Journal articles on the topic 'Debts, External Argentina'
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1
Kaufman, Robert R. "Democratic and authoritarian responses to the debt issue: Argentina, Brazil, Mexico." International Organization 39, no. 3 (1985): 473–503. http://dx.doi.org/10.1017/s0020818300019159.
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For Latin American governments, mediating between their national societies and the international economy, the contemporary debt issue poses some excruciating dilemmas. On the one side, these governments are under intense pressure to arrive at satisfactory formulas for settling their debts–satisfactory, that is, to the banks and creditor agencies that control access to international financial markets. Loss of such access would threaten vital capital and trade flows, and for this reason virtually every Latin American government has so far placed a high priority on meeting its external obligations. But governmental elites, if they are to remain in power, must also answer to (or repress) their own populations. And the price to be paid for external help with “liquidity problems” has typically involved politically dangerous stabilization measures (devaluations, wage and credit restrictions, and fiscal deficit reductions)–measures that often arouse the strong opposition of major social forces.
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Román, José Antonio Sánchez. "Economic Elites, Regional Cleavages, and the First Attempts at Introducing the Income Tax in Argentina." Hispanic American Historical Review 89, no. 2 (May 1, 2009): 253–83. http://dx.doi.org/10.1215/00182168-2008-084.
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Abstract This article analyzes Minister Víctor Molina’s 1924 income tax proposal, one of the first attempts to introduce this tax in Argentina, and explores the reasons for its failure. Argentine governments did not show a permanent commitment to fiscal reform during the 1920’s, mainly because the economic situation was not dire and the Treasury was able to finance its deficits through foreign debts due to the good performance of Argentine external sector. Nonetheless, Molina’s proposal was passed by the Chamber of Deputies and therefore it could have been the first income tax law in the country. Public opinion, intellectuals, and economists seemed to be persuaded that income tax was the solution to Argentine fiscal problems. Moreover, some key social sectors like rural or industrial entrepreneurs, without enthusiastically supporting the income tax, were disposed to tolerate it. In this article, I argue that we need a political interpretation of the failure of tax reform during 1920s. Molina’s draft was blocked in the Senate by the majority of the representatives of the interior provinces. In fact, income tax was considered to be a threat to the less affluent provinces of Argentina because it implied a step toward tax centralization and unification. Yet the economic weakness of the interior did not imply political weakness, and the interior provinces were the main obstacle to fiscal reform in Argentina until the 1930s.
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Salama, Pierre. "Dolarización y heterodoxia en América Latina." Lecturas de Economía, no. 21 (March 8, 2011): 99–132. http://dx.doi.org/10.17533/udea.le.n21a7956.
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• Resumen: En el marco del endeudamiento externo latinoamericano se presenta el fenómeno de la dolarización, que se manifiesta ya sea por la sustitución de monedas --fuga de capitales-- o bien por la nueva función que ejercen los títulos indexados, según el tipo de cambio en dólares, en lugar de la moneda local. Los objetivos de las nuevas políticas económicas de Argentina y Brasil -lucha contra la inflación, desindexación generalizada, reindustrialización... - se enfrentan a la dificultad de tener que ser alcanzados al mismo tiempo que debe asegurarse un servicio mínimo de pago de la de la externa. El interrogante que se plantea entonces es si el servicio de la deuda externa es un obstáculo mayor para alcanzar esos objetivos, o si para debilitar la dolarización se requieren medidas más heterodoxas -moratoria parcial o temporal de la deuda y una modificación de la distribución de los ingresos- que los contemplados en los planes Austral y Cruzado. Para responder a las cuestiones planteadas, además del análisis de las relaciones entre fuga de capitales y deuda externa y entre políticas económicas y dolarización, en esto artículo se estudian los factores relativos a los cambios en las estructuras económicas y en los regímenes de acumulación y sus efectos sobre la deuda externa, diferentes según el país y según las épocas. • Abstract: One phenomenon which characterizes the current problems of Latin American external debt is the process of dollarization (the progressive substitution of U.S. dollars, actual dollars or prices denominated in that currency, for the local monies). The new monetary plans of Argentina and Brazil, for example, are confronted by the need lo service the debts of those countries and restore confidence in domestic coin. This paper poses the question of whether these can be achieved by orthodox methods or if a heterodox approach, involving debt moratoria and income redistribution, is likely to be more successful.
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HUSIEV, Artem. "State debt management in the context of Ukraine's economic development." Economics. Finances. Law, no. 5 (May 29, 2020): 21–25. http://dx.doi.org/10.37634/efp.2020.5.3.
