The crisis that was not prevented : lessons for Argentina, the IMF, and globalisation

Contents......Page 6
Acknowledgements......Page 8
Notes on the Contributors......Page 9
Abbreviations......Page 12
Preface by Jose Antonio Ocampo......Page 14
1 Introduction - Age Akkerman and Jan Joost Teunissen......Page 16
Joseph Stiglitz......Page 17
Mark Weisbrot and Colleagues......Page 19
Guillermo Perry and Luis Servén......Page 21
Ricardo Hausmann and Andrés Velasco......Page 22
The Studies in this Book......Page 25
The Role of the IMF......Page 27
The Politics of Crisis Prevention and Management......Page 28
2 Argentina: A Case of Globalisation Gone Too Far or Not Far Enough? - Dani Rodrik......Page 30
The Too Simple Idea of Sovereign Risk Reduction......Page 31
An Alternative Vision......Page 34
3 The Mistaken Assumptions of the IMF - José Antonio Ocampo......Page 37
Wrong Assumptions......Page 40
Lessons......Page 42
Current Conditions and Outlook......Page 43
4 Growth, Instability and the Crisis of Convertibility in Argentina - José María Fanelli......Page 47
Structural Breaks, Volatility, and the Macroeconomy......Page 51
Asymmetries, Rigidities, and Dynamic Effects as Sources of......Page 65
Concluding Remark......Page 76
5 The Regional Fallout of Argentina's Crisis - Ricardo Ffrench-Davis and Rogério Studart......Page 83
Building Up Vulnerabilities......Page 84
Investor Confidence, Domestic Policies and External Support......Page 92
6 The Puzzle of Argentina's Debt Problem: Virtual Dollar Creation? - Bernardo Lischinsky......Page 96
Composition and Evolution of the Argentine Debt......Page 97
When and Why did Argentina’s Debt Become a Problem?......Page 108
Debt in the Context of a New Development Agenda......Page 111
Argentina and Globalisation......Page 113
7 The Argentine Drama: A View from the IMF Board - J. Onno de Beaufort Wijnholds......Page 116
Argentina and the IMF: 1980-1991......Page 117
The Currency Board......Page 120
The End Game......Page 125
Lessons from the Argentine Drama......Page 130
8 Some Lessons from the Argentine Crisis: A Fund Staff View - Mark Allen......Page 135
Background to the Argentine Crisis......Page 136
Mexican Crisis Lessons: Exchange Rate Policy......Page 137
Mexican Crisis Lessons: Financial Systems......Page 139
Mexican Crisis Lessons: Domestic Savings......Page 141
Asian Crisis Lessons: Transparency, Standards and Codes......Page 142
Russian Crisis Lessons: Debt Dynamics......Page 143
Lessons from the Argentine Crisis......Page 144
Exchange Rate Policy......Page 145
Fiscal Policy......Page 148
Debt Sustainability......Page 152
Structural Reforms......Page 155
How Should the Fund’s Role in Argentina Be Judged?......Page 156
Costs and Benefits of Globalisation......Page 161