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Loan and bond finance in Argentina, 1985-2005

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  • Roque B. Fernández
  • Celeste González
  • Sergio Pernice
  • Jorge M. Streb

Abstract

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets.

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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 343.

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Length: 50 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:cem:doctra:343

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Keywords: bank loans; sovereign bonds; provincial bonds; central bank bonds; corporate bonds; pension funds; yields; liquidity;

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  1. Alejandro Bedoya & Celeste González & Sergio Pernice & Jorge M.Streb & Alejo Czerwonko & Leandro Díaz Santillán, 2007. "Database of corporate bonds from Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 344, Universidad del CEMA.
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Cited by:
  1. Dayoub, Mariam & Lasagabaster, Esperanza, 2008. "General trends in competition policy and investment regulation in mandatory defined contribution markets in Latin America," Policy Research Working Paper Series 4720, The World Bank.

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