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The paper explores the theoretical and methodological basis of the concept of public debt management. The relationship between the problem of public debt and economic development of the country has been revealed. The dynamics of Ukraine's public debt for the period 2010-2019 have been analyzed. The default as a means of state debt policy has been investigated and its main economic consequences are presented. The international experience of managing public debt on the example of Argentina has been analyzed. The economic essence of technical default has been defined and the concept of technical default as a priority direction of Ukraine's state debt policy in the current conditions has been proposed. Public debt is a set of State commitments to internal and external creditors. State debt Management provides for state creation of the concept of debt policy. In economic terms, the main task of debt management is to maintain the level of public debt on a moderate level. In Ukraine, the problem of state indebtedness is particularly relevant after 2014. However, the most acute this problem was at the beginning of 2020 with the beginning of the recession economy and raising the deficit of the State budget. There are three main strategies to address public debt: investing in the country's economic development and timely repayment of liabilities, default and technical default. The strategy of investing in the country's economic development envisages emission of money or additional involvement in order to stimulate economic development, as well as timely payment of debts and interests. This strategy is appropriate in terms of relatively small amounts of public debt. Defaulted involves declaring the state insolvency payment obligations to creditors. Defaulted in the short run means a rapid deterioration in the economic situation in the country, but under certain conditions, there may be positive consequences in the long run. The technical default means the state's inability to pay debts on a certain date if there is a possibility of their payment in the future. In Ukraine today, the optimal decision of the state debt policy is the proclamation of technical default to restructure debts and prevent aggravation of socio-economic crisis in the country.
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Berg, Gerald C. "The effects of the external debts of Mexico, Brazil, Argentina, Venezuela, and the Philippines on the United States." Applied Economics 20, no. 7 (July 1988): 939–56. http://dx.doi.org/10.1080/00036848800000018.
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Simões, Joanna. "Arbitration as a Method of Settling Disputes Arising under Sovereign Bonds." Revista Brasileira de Arbitragem 9, Issue 33 (March 1, 2012): 9–37. http://dx.doi.org/10.54648/rba2012001.
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ABSTRACT: In December 2001 Argentina defaulted by publicly announcing the deferral of over US$100 billion of external bond debt owed to both non-Argentine and Argentine creditors. In September 2006, a group of 195,000 Italian creditors that rejected Argentina's exchange offer submitted a request for ICSID arbitration relying not in the bond contract, but in a Bilateral Investment Treaty ("BIT") between Argentina and Italy. More than ever before, in this moment of anxiety of a Greek sovereign default, the outcome of this decision can drastically change the dynamics of sovereign debt restructurings and of the investment arbitration regime. Thus, in light of these recent facts, this article shall assess whether ICSID tribunals should have jurisdiction to settle disputes arising under sovereign bonds by making a dual examination of the term "investment" in the ICSID Convention. And more importantly, notwithstanding the positive jurisdiction and admissibility decision rendered by the ICSID Tribunal in the present case, it is analysed whether tribunals should be competent to settle disputes related to a financial crisis.
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Santarcángelo, Juan E., and Juan Manuel Padín. "Reshaping the Economic Structure in Argentina: The Role of External Debt during the Macri Administration (2015–2019)." Review of Radical Political Economics 53, no. 2 (March 20, 2021): 237–49. http://dx.doi.org/10.1177/0486613420976429.
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Argentina’s right-wing shift in the 2015 presidential election concluded twelve years of center-left rule. The elected president, Mauricio Macri, claimed that the economy would experience normalization of existing imbalances and recover its strength in a “new political era.” However, the new administration quickly restored the dominance of neoliberal economic policies through a comprehensive set of initiatives, which centrally included the return to international financial debt and equity markets and submission to the International Monetary Fund’s (IMF) rules. This article analyzes Argentina’s external-debt-growth process and discusses its objectives and long-term effects. This paper posits that the indebtedness process carried out by the Macri administration—and its modality—not only increased the relevance of financial capital in the Argentine economy but also structurally conditioned any future nonorthodox alternative path of development. This outcome cannot be understood without taking into account the deliberate role of the United States, the IMF, and the top companies that operate in Argentina, as well as the complicity of many political sectors. JEL Classification: H63, F34, F63
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Libman, Emiliano, and Gabriel Palazzo. "Inflation targeting, disinflation, and debt traps in Argentina." European Journal of Economics and Economic Policies: Intervention 17, no. 1 (April 17, 2020): 78–105. http://dx.doi.org/10.4337/ejeep.2019.00050.
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This paper highlights the role of external indebtedness