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The Argentinean debt: History, default and restructuring

Author

Listed:
  • Mario DAMİLL

    (Buenos Aires Üniversitesi)

  • Martin RAPETTİ
  • Roberto FRENKEL

Abstract

In this paper we provide a reviewt of the evolution of Argentinean foreign debt in the long run and the macroeconomic policies that contributed to its emergence. In particular, we focus on what exactly happened in the nineties in Argentina. We analyze the evolution of the public sector’s financial obligations after the default and describe the restructuring proposal. We also discuss the relationships between Argentina and the IMF and its repercussions on the underlying international financial architecture.

Suggested Citation

  • Mario DAMİLL & Martin RAPETTİ & Roberto FRENKEL, 2005. "The Argentinean debt: History, default and restructuring," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 20(236), pages 5-26.
    • Handle: RePEc:iif:iifjrn:v:20:y:2005:i:236:p:5-26
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    References listed on IDEAS

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    1. Oscar Centralogo & Mario Damill & Roberto Frenkel & Juan P. Jimenez, 1997. "La sostenibilidad de la política fiscal en América Latina: El caso argentino," Research Department Publications 3014, Inter-American Development Bank, Research Department.
    2. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 1-74.
    3. repec:rus:hseeco:123922 is not listed on IDEAS
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich-to-Poor Capital Flows," American Economic Review, American Economic Association, vol. 94(2), pages 53-58, May.
    5. Lance Taylor, 1998. "Lax Public Sector, Destabilizing Private Sector: Origins of Capital Market Crises," SCEPA working paper series. 1998-11, Schwartz Center for Economic Policy Analysis (SCEPA), The New School, revised Oct 1998.
    6. Frenkel, Roberto, 2003. "Globalization and financial crises in Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    7. Ricardo Ffrench-Davis, 2005. "Macroeconomic Policies for Development," Palgrave Macmillan Books, in: Reforming Latin America’s Economies, chapter 0, pages 27-56, Palgrave Macmillan.
    8. Michael Mussa, 2002. "Argentina and the Fund: From Triumph to Tragedy," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa67, February.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Amrita Dhillon & Javier García‐Fronti & Sayantan Ghosal & Marcus Miller, 2006. "Debt Restructuring and Economic Recovery: Analysing the Argentine Swap," The World Economy, Wiley Blackwell, vol. 29(4), pages 377-398, April.
    2. Baer, W & Margot, D & Montes-Rojas, G., 2010. "Argentina's default and the lack of dire consequences," Working Papers 10/09, Department of Economics, City University London.
    3. José Mourelle, 2010. "Fiscal and exchange rate policies during the Argentine and Uruguayan crisis of 2001-2002," Documentos de trabajo 2010012, Banco Central del Uruguay.
    4. Engelen, Christian & Lambsdorff, Johann Graf, 2009. "Hares and stags in Argentinean debt restructuring," Journal of International Economics, Elsevier, vol. 78(1), pages 141-148, June.
    5. Fernández Tucci, Candelaria, 2023. "Original sin and South-South cooperation: Insights for the Mercosur from the experience of the Asian Bond Market Initiative," IPE Working Papers 214/2023, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Roberto Frenkel & Martin Rapetti, 2010. "A Concise History of Exchange Rate Regimes in Latin America," UMASS Amherst Economics Working Papers 2010-01, University of Massachusetts Amherst, Department of Economics.
    7. Barbara Fritz & Sebastian Dullien & Laurissa Muehlich, 2015. "The IMF to the Rescue: Did the Euro Area benefit from the Fund’s Experience in Crisis fighting?," Competence Centre on Money, Trade, Finance and Development 1601, Hochschule fuer Technik und Wirtschaft, Berlin.
    8. Miller, Marcus & Ghosal, Sayantan & Dhillon, Amrita & García-Fronti, Javier, 2005. "Bargaining and Sustainability: The Argentine Debt Swap of 2005," CEPR Discussion Papers 5236, C.E.P.R. Discussion Papers.
    9. repec:ilo:ilowps:467787 is not listed on IDEAS
    10. Roberto Frenkel & Martin Rapetti, 2008. "Five years of competitive and stable real exchange rate in Argentina, 2002-2007," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 215-226.
    11. Engelen, Christian & Graf Lambsdorff, Johann, 2007. "Fairness in sovereign debt restructuring," Passauer Diskussionspapiere, Volkswirtschaftliche Reihe V-50-07, University of Passau, Faculty of Business and Economics.
    12. Thrasher Rachel D. & Gallagher Kevin P., 2015. "Mission Creep The Emerging Role of International Investment Agreements in Sovereign Debt Restructuring," Journal of Globalization and Development, De Gruyter, vol. 6(2), pages 257-285, December.
    13. Ludwig, Maximilian, 2014. "How well do we understand sovereign debt crisis? Evidence from Latin America," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100531, Verein für Socialpolitik / German Economic Association.
    14. Frenkel, Roberto & Rapetti, Martín, 2012. "Exchange rate regimes in the major Latin American countries since the 1950s: lessons from history," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 30(1), pages 157-188, January.

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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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