8,753 research outputs found

    Growth and Recovery in a Time of Default: Lessons from the Role of the Urban Sector in Argentina

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    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

    Revisiting Sovereign Bankruptcy

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    Sovereign debt crises occur regularly and often violently. Yet there is no legally and politically recognized procedure for restructuring the debt of bankrupt sovereigns. Procedures of this type have been periodically debated, but so far been rejected, for two main reasons. First, countries have been reluctant to give up power to supranational rules or institutions, and creditors and debtors have felt that there were sufficient instruments for addressing debt crises at hoc. Second, fears that making debt easier to restructure would raise the costs and reduce the amounts of sovereign borrowing in many countries. This was perceived to be against the interests of both the providers of both creditors and major borrowers. This report argues that both the nature and our understanding of sovereign debt problems have changed, over the course of the last decade, in a direction that creates a much stronger case for an orderly sovereign bankruptcy regime today than ten years ago. Pre-crisis policy mistakes are now recognized to be a much more severe problem for borrowing countries than the costs or limited availability of private financing. Recent court rulings – particularly a recent U.S. ruling that gives holdout creditors that decline a restructuring offer the right to interfere with payments to the creditors that accept such an offer. This will complicate efforts to resolve future debt crises on an ad hoc basis. Finally, sovereign debt crises are no longer just a problem in emerging markets, but a core concern in advanced countries as well – particularly in the Euro area. If the Euro is to survive, this will require both better ways to resolve debt crises and stronger, market-based incentives that prevent debt problems from occurring in the first place. To address these problems, policy proposals are presented at two levels: for the Euro area, and globally. A Euro area sovereign debt restructuring regime could be developed by amending the Treaty establishing the European Stability Mechanism (ESM). This would both restrict the scope for lending to highly indebted countries without also restructuring their debts, and protect Euro area members receiving ESM financial assistance from legal action by holdout creditors. At the global level, a number of proposals are discussed, ranging from a coordinated introduction of aggregate collective action clauses that would allow a supermajority of bondholders across all bonds to amend bond payment terms to an amendment of the IMF articles that would limit the legal remedies of holdouts when a debt restructuring proposal has been accepted both by a majority of creditors and endorsed by the IMF

    10021 Abstracts Collection -- Service-Oriented Architecture and (Multi-)Agent Systems Technology

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    From 10.01. to 15.01.2010, Dagstuhl Seminar 10021 ``Service-Oriented Architecture and (Multi-)Agent Systems Technology \u27\u27 was held in Schloss Dagstuhl~--~Leibniz Center for Informatics. During the seminar, several participants presented their current research, and ongoing work and open problems were discussed. Abstracts of the presentations given during the seminar as well as abstracts of seminar results and ideas are put together in this paper. The first section describes the seminar topics and goals in general. Links to extended abstracts or full papers are provided, if available

    Macroeconomic policy and the exchange rate: working together?

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    The chapter reviews the behaviour of the Indian exchange rate over the past few years, and its interactions with the macroeconomic cycle. It examines the extent to which exchange rate policy has been able to contribute to lowering the probability of currency and banking crises, ensuring sustainable internal and external balance, and containing inflation. Given the political economy, more openness, the structural wage-price processes, the degree of backward and forward looking behavior in the Indian economy, the chapter draws out implications for macroeconomic policy. It finds that structure combined with openness actually increases the degrees of freedom and impact of monetary policy.Exchange rate, Indian macroeconomic policy, political economy

    Public&Business Management Confluences – Success Factors

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    The success of public and business activities fundamentally depends on the management through decisions. In our opinion, a synchronism between public and business management is a must in order to find proper solutions, especially in crisis time. On the other hand, there should be differences regarding the main components’ importance and the attention paid to them. We consider that illustrative of a future development of integrated mechanisms is to analyze if there is convergence of opinions regarding the role of four main coordinates for the achievement of an effective management: (1) The mission of the institution; (2) The knowledge effects (competence/proficiency); (3) The desired change; (4) The managerial decision basis. The study focused on the six possible connections that can be established between these coordinates, the accumulated junction of the subjects’ opinions pointing out the similarities and differences between the two studied groups (the public and the private environment). The work aims at building up a matrix of contingency and searching for some maximum or minimum zone within the matrix. The conclusion is that in the first instance importance is given to prognosis and ways of responsibility and meantime the diagnose-analysis and systems balancing basically are not taken into consideration. The results point towards the fact that managers are not used with an integrated overview and a systemic approach to the phenomena.public management, business management, confluences, synchronism, matrix

    Domicile Dismantled

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    Part I of this Article discusses the legal and factual background of Mas v. Perry. This narrative reveals how the case reflects both the changes in American society that were beginning to occur at that time and the struggle of the concept of domicile to keep pace with those changes. Part II traces the development of the fundamental shift in gender roles that began several years before Mas was decided. This section argues that the growing number of women attending college, embarking upon careers, and forming two-career marriages increased the difficulty of measuring domicile, while undermining the efficacy of a gendered presumption such as the one em-bedded in the derivative domicile rule. As Part III will demonstrate, these changes in gender norms occurred in tandem with broader changes in the lives of young Americans. Even as the legal age of majority decreased in the early seventies, the actual age at which young people began to reach the markers of adulthood began to increase. Both women and men began to seek higher education, to delay marriage, and to wait longer to establish homes, families, and careers—and, consequently, to establish any permanent intentions regarding domicile. This newfound period of “emerging adulthood” served to further under-mine the usefulness of domicile as a legal tool. Part IV shows how the new legal age of majority, in combination with shrinking state budgets and the articulation of the right to interstate travel, led to a new focus on the legality of tuition residency requirements. It demonstrates that although the Supreme Court struck down durational residency requirements in other areas of the law, it maintained a dismissive attitude toward student capacity to form domiciliary intent. This attitude, however, did little to stem the wave of litigation that began in the 1960s and has continued into the present day. The cases decided during this period of litigation reveal the interaction of gender changes, emerging adulthood, and domicile. The Article concludes that the confusion over domicile that has emerged in the last fifty years makes it an increasingly unwieldy and unhelpful legal concept. As university regulations and the courts’ convoluted and conflicting reasoning demonstrate, the changes that developed during the era of Mas v. Perry and continued into the present day have made it difficult, if not impossible, to measure domiciliary intent in any consistent, equitable, or meaningful way. Using residence, or residence with additional requirements, is a more sensible and accurate way to handle jurisdictional questions
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