Contents of this report: Recent Developments; Background to the Current Debt Restructuring; Restructuring Sovereign Debt; Argentina¿s Debt Profile and Rationale for Restructuring (Again); The 2010 Exchange; Outlook. Illustrations.

Download or read book The Economic Accomplices to the Argentine Dictatorship written by Horacio Verbitsky and published by Cambridge University Press. This book was released on 2016 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uncovers how banks, individuals, and companies worked as economic accomplices to the oppressive Argentinian dictatorship.

Download or read book Lessons from the Crisis in Argentina written by Ms.Christina Daseking and published by International Monetary Fund. This book was released on 2005-02-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Default written by Gregory Makoff and published by Georgetown University Press. This book was released on 2024-02-01 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy. Default is the riveting story of Argentina’s sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina’s 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts. This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.

Download or read book Living Within Our Means written by Aldo Ferrer and published by Routledge. This book was released on 2019-04-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book originally published in 1985, looked at Argentina's international insolvency issues and looks at the dilemma of how to proceed in order to ensure its economic sovereignty; in other words, its right to its own destiny. The book goes beyond social and economic areas and concludes that for real independence the Argentine Government has to ta

Download or read book The Argentinian Debt written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance and Monetary Policy and published by . This book was released on 1984 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Poverty of Nations written by Elmar Altvater and published by . This book was released on 1991 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a series of case studies, illustrating the development of the international indebtedness crisis, primarily between 1978 and 1986.

Download or read book Default and Adjustment of Argentine Foreign Debts 1890 1906 written by Henry Longdon Shepherd and published by . This book was released on 1933 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Report on the Public Debt Banking Institutions and Mint of the Argentine Republic and on the National and Provincial Estimates and Taxation Laws Presented by Pedro Agote Chairman of the Public Credit Department written by Argentina. Crédito público nacional and published by . This book was released on 1887 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Four Steps to Resolve the Argentine Debt Crisis written by Edward Lee Hudgins and published by . This book was released on 1984 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book A History of the Argentine Foreign Debt written by Lisa Lundt and published by . This book was released on 1986 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: