Managing Monetary Policy and Financial Supervision in Argentina: Historical Analysis and Present Neoliberal Challenges – A Personal Account Alejandro Vanoli

This article traces the context in which this author served Argentina as both the chairman of the Central Bank of Argentina and former chairman of Securities and Exchange Commission of Argentina. As described, the efforts necessary for a country such as Argentina to achieve and maintain financial sovereignty are almost as great as the forces opposing such a possibility. While focusing on the specific case of Argentina and pertaining to a specific time in its history, this article offers insights that hopefully can lead to a better understanding of the global forces that condition the management of national economies in…

1st Conference on Development Planning July 17-18, 2018 Buenos Aires, Argentina

‘Do you want to raise economic growth’s rate in a persistent way? Promote education. Do you want economic growth to be translated into a long-lasting economic development? Promote education. Do you long for economic development to bring progress and wellbeing for everyone? Promote education. Invest the most on the best possible education. Encourage the sciences, literature and arts, natural and cultural sciences. (…) The sure path driving from hardship to abundance does not diverge from that driving from ignorance to knowledge and from error to truth.’ Prof. Julio H.G. Olivera  The current international environment, with accelerated economic, social and technological…

Call for papers for the workshop on “Macroeconomics, Development and Structural Change”, Buenos Aires, Argentina, December 19 – 20, 2016.

The Research Institute for Development, Growth and Economics (RIDGE) and IIEP-BAIRES UBA-CONICET announce the call for papers for the workshop on “Macroeconomics, Development and Structural Change”, to be held in Buenos Aires, Argentina, on December 19 and 20, 2016. The deadline for submission of the abstracts is October 15, 2016. The notification of the organizers’ decision will be made on November 1, 2016. Accepted papers must be submitted by December 1, 2016. Click here for details.

Coverage of Prudential Measures in the GATS: Some conclusions of a WTO Appellate Body Andrew Cornford

Since issuance of the framework of the General Agreement on Trade in Services (GATS) as part of the results of the Uruguay Round negotiations, there has been a continuing controversy as to the scope which it provides for financial regulation. The principal focus of this controversy has been the so-called of the “prudential carve-out” or “prudential exception” of paragraph 2(a) of the Annex on Financial services. This provides latitude under GATS rules for measures taken by members for prudential reasons affecting their financial sectors, notwithstanding other provisions of the GATS. A recent dispute between Panama and Argentina was the occasion…

The Argentina Debt Case Jayati Ghosh

Almost everyone now knows that the world of international finance is not a particularly robust one, nor is it particularly just or fair. But it has just got even weirder and more fragile, if this can be imagined. A recent ruling of the US Supreme Court, refusing to hear an appeal by the government of Argentine against a decision of a lower court on a case relating to its debt restructuring agreement with creditors over a decade ago, is not just a blow against the state and people of Argentina. It has the potential to undermine the entire system of…

Economic Crises and Women’s Work: Exploring progressive strategies in a rapidly changing environment Jayati Ghosh

Analysis of women’s employment and decent work in the context of the global economic crisis shows that gender sensitive policy responses are more likely to be successful. Economic_Crises_Women_Work  (Download the full text in PDF format) (This article was originally published by the United Nations Entity for Gender Equality and the Empowerment of Women on 18 January, 2013.)

Why Argentina is Now Paying for its Dangerously Successful Economic Story Jayati Ghosh and Matias Vernengo

Argentina is in the news again. The country that successfully managed an external debt restructuring after a major financial crisis in 2001-02, and eschewed the standard austerity package to benefit from a remarkable economic recovery, is being attacked by a combination of court rulings and aggressive moves in financial markets. Elliott Capital Management, a vulture fund based in the tax haven Cayman Islands owned by conservative financier Paul Singer (a big donor to the Romney campaign), refused to accept the terms of the debt restructuring that was accepted by more than 92% of bondholders in 2005 and 2010. It has demanded payment…

How Wage-led Growth has Powered Argentina’s Economic Recovery Jayati Ghosh

As the global economy sputters into yet another recession in the ongoing drama generated by the 2008 financial crisis, it is easy to be pessimistic. Many countries that are critical to overall trends in the world economy seem to be locked into a self-defeating downward spiral of fiscal austerity measures that add further negative impulses to economies that are already affected by the impact of the initial crisis and the winding down of excessive private debt. So GDP stagnates or declines, making the indicators that financial markets are obsessed with (such public deficit or debt to GDP ratios) look that…

Getting the Priorities Right: The new central bank law in Argentina John Weeks

The new Central Bank regulations being introduced in Argentina are a welcome change, as they mark a departure from global norms witnessed in the recent past. The new Ley Organica institutionalises the principle that the function of monetary policy is to select, prioritise and achieve a range of goals in coordination with fiscal policy, that includes institutionalising the ability of the Bank to implement counter-cyclical policies to prevent further crises. Priorities_Right (Download the full text in PDF format) (This article was originally published in http://www.social-europe.eu/2012/04/getting-priorities-right-the-new-central-bank-law-in-argentina/)