The Argentinean Debt: History, Default and Restructuring

The processes that led to the default and restructuring of the Argentinean debt constitute the main focus of the paper. The evolution of the foreign debt in the long run is examined as well as the macroeconomic performance before and after the crisis. The restructuring proposal and the relationship between Argentina and the IMF are presented. The repercussions of Argentina behavior on the international financial architecture are analysed.Debt, Debt Restructuring, Default, Argentina, Macroeconomic Policies, Financial Crisis, IMF, Public Sector

The Argentinian Debt: History, Default, and Restructuring

We believe that the study of the Argentinean foreign debt needs no justification. For almost three decades, Argentina's foreign debt was continuously one of the main concerns of economic policy. Yet, both the record amount of the defaulted debt and the novel characteristics of its restructuring may be sufficient reasons to include an analysis of Argentina in a selection of studies about sovereign debt. Therefore, the processes that led to the default of the debt and its subsequent restructuring constitute one of the main focuses of this work. However, the Argentinean case also presents other aspects that demand attention, our analysis takes these into account as well. The Argentinean experience is often used as an example of general arguments that take the country as a notable particular case. The rhetoric power of the example precisely comes from its supposedly well-known characteristics, yet sometimes these characteristics appear exempt of solid proofs. Many are second hand references and in some cases not even that but the mere mentioning of a "consensual image". Thus we are motivated to take a close look at what happened in Argentina. This work is in part a polemic against some of those references that we consider fallacious. Each reference involves certain facts that we examine and try to explain. Our criticism also reaches the general plausibility of the argument that falsely takes the Argentinean case as an example. We think that the plausibility of an argument is strongly questioned when the argument is proved false in the case serving as its notable example

La sostenibilidad de la política fiscal en América Latina: El caso argentino

El objetivo principal de este trabajo es analizar la sensibilidad de las cuentas públicas argentinas en los años noventa respecto a las fluctuaciones del nivel de actividad y otros factores macroeconómicos, y evaluar la sostenibilidad financiera fiscal en el mediano plazo. Se construye para esto un modelo que expresa las componentes desagregadas de ingresos y gastos públicos como funciones de variables macroeconómicas, descompuestas en sus componentes tendencial y cíclica. Con estos instrumentos, se elaboran simulaciones de las series de ingresos, gastos y déficit sobre todo el período 1991-96, ajustadas por el ciclo macroeconómico. El análisis y la comparación de las simulaciones permite discutir las orientaciones de los cambios en la política fiscal y la sensibilidad de las cuentas públicas al ciclo y a los cambios de precios relativos. El mismo modelo es utilizado para realizar proyecciones para el período 1997-2001. Los principales resultados se presentan en el capítulo segundo.

El mercado de trabajo argentino en la globalización financiera

Incluye BibliografíaLa experiencia argentina de las últimas décadas en materia de generación de empleo y salarios ha sido muy decepcionante, y ha tenido claras consecuencias sobre la distribución del ingreso y otros indicadores sociales. Este trabajo examina la evolución del mercado de trabajo, poniendo el acento en la década de 1990, y aborda también los notables cambios que se han venido produciendo en los últimos años, luego de la crisis del régimen de convertibilidad. En general, postula que la evolución observada en el mercado de trabajo y en la distribución del ingreso se vincula muy estrechamente con la evolución macroeconómica, tanto en fases anteriores como en la reciente recuperación. Examina en especial los efectos negativos que tuvieron las experiencias de apertura comercial con apreciación cambiaria de fines de la década de 1970 y en el decenio de 1990, los que contrastan marcadamente con lo que viene observándose en la actualidad, en particular en materia de generación de puestos de trabajo

The Argentine labour market in a financially globalized world

Includes bibliographyArgentina's experience in recent decades as regards employment generation and wages has been very disappointing, and has had clear consequences for income distribution and other social indicators. This study examines the evolution of the labour market, with special emphasis on the 1990s, and also addresses the notable changes that have been taking place in recent years after the crisis of the convertibility regime. In general terms, it finds that the evolution observed in the labour market and income distribution is very closely linked with macroeconomic performance, both in previous phases and in the recent recovery stage. It examines in particular the negative effects of the experiences of trade openness and exchange rate appreciation in the late 1970s and the 1990s, which are in stark contrast with the present situation, especially in terms of employment generation

El balance de pagos y la deuda externa pública bajo la convertibilidad

Área de Economí

Después de la reestructuración de la deuda: un panorama macroeconómico

Área de Economí

O sistema financeiro argentino após o Austral

RESUMO Este artigo analisa a evolução recente do sistema monetário e financeiro da economia argentina, particularmente a partir da implantação do “Plano Austral”, em 15 de junho de 1985. O sistema financeiro é apresentado sob uma perspectiva de longo prazo, como resultado da duas reformas financeiras (1977 e 1982) cujas principais características determinaram a atual situação de fragilidade. O sistema monetário é analisado através do comportamento das principais agregações monetárias observando particularmente o caso da evolução dos diferentes tipos de ativos nas mãos das pessoas. Segundo o autor, o impacto inicial do plano de estabilização (“Plano Austral”) teve dois elementos que se destacaram: o aumento da demanda por recursos monetários e a redução do déficit fiscal