David Amiel, Paul-Adrien Hyppolite, Sunday, March 15, 2015 - 00:00
Sebastian Edwards, Wednesday, March 4, 2015 - 00:00
Nauro F. Campos, Saturday, December 20, 2014 - 00:00
Alberto Cavallo, Guillermo Crucas, Ricardo Perez-Truglia, Monday, November 10, 2014 - 00:00
Jeffrey Frankel, Tuesday, July 22, 2014 - 00:00
The US court ruling forcing Argentina to pay its hold-out creditors has big implications. This column argues that some of them are particularly worrying. The court ruling undermines the possibility of negotiated re-structuring of unsustainable debt burdens in future crises. In the future, it will not be not enough for the debtor and 92% of creditors to reach an agreement, if holdouts and a New York judge can block it. This will make both debtors and creditors worse-off.
Pablo Fajgelbaum, Stephen Redding, Saturday, July 12, 2014 - 00:00
External integration is often viewed as an important driver of economic development, but most existing studies use aggregate data. This column present evidence from a natural experiment provided by Argentina’s integration into the world markets in the late 19th century. The findings suggest that proximity to trade centres is associated with employment density, high lands rates relative to wages, and structural transformation away from agriculture.
Elías A. Baracat, J. Michael Finger, Julio J. Nogués, Raúl León Thorne, Monday, October 28, 2013 - 00:00
Trade reforms must be durable if countries are to reap the benefits of international specialisation and trade. Whereas Peru has sustained the reforms it carried out in the 1990s, Argentina has introduced multiple trade restrictions in recent years. This column argues that Peru’s success is due to two factors. First, Peruvian trade reform was part of a broader reform effort. Second, by highlighting the success of Asian countries and negotiating bilateral agreements, Peru’s political leaders fostered a positive vision of Peru’s role in the world economy.
Mickey Levy, Peter Kretzmer, Wednesday, May 16, 2012 - 00:00
Greece’s economic and financial crisis is quickly deteriorating and there is no strategy – or even a coalition government – to figure out what to do next. This column looks at the lessons from Argentina’s default in 2001 and argues that Greece’s road to necessary economic reforms, fiscal sustainability and recovery may be even more daunting.
Eduardo Levy Yeyati, Monday, November 7, 2011 - 00:00
Argentina's economic woes are always a topical subject, and a particularly relevant example for the Eurozone current crisis. This column weighs up Argentina's post-election outlook from a balanced perspective.
Eduardo Levy Yeyati, Sunday, October 2, 2011 - 00:00
One of the many proposals for escaping the Eurozone crisis is to follow in the footsteps of Argentina since its currency fiasco a decade ago. This column points out the realities of such a path: regressive wealth transfers and debt dilution. Against this dismal backdrop, a fiscal union might well be a better option.
Miguel Kiguel, Tuesday, August 16, 2011 - 00:00
A decade ago Argentina was in the midst of a severe economic crisis. This column argues that the episode offers lessons for the Eurozone today. Unless Greece takes major steps to improve its competitiveness and growth prospects, the country has little hope to get out of this crisis.
Eduardo Levy Yeyati, Thursday, January 20, 2011 - 00:00
The global crisis has reignited debate on the desirability of capital controls. This column examines evidence from Argentina and Chile and argues that capital controls can be effective, but that their effectiveness and efficiency varies. It adds that controls need to be considered as part of a macro-prudential toolkit to prevent asset inflation and overvaluation that is costly to revert in the down cycle.
Demián Dalle, Federico Lavopa, Tuesday, January 11, 2011 - 00:00
Since the breakout of the global crisis and the combined pledge to refrain from protectionism, the Global Trade Alert – among others – has documented numerous examples of countries breaking their promises. This column revises a paper from the 7th Global Trade Alert, providing analysis of Argentina’s unique policy responses and their surprising consequences.
Eduardo Levy Yeyati, Mario I. Blejer, Wednesday, July 21, 2010 - 00:00
Rumours of Eurozone break-up are mounting. This column argues that exiting a strong currency for a weak one poses almost unthinkable challenges, from the redenomination of contracts and the imposition of bank restrictions to the restructuring of external debt and limiting of capital mobility. Lessons from Argentina illustrate just how radical the changes would need to be.
Domingo Cavallo, Joaquín Cottani, Friday, May 7, 2010 - 00:00
Greek debt woes could spark contagion within and beyond Europe. Argentina’s former finance minister and co-author draw four lessons from Argentina’s crisis: devaluation/exit is not the answer; orderly debt restructuring involving a ‘Brady Plan’ now is better than a disorderly one later; fiscal consolidation that improves external competitiveness is a must; all these must be done simultaneously
Augusto de la Torre, Eduardo Levy Yeyati, Sergio Schmukler, Saturday, March 6, 2010 - 00:00
The fiscal crisis in several European countries has led many commentators to suggest novel solutions, including a holiday from the euro. This column examines the much-cited example of Argentina and argues that such ideas look better on paper than in practice. What these countries need is a “good old bailout” – conditional on “getting the house in order”.