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Western Hemisphere > Argentina

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • International Economic Order and Integration x
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Cover IMF Working Papers
Sustaining Latin America's Resurgence: Some Historical Perspectives
Mr. Anoop Singh
and
Mr. Martin D. Cerisola
This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster growing economies. Among these, the paper highlights the importance of stable macroeconomic policies, especially fiscal policy.
Keywords:
WP; foreign direct investment; country authorities; central bank; inflation targeting; private sector; Macroeconomic Policy; Policy Design and Consistency; Economic Growth; Open Economies; reforming country; per capita income; country risk; fiscal policy volatility; physical capital; Latin American country; exchange rate regime; government intervention; Chile's policy framework; a number of country; competitive price; Exchange rate arrangements; Productivity; Capital accumulation; Asia and Pacific; East Asia; Global
Cover IMF Policy Discussion Papers
Vanishing Contagion?
Mr. Paolo Mauro
,
Tatiana Didier
, and
Mr. Sergio L. Schmukler
While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with markets now better discriminating between countries with good and bad fundamentals. This paper argues that a prudent working assumption is that contagion has not vanished permanently. Available data do not seem to point to a disappearance of the main channels that contribute to transmitting crises across countries. Moreover, anticipation of the Argentine crisis by international investors may help explain the recent absence of contagion.
Keywords:
PDP; crisis; investor; mutual fund; market price; net; crises; international integration; international transmission of shocks; emerging market country; mutual fund holding; ERM crisis; crisis economy; crisis month; Mutual funds; Emerging and frontier financial markets; Hedge funds; Stock markets; East Asia; Eastern Europe
Cover IMF Working Papers
Strengthening IMF Crisis Prevention
Mr. Jonathan David Ostry
and
Mr. Jeromin Zettelmeyer
To better fulfill its crisis-prevention mandate, IMF surveillance needs to provide stronger incentives for countries to follow good policies and for markets to avoid boom-bust cycles in capital flows. To this end, surveillance should culminate in a summary public assessment of the quality of a country's policies and stipulate the actions needed to address shortcomings. A country's potential access to IMF credits should be linked to the quality of its policies in noncrisis periods in order to create stronger incentives for better policies and reduce incentives for capital to flow where it cannot be used in socially beneficial ways.
Keywords:
WP; fund; country; policy; lending; IMF crisis lending; International Monetary Fund; Crisis prevention; IMF surveillance; fund crisis-prevention policy recommendation; country policy; IMF disbursement; IMF crisis prevention; IMF decision; IMF package; Capital markets; Emerging and frontier financial markets; Exchange rates; Global
Cover IMF Working Papers
A Model of the Imf As a Coinsurance Arrangement
Mr. Ralph Chami
,
Mr. Ilhyock Shim
, and
Mr. Sunil Sharma
The paper shows that a coinsurance arrangement among countries can, in principle, play a useful role in helping countries bear the risks involved in developing their economies and integrating into the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts offered by the IMF. The analysis suggests that, if the IMF's objective is to safeguard its resources and be concerned about the welfare of the borrower, an ex ante loan contract is more likely to create the right incentives-induce higher effort by member countries to avoid and overcome crises-than an ex-post loan contract. Such ex ante contracts highlight the need for precommitment to contend with the Samaritan’s dilemma and time inconsistency. The paper also shows that state-contingent repayment schemes are needed to deal with King Lear's dilemma.
Keywords:
WP; optimal contract; utility function; IMF; coinsurance arrangement; conditionality; moral hazard; Samaritan’s dilemma; King Lear’s dilemma; policy effort; surveillance country; IMF help; loan contract; perspective-king Lear's dilemma; country welfare; IMF commitment; IMF contract; IMF loan contract; Personal income; Loans; International capital markets; Income shocks; Global
Cover IMF Working Papers
A Balance Sheet Approach to Financial Crisis
Mr. Brad Setser
,
Nouriel Roubini
,
Mr. Christian Keller
,
Mr. Mark Allen
, and
Mr. Christoph B. Rosenberg
The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency, and capital structure mismatches. This framework draws attention to the vulnerabilities created by debts among residents, particularly those denominated in foreign currency, and it helps to explain how problems in one sector can spill over into other sectors, eventually triggering an external balance of payments crisis. The paper also discusses the potential of macroeconomic policies and official intervention to mitigate the cost of such a crisis.
Keywords:
WP; foreign currency; hard currency; short-term debt; debt restructuring; interest rate; National balance sheets; financial crisis; IMF policy; emerging markets; capital structure; preferred debt; currency risk; rollover crisis; nominal exchange rate; Financial statements; Currencies; Exchange rates; Global