... The authors of this paper, Mario Damill, Roberto Frenkel and Roxana Maurizio, are researchers... more ... The authors of this paper, Mario Damill, Roberto Frenkel and Roxana Maurizio, are researchers in the Centre of Studies of the State and Society ... with a macroeconomic analysis in Chapter 1. We present the main stylized facts of the decade, followed by a simple macro model for ...
Latin American economies are facing the consequences of falling commodity prices, the appreciatio... more Latin American economies are facing the consequences of falling commodity prices, the appreciation of the dollar, the deceleration of China, the uncertainty arising from the difficulties facing the periphery of the Eurozone, and the prospect of upcoming increases in interest rates by the Federal Reserve. The challenges that these difficulties pose to central bank and macro policy in Argentina, Venezuela and five "floating cum inflation target" (FIT) countries: Brazil, Chile, Colombia, Mexico and Peru are presented in this symposium, along with suggested alternatives to current policy orientations. 1 This introduction presents an overview of exchange rates and monetary policies in L.A. in the 2000s that is a common framework to the Symposium papers which provide more detailed analysis of particular national cases. The changes in international environment mentioned above follow a prolonged period that may be characterized by symptoms of "Dutch Disease". The negative impact on the productive structures have weakened the reaction of the Latin American economies to the new circumstances, for example slowing the responses of the tradable sectors to exchange rate signals, after long periods of real appreciation. In some national cases, reductions in inflation, the decline in the burden of external indebtedness and the accumulation of reserves during the early 2000's are important assets for macro policies in the new conditions, but imbalances in the external accounts and in some cases in fiscal accounts worsened considerably, as for instance in Colombia with falling oil and other export prices, and similarly in Chile, exposing significant vulnerabilities. During the early years of the 2000s, most Latin American countries had already introduced floating exchange rate regimes: Mexico following its 1995 crisis; Brazil, Colombia and Chile in 1999. Argentina and Uruguay maintained fixed exchange rates until their end-of-decade crises and recovered from them with floating exchange rates in 2002. Peru has had a managed floating exchange rate regime since the 1990s and formally adopted an inflation targeting regime in 2002.
Información del artículo Liberalización del comercio en una economía de alta inflación: Argentina... more Información del artículo Liberalización del comercio en una economía de alta inflación: Argentina 1989-91.
Journal of Iberian and Latin American Research, 2004
En este trabajo se abordan dos tópicos centrales en las controversias acerca del régimen de conve... more En este trabajo se abordan dos tópicos centrales en las controversias acerca del régimen de convertibilidad establecido en la Argentina en 1991 y de su crisis, que alcanzó su desenlace a fines de 2001.
Las opiniones y puntos de vista expresados en este documento son del autor y no reflejan necesari... more Las opiniones y puntos de vista expresados en este documento son del autor y no reflejan necesariamente los del Banco Interamericano de Desarrollo.
This paper examines the macroeconomic policies and outcomes experienced by the Latin American eco... more This paper examines the macroeconomic policies and outcomes experienced by the Latin American economies during the period 1990-2010. Macroeconomic policies refer to exchange rates, monetary and aggregate fiscal policies, while macroeconomic outcomes, on the other hand, refer to the patterns of growth, inflation, employment, investment, balance of payments, and the evolution of external and public debts and international reserves. The analysis includes a discussion of the effects of macroeconomic outcomes on poverty rates. With regard to policy, the study examines the changes that took place in 1997-98, and then reviews the resulting new macroeconomic configuration that was established in 2002-03. This new configuration favoured the acceleration of output growth and employment creation, and contributed to reducing poverty rates.
Este documento fue elaborado por los señores Mario Damill, José María Fanelli y Roberto Frenkel, ... more Este documento fue elaborado por los señores Mario Damill, José María Fanelli y Roberto Frenkel, para el Proyecto Regional "Reformas de Política para Aumentar la Efectividad del Estado en América Latina y el Caribe" (HOL/90/S45), que realiza la CEPAL con el fínanciamiento de los Países Bajos. Las opiniones expresadas en este trabajo, el cual no ha sido sometido a revisión editorial, son de la exclusiva responsabilidad de los autores y pueden no coincidir con las de la Organización.
ABSTRACT El foco principal de este trabajo son los procesos que condujeron al default y a la rees... more ABSTRACT El foco principal de este trabajo son los procesos que condujeron al default y a la reestructuración de la deuda. El capítulo 2 examina la evolución de la deuda en el largo plazo. El capítulo 3 se enfoca en el comportamiento macroeconómico antes y después de la crisis. El capítulo 4 presenta la evolución de las obligaciones financieras del sector público después del default y describe la propuesta de reestructuración. El capítulo 5 discute la relación entre la Argentina y el FMI y sus repercusiones sobre la arquitectura financiera internacional. /// The processes that led to the default and restructuring constitute the main focus of the paper. Chapter 2 examines the evolution of the foreign debt in the long run. Chapter 3 focuses on the analysis of the macroeconomic performance before and after the crisis. Chapter 4 presents the public sector's financial obligations after the default and describes the restructuring proposal. Chapter 5 discusses the relationship between Argentina and the IMF and its repercussions on the international financial architecture.
