- 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).
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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 Acronyms
Currency board arrangement
Common external tariff
Debt sustainability analysis
Extended Fund Facility (IMF)
Fiscal Affairs Department (IMF)
Finance Department (IMF)
Group of Seven countries
Group of Ten countries
International Capital Markets Department (IMF)
Inter-American Development Bank
Independent Evaluation Office (IMF)
International financial institution
International Monetary Fund
International Monetary and Financial Committee (IMF)
London interbank offered rate
Letter of intent (IMF)
Monetary and Exchange Affairs Department (IMF)1
Mercado Común del Sur
Net domestic assets
Nonfinancial public sector
Net international reserves
Net present value
Policy-based guarantee (World Bank)
Policy Development and Review Department (IMF)
Private sector involvement
Real effective exchange rate
Research Department (IMF)
Stand-By Arrangement (IMF)
Special drawing right (IMF)
Supplemental Reserve Facility (IMF)
Treasurer’s Department (IMF)2
World Economic Outlook (IMF)
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.