The Achievements and Failures of Argentina's Neo-Liberal Economic Policies

Baer, Werner; Elosegui, Pedro; Gallo, Andrés A.

doi:10.2139/ssrn.279383

Cited by 12 publications

(16 citation statements)

References 7 publications

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“…10. On the rise and fall of neoliberalism in Argentina, see Baer et al (2002). We should note that there is some controversy over the extent to which the IMF itself favoured the rigid version of the convertibility plan that was put into effect by the Minister for the Economy, Domingho Cavallo.…”

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confidence: 99%

Rethinking the Emerging Post-Washington Consensus

Önіş

Şenses

2005

Development & Change

157

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The objective of this article is to provide a critical assessment of the emerging Post-Washington Consensus (PWC), as the new influential vision in the development debate. The authors begin by tracing the main record of the Washington Consensus, the set of neoliberal economic policies propagated largely by key Bretton Woods institutions like the World Bank and the IMF, that penetrated into the economic policy agendas of many developing countries from the late 1970s onwards. They then outline the main tenets of the PWC, emerging from the shortcomings of that record and the reaction it created in the political realm. The authors accept that the PWC, in so far as it influences the actual practice of key Bretton Woods institutions, provides an improvement over the Washington Consensus. Yet, at the same time, they draw attention to the failure of the PWC, as reflected in current policy practice, to provide a sufficiently broad framework for dealing with key and pressing development issues such as income distribution, poverty and self-sustained growth.

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confidence: 99%

Rethinking the Emerging Post-Washington Consensus

Önіş

Şenses

2005

Development & Change

157

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“…During 1994, the rise of international interest rates, the reversal of capital flows to the so-called ''emerging markets'' and the Mexican crisis seriously hit Argentina, whose rigid exchange rate combined with trade and financial liberalisation made the economy highly vulnerable (Baer, Elosegui, & Gallo, 2002). In 1995, an IMF assistance package helped to control capital flight and to reverse the fall of central bank's reserves that had followed the Mexican crisis (Damill, Frenkel, & Mauricio, 2002).…”

Section: Macroeconomic Instability and Neoliberal Reforms In Argentinamentioning

confidence: 99%

Neoliberal reforms, currency pegs and crisis in Mexico and Argentina

Felder

Martínez

2008

Policy and Society

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This article argues that exchange rate regimes established by the Mexican peso currency band and the Argentinean Convertibility Plan were key dimensions of the political strategies of neoliberal structural reform through which discipline was imposed on workers and the state. By subordinating wage struggles and state spending to the maintaining of currency pegs, the stabilisation programmes helped to redefine the balances between capital and labour and the conditions of integration of each country within the global economy. This in turn allows for an understanding of the performance of the managed exchange regimes in each country and the states’ divergent economic responses to their exhaustion.

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“…On the one hand, not only they make it impossible to resort to exchange-rate policy, but also to counter- In Argentina, massive capital inflows were due to the disappearance of the exchange risk and to interest-rate differentials but also to a very intense financial opening (see the details in Penido and Prates, 2000) and to a massive privatization of public companies and banks (Baer et al, 2002). According to ECLAC data, net external financial resources grew from minus 3.1% of GDP in 1990 to 2.1% in 1995, to 4.9% in 1997 and to 5.8% in 1998.…”

Section: The Mechanisms Of Financial Crisesmentioning

confidence: 99%

Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-98) and Argentina (2001-02)

Bustelo

2004

SSRN Journal

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This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina's crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions point out the drawbacks of both hard and soft pegs respective to a single foreign currency as well as the need for emerging economies to use capital controls in order to avoid the recurrence of financial crises.

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The Achievements and Failures of Argentina's Neo-Liberal Economic Policies

Cited by 12 publications

References 7 publications

Rethinking the Emerging Post-Washington Consensus

Rethinking the Emerging Post-Washington Consensus

Neoliberal reforms, currency pegs and crisis in Mexico and Argentina

Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-98) and Argentina (2001-02)

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