An alternative view of the argentine crisis: structural flaws and structural adjustmet policy
Fuente:
Redalyc
Saved in:
| Main Author: | |
|---|---|
| Format: | Artículo científico |
| Language: | en |
| Published: |
Universidad Nacional Autónoma de México
2003
|
| Subjects: | |
| Online Access: | |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1876440982441951232 |
|---|---|
| author | Jan Kregel |
| author_facet | Jan Kregel |
| contents | An alternative view of the argentine crisis: structural flaws and structural adjustmet policy Jan Kregel Economía y Finanzas This paper discusses the conventional explanation of Argentina´s crisis. It is argued that the crisis was not, as common wisdom states, the consequence of an inappropiate fiscal policy, but rather of the structural flaws in the stabilization programme intro-duced at the beginning of the 1990´s. The programme was unable to correct the persistence of large stocks of debt which, in turn, exposed the economy to external shocks and set it on a path of vicious dependence on foreign inflows. The explanation of Argentina´s fall is put into recent historical perspective, and the paper offers a detailed evolution of the government´s decisions, the ebbing political conditions as well as an exposition of the workings and failure of the so thought automatic adjustment mechanism that was the Currency Board´s alleged main trait. It does so by recalling the emerging markets´ heart breaking pace during the nineties. Last but, certainly, not least, it provides a reflection of the pending aftermath. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124301 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.243 Vol.LXII |
| format | Artículo científico |
| id | redalyc_60124301 |
| institution | Redalyc |
| language | en |
| publishDate | 2003 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | An alternative view of the argentine crisis: structural flaws and structural adjustmet policy Jan Kregel Economía y Finanzas An alternative view of the argentine crisis: structural flaws and structural adjustmet policy Jan Kregel Economía y Finanzas This paper discusses the conventional explanation of Argentina´s crisis. It is argued that the crisis was not, as common wisdom states, the consequence of an inappropiate fiscal policy, but rather of the structural flaws in the stabilization programme intro-duced at the beginning of the 1990´s. The programme was unable to correct the persistence of large stocks of debt which, in turn, exposed the economy to external shocks and set it on a path of vicious dependence on foreign inflows. The explanation of Argentina´s fall is put into recent historical perspective, and the paper offers a detailed evolution of the government´s decisions, the ebbing political conditions as well as an exposition of the workings and failure of the so thought automatic adjustment mechanism that was the Currency Board´s alleged main trait. It does so by recalling the emerging markets´ heart breaking pace during the nineties. Last but, certainly, not least, it provides a reflection of the pending aftermath. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124301 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.243 Vol.LXII |
| title | An alternative view of the argentine crisis: structural flaws and structural adjustmet policy |
| topic | Economía y Finanzas |
| url | https://www.redalyc.org/articulo.oa?id=60124301 |