The Political Economy of Argentina's Debacle
In this paper I argue that political economy considerations and, in particular, the identity of the reformers, are central to understanding the Argentine crisis that culminated in sovereign default in January 2002. During the 1990s, the main political parties remained attached to populism, and no strong party emerged at the center of the political spectrum. This had two effects in the reform process. First, it severely deteriorated it (efficiency, corruption), reducing the support of the population. Second, when a series of shocks hit the economy the anti-reform camp tried to undo most reforms, and thus convey a message to the population about the “right” model of the world.
Volume (Year): 7 (2004)
Issue (Month): 1 ()
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References listed on IDEAS
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- Juan Jose Cruces & Marcos Buscaglia & Joaquin Alonso, 2002. "The Term Structure of Country Risk and Valuation in Emerging Markets," Working Papers 46, Universidad de San Andres, Departamento de Economia, revised Apr 2002.
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43, Universidad de San Andres, Departamento de Economia, revised Mar 2002.
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