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Title: The Verboten Story of Argentina’s Post-Default Economic Success
Source: EconoMonitor
URL Source: http://www.economonitor.com/blog/20 ... post-default-economic-success/
Published: Oct 23, 2011
Author: Yves Smith
Post Date: 2011-11-02 10:32:18 by lucysmom
Keywords: None
Views: 4013
Comments: 12

Ever notice nothing is ever said in the mainstream media about Argentina’s economy, save that it had a big default? You’d never know the following about Argentina:

From 2002 onward, Argentina has grown nearly twice as fast as Brazil, and has sported one of the highest growth rates in the world.

Its success is not dependent on a commodities boom.

It has increased social spending from 10.3% of GDP to 14.2% of GDP.

Inequality has fallen. Poverty and extreme poverty have fallen by roughly 2/3.

What is particularly striking is how quickly Argentina’s economy rebounded after its default. From a paper by Mark Weisbrot, Rebecca Ray, Juan A. Montecino, and Sara Kozameh (hat tip reader Thomas Ross):

In December of 2001, the government defaulted on its debt, and a few weeks later it abandoned the currency peg to the dollar. The default and devaluation contributed to a severe financial crisis and a sharp economic contraction, with GDP shrinking by about 5 percent in the first quarter of 2002 and nearly 11% for the full year. However, recovery began after that one quarter of contraction, and continued until the world economic slowdown and recession of 2008-2009. The economy then rebounded, and the IMF now projects growth of 8 percent for 2011.

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Begin Trace Mode for Comment # 4.

#1. To: Not Badeye, A K A Stone, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, mininggold, brian s, mcgowanjm (#0)

...the default freed the country from having to be continually hamstrung by a crippling debt burden and by pro-cyclical policies imposed by creditors. It is these types of policies, along with the ultra-conservatism of central banks like the present ECB, that mostly account for the historical experience of delayed recoveries after financial crises.

lucysmom  posted on  2011-11-02   10:39:22 ET  Reply   Untrace   Trace   Private Reply  


#3. To: lucysmom (#1)

Argentina was a one off phenomenom. Their currency was neither a benchmark for anything nor was it a unified currency value dependent up on the health of its components. IN fact, the entities most hurt by the Argentinian default were a couple Canadian banks and a couple Japanese banks.

Global exposure to the nation was not substantial. The Brazil and Mexican debacles several years earlier set off shock waves. Argentina barely elicited a yawn.

war  posted on  2011-11-02   10:48:00 ET  Reply   Untrace   Trace   Private Reply  


#4. To: war (#3)

The Brazil and Mexican debacles several years earlier set off shock waves. Argentina barely elicited a yawn.

Weren't the roots of the crisis different to begin with?

lucysmom  posted on  2011-11-02   11:14:12 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 4.

#5. To: lucysmom (#4)

Yes.

Brazil and Mexico were overextended. Argemtina was all around in the toilet...

war  posted on  2011-11-02 11:20:15 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 4.

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