... The authors of this paper, Mario Damill, Roberto Frenkel and Roxana Maurizio, are researchers... more ... The authors of this paper, Mario Damill, Roberto Frenkel and Roxana Maurizio, are researchers in the Centre of Studies of the State and Society ... with a macroeconomic analysis in Chapter 1. We present the main stylized facts of the decade, followed by a simple macro model for ...
Latin American economies are facing the consequences of falling commodity prices, the appreciatio... more Latin American economies are facing the consequences of falling commodity prices, the appreciation of the dollar, the deceleration of China, the uncertainty arising from the difficulties facing the periphery of the Eurozone, and the prospect of upcoming increases in interest rates by the Federal Reserve. The challenges that these difficulties pose to central bank and macro policy in Argentina, Venezuela and five "floating cum inflation target" (FIT) countries: Brazil, Chile, Colombia, Mexico and Peru are presented in this symposium, along with suggested alternatives to current policy orientations. 1 This introduction presents an overview of exchange rates and monetary policies in L.A. in the 2000s that is a common framework to the Symposium papers which provide more detailed analysis of particular national cases. The changes in international environment mentioned above follow a prolonged period that may be characterized by symptoms of "Dutch Disease". The negative impact on the productive structures have weakened the reaction of the Latin American economies to the new circumstances, for example slowing the responses of the tradable sectors to exchange rate signals, after long periods of real appreciation. In some national cases, reductions in inflation, the decline in the burden of external indebtedness and the accumulation of reserves during the early 2000's are important assets for macro policies in the new conditions, but imbalances in the external accounts and in some cases in fiscal accounts worsened considerably, as for instance in Colombia with falling oil and other export prices, and similarly in Chile, exposing significant vulnerabilities. During the early years of the 2000s, most Latin American countries had already introduced floating exchange rate regimes: Mexico following its 1995 crisis; Brazil, Colombia and Chile in 1999. Argentina and Uruguay maintained fixed exchange rates until their end-of-decade crises and recovered from them with floating exchange rates in 2002. Peru has had a managed floating exchange rate regime since the 1990s and formally adopted an inflation targeting regime in 2002.
Información del artículo Liberalización del comercio en una economía de alta inflación: Argentina... more Información del artículo Liberalización del comercio en una economía de alta inflación: Argentina 1989-91.
Journal of Iberian and Latin American Research, 2004
En este trabajo se abordan dos tópicos centrales en las controversias acerca del régimen de conve... more En este trabajo se abordan dos tópicos centrales en las controversias acerca del régimen de convertibilidad establecido en la Argentina en 1991 y de su crisis, que alcanzó su desenlace a fines de 2001.
Las opiniones y puntos de vista expresados en este documento son del autor y no reflejan necesari... more Las opiniones y puntos de vista expresados en este documento son del autor y no reflejan necesariamente los del Banco Interamericano de Desarrollo.
This paper examines the macroeconomic policies and outcomes experienced by the Latin American eco... more This paper examines the macroeconomic policies and outcomes experienced by the Latin American economies during the period 1990-2010. Macroeconomic policies refer to exchange rates, monetary and aggregate fiscal policies, while macroeconomic outcomes, on the other hand, refer to the patterns of growth, inflation, employment, investment, balance of payments, and the evolution of external and public debts and international reserves. The analysis includes a discussion of the effects of macroeconomic outcomes on poverty rates. With regard to policy, the study examines the changes that took place in 1997-98, and then reviews the resulting new macroeconomic configuration that was established in 2002-03. This new configuration favoured the acceleration of output growth and employment creation, and contributed to reducing poverty rates.
Este documento fue elaborado por los señores Mario Damill, José María Fanelli y Roberto Frenkel, ... more Este documento fue elaborado por los señores Mario Damill, José María Fanelli y Roberto Frenkel, para el Proyecto Regional "Reformas de Política para Aumentar la Efectividad del Estado en América Latina y el Caribe" (HOL/90/S45), que realiza la CEPAL con el fínanciamiento de los Países Bajos. Las opiniones expresadas en este trabajo, el cual no ha sido sometido a revisión editorial, son de la exclusiva responsabilidad de los autores y pueden no coincidir con las de la Organización.
ABSTRACT El foco principal de este trabajo son los procesos que condujeron al default y a la rees... more ABSTRACT El foco principal de este trabajo son los procesos que condujeron al default y a la reestructuración de la deuda. El capítulo 2 examina la evolución de la deuda en el largo plazo. El capítulo 3 se enfoca en el comportamiento macroeconómico antes y después de la crisis. El capítulo 4 presenta la evolución de las obligaciones financieras del sector público después del default y describe la propuesta de reestructuración. El capítulo 5 discute la relación entre la Argentina y el FMI y sus repercusiones sobre la arquitectura financiera internacional. /// The processes that led to the default and restructuring constitute the main focus of the paper. Chapter 2 examines the evolution of the foreign debt in the long run. Chapter 3 focuses on the analysis of the macroeconomic performance before and after the crisis. Chapter 4 presents the public sector's financial obligations after the default and describes the restructuring proposal. Chapter 5 discusses the relationship between Argentina and the IMF and its repercussions on the international financial architecture.
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