Argentina And The Fund

Author : Michael Mussa
Publisher : Peterson Institute
ISBN 13 : 9780881323399
Total Pages : 116 pages
Book Rating : 4.9X/5 ( download)

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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

Author : Claudia Kedar
Publisher : Temple University Press
ISBN 13 : 1439909113
Total Pages : 265 pages
Book Rating : 4.19/5 ( download)

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Download or read book The International Monetary Fund and Latin America written by Claudia Kedar and published by Temple University Press. This book was released on 2013 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) has played a critical role in the global economy since the postwar era. But, claims Claudia Kedar, behind the strictly economic aspects of the IMF’s intervention, there are influential interactions between IMF technocrats and local economists—even when countries are not borrowing money. In The International Monetary Fund and Latin America, Kedar seeks to expose the motivations and constraints of the operations of both the IMF and borrowers. With access to never-before-seen archive materials, Kedar reveals both the routine and behind-the-scenes practices that have depicted International Monetary Fund–Latin American relations in general and the asymmetrical IMF-Argentina relations in particular. Kedar also analyzes the “routine of dependency” that characterizes IMF-borrower relations with several Latin American countries such as Chile, Peru, and Brazil. The International Monetary Fund and Latin America shows how debtor countries have adopted IMF’s policies during past decades and why Latin American leaders today largely refrain from knocking at the IMF’s doors again.

Author : Padma Desai
Publisher : Princeton University Press
ISBN 13 : 9780691113920
Total Pages : 326 pages
Book Rating : 4.20/5 ( download)

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Download or read book Financial Crisis, Contagion, and Containment written by Padma Desai and published by Princeton University Press. This book was released on 2003 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sweeping critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in 1997. Padma Desai retraces the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines and Thailand.

Author : Ms.Christina Daseking
Publisher : International Monetary Fund
ISBN 13 : 1589063597
Total Pages : 63 pages
Book Rating : 4.94/5 ( download)

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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.

Author : Mrs.Isabelle Mateos y Lago
Publisher : International Monetary Fund
ISBN 13 : 1589063805
Total Pages : 132 pages
Book Rating : 4.08/5 ( download)

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Download or read book The IMF and Argentina, 1991-2001 written by Mrs.Isabelle Mateos y Lago and published by International Monetary Fund. This book was released on 2004-09-30 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates the role of the IMF in Argentina during 1991-2001, focusing particularly on the period of crisis management from 2000 until early 2002. The primary purpose of the evaluation is to draw lessons for the IMF in its future operational work. The evaluation suggests ten lessons, in the areas of surveillance and program design, crisis management, and the decision-making process, and, on the basis of these lessons, offers six sets of recommendations to improve the effectiveness of IMF policies and procedures.

Author : Jan Joost Teunissen
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.91/5 ( download)

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Download or read book The Crisis that was Not Prevented written by Jan Joost Teunissen and published by . This book was released on 2003 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451801386
Total Pages : 105 pages
Book Rating : 4.85/5 ( download)

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Download or read book Argentina written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-12-19 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is required. Strengthening central bank autonomy is essential for the successful implementation of inflation targeting and restructuring of the financial system. Full cooperation with the multilateral development banks is important to secure necessary program financing, re-establishing sustained growth, and reducing widespread poverty.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484367553
Total Pages : 125 pages
Book Rating : 4.51/5 ( download)

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Download or read book Argentina written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2018-07-13 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a difficult economic context, President Macri’s administration, over the past two and a half years, has taken bold steps to eliminate a wide range of distortions in the economy. Efforts were also made to strengthen institutions (including the complete reconstruction of the statistics agency, in an effort to restore credibility to Argentine data), as well as an assertive effort to tackle corruption. Despite these efforts, a gradual approach to fiscal consolidation, combined with a tightening of global financial conditions, a poor harvest, and the introduction of a tax on nonresident holdings of short-term central bank paper, generated significant anxiety among market participants. Starting in mid-April, Argentina came under abrupt balance of payments pressures as both domestic and foreign investors decided to liquidate their position in onshore peso assets. To stem the outflows, the authorities significantly increased short-term interest rates, tightened fiscal policy, and sold foreign exchange. Shortly after taking these steps the government announced its intention to approach the IMF for an exceptional access Stand-By Arrangement.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484335856
Total Pages : 91 pages
Book Rating : 4.57/5 ( download)

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Download or read book Argentina written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-12-29 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses whether there is a more efficient way of taxing labor in Argentina that has a minimal cost in terms of foregone revenues. Social security contributions for dependent workers are generally high in Argentina, despite the plethora of different regimes and exceptions. A reform of labor taxation in Argentina would need to address these inefficiencies. Reducing the tax wedge would stimulate employment and formalization, especially if targeted to low-paid workers, as there is evidence that it’s their employment that mostly responds to tax incentives. Argentina’s tax and transfer system appears to be less progressive than the estimated optimal one. The simulations suggest that the proposed changes would have a positive impact on economic activity and formality, with a minor cost in terms of foregone revenues. Greater labor supply and wages in the formal sector push up revenue from labor taxation, compensating part of the direct cost of the reform.

Author : Vito Tanzi
Publisher :
ISBN 13 : 9780979557606
Total Pages : 164 pages
Book Rating : 4.07/5 ( download)

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Download or read book Argentina: an Economic Chronicle written by Vito Tanzi and published by . This book was released on 2007 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argentina started the 20th century as one of the ten richest countries in the world. It had a per capita income much higher than that of Japan and Italy and comparable to that of France. However, it ended the century on the eve of the largest default in history. This volume examines how this dramatic change came about.