Comparing Argentina in the 1980s with Argentina today, I am struck by a phenomenal change. For Argentina, the 1980s started off with the debt crisis and the war in the South Atlantic. The decade was characterized by negative GDP growth, capital outflows, persistent fiscal problems, and hyperinflation. Inflation averaged more than 300 percent a year before 1985 and more than 1,000 percent a year between 1986 and 1990, with two episodes of hyperinflation. Overall, the 1980s were a lost decade for Argentina.

Proceedings of the Seminar Coordination of Structural Reform and Macroeconomic Stabilization, Washington, D.C., June 17-26, 1993