Front Matter

Front Matter

Author(s):
Isabelle Mateos y Lago, Shinji Takagi, Ricardo Martin, Misa Takebe, and Benjamin Cohen
Published Date:
September 2004
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    © 2004 International Monetary Fund

    Production: IMF Multimedia Services Division

    Figures: Jorge A. Salazar

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    The IMF and Argentina, 1991–2001 / [prepared by a team headed by Shinji Takagi] — [Washington, D.C.] : International Monetary Fund, Independent Evaluation Office, 2004.

    p. cm. — [Evaluation report]

    Includes bibliographical references.

    ISBN 9781589063808

    1. International Monetary Fund — Argentina. 2. Argentina — Economic policy. 3. Crisis management — Argentina. I. Takagi, Shinji, 1953– II. Evaluation report (International Monetary Fund. Independent Evaluation Office).

    HC125.I53 2004

    Price: US$25.00

    Please send orders to:

    International Monetary Fund, Publication Services

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    Contents

    The following symbols have been used throughout this report:

    – between years or months (e.g. 2003–04 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g. 2003/04) to indicate a fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    Some of the documents cited and referenced in this report were not available to the public at the time of publication of this report. Under the current policy on public access to the IMF’s archives, some of these documents will become available five years after their issuance. They may be referenced as EBS/YY/NN and SM/YY/NN, where EBS and SM indicate the series and YY indicates the year of issue. Certain other documents are to become available ten or twenty years after their issuance depending on the series.

    Preface

    This report evaluates the role of the IMF in Argentina during 1991–2001, focusing particularly on the period of crisis management from 2000 until early 2002. It was prepared by a team headed by Shinji Takagi and including Benjamin Cohen, Isabelle Mateos y Lago, Misa Takebe, and Ricardo Martin. It also benefited from substantive contributions from Nouriel Roubini and Miguel Broda. The report was approved by Montek S. Ahluwalia, then Director of the Independent Evaluation Office (IEO). Research assistance and logistical support in Argentina from Nicolas Arregui; administrative support by Annette Canizares, Arun Bhatnagar, Maria Gutierrez, and Florence Conteh; and editorial work by Ian McDonald and Esha Ray are gratefully acknowledged.

    In keeping with standard IEO procedures, parties whose actions and decisions were evaluated, including IMF staff and previous Argentine authorities, were given a chance to comment on a draft of the report, but the final judgments are the responsibility of the IEO alone. The final version of the report was submitted to IMF management for comments, and also circulated simultaneously to Executive Directors. The report, with management and staff comments and the IEO response, was discussed by the Executive Board on July 26, 2004. The report is being published as discussed by the Board, along with a statement to the Executive Board by the Governor of the IMF for Argentina and the Chairman’s Summing Up of the Board discussion.

    The IEO was created in 2001 to provide objective and independent evaluations on issues relevant to the IMF. It operates independently of IMF management, and at arms’ length from the IMF Executive Board.

    Abbreviations and Acronyms

    CBA

    Currency board arrangement

    CET

    Common external tariff

    DSA

    Debt sustainability analysis

    EFF

    Extended Fund Facility (IMF)

    FAD

    Fiscal Affairs Department (IMF)

    FIN

    Finance Department (IMF)

    G-7

    Group of Seven countries

    G-10

    Group of Ten countries

    ICM

    International Capital Markets Department (IMF)

    IDB

    Inter-American Development Bank

    IEO

    Independent Evaluation Office (IMF)

    IFI

    International financial institution

    IMF

    International Monetary Fund

    IMFC

    International Monetary and Financial Committee (IMF)

    LIBOR

    London interbank offered rate

    LOI

    Letter of intent (IMF)

    MAE

    Monetary and Exchange Affairs Department (IMF)1

    MERCOSUR

    Mercado Común del Sur

    NDA

    Net domestic assets

    NFPS

    Nonfinancial public sector

    NIR

    Net international reserves

    NPV

    Net present value

    PAYG

    Pay-as-you-go

    PBG

    Policy-based guarantee (World Bank)

    PDR

    Policy Development and Review Department (IMF)

    PSI

    Private sector involvement

    REER

    Real effective exchange rate

    RES

    Research Department (IMF)

    SBA

    Stand-By Arrangement (IMF)

    SDR

    Special drawing right (IMF)

    SRF

    Supplemental Reserve Facility (IMF)

    TRE

    Treasurer’s Department (IMF)2

    VAT

    Value-added tax

    WEO

    World Economic Outlook (IMF)

    WHD

    Western Hemisphere Department (IMF)

    1 Effective May 1, 2003, name was changed to Monetary and Financial Systems Department.

    2 Effective May 1, 2003, name was changed to Finance Department.

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