The Decline Of The Peso: The Argentina Crisis
This is the first 1,000 characters of 1914 words (7.66 pages) in the essay titled The Decline Of The Peso: The Argentina Crisis
|The Decline of The Peso: The Argentina Crisis
In 1998, Argentina entered what turned out to be a four-year depression, during which its economy shrank 28 percent. Argentina’s experience has been cited as an example of the failure of free markets and fixed exchange rates. Contrarily, Argentina’s economic woes have been attributed to bad economic policies which converted a typical recession into a full depression. Three big tax increases in 2000-2001 discouraged growth, and interfering with the monetary system in mid 2001 created fear of currency devaluation. Consequently, the confidence people had in Argentina’s government finances evaporated. “In a series of mishaps that made the situation ever worse, from December 2001 to early 2002, succeeding governments undermined property rights by freezing bank deposits; defaulting on the government’s foreign debt; ending the Argentine peso’s longstanding link to the dollar; forcibly converting dollar deposits and loans into Arge...
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