- Isabelle Mateos y Lago, Shinji Takagi, Ricardo Martin, Misa Takebe, and Benjamin Cohen
- Published Date:
- September 2004
© 2004 International Monetary Fund
Production: IMF Multimedia Services Division
Figures: Jorge A. Salazar
Typesetting: Alicia Etchebarne-Bourdin
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.
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).
Please send orders to:
International Monetary Fund, Publication Services
700 19th Street, N.W., Washington, D.C. 20431, U.S.A.
Tel.: (202) 623-7430 Telefax: (202) 623-7201
Statement by the Managing Director, IMF Staff Response, IEO Comments on Management/Staff Response, Statement by the Governor for Argentina, and Summing Up of IMF Executive Board Discussion by the Chairman
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.
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 AcronymsCBA
Currency board arrangementCET
Common external tariffDSA
Debt sustainability analysisEFF
Extended Fund Facility (IMF)FAD
Fiscal Affairs Department (IMF)FIN
Finance Department (IMF)G-7
Group of Seven countriesG-10
Group of Ten countriesICM
International Capital Markets Department (IMF)IDB
Inter-American Development BankIEO
Independent Evaluation Office (IMF)IFI
International financial institutionIMF
International Monetary FundIMFC
International Monetary and Financial Committee (IMF)LIBOR
London interbank offered rateLOI
Letter of intent (IMF)MAE
Monetary and Exchange Affairs Department (IMF)1MERCOSUR
Mercado Común del SurNDA
Net domestic assetsNFPS
Nonfinancial public sectorNIR
Net international reservesNPV
Net present valuePAYG
Policy-based guarantee (World Bank)PDR
Policy Development and Review Department (IMF)PSI
Private sector involvementREER
Real effective exchange rateRES
Research Department (IMF)SBA
Stand-By Arrangement (IMF)SDR
Special drawing right (IMF)SRF
Supplemental Reserve Facility (IMF)TRE
Treasurer’s Department (IMF)2VAT
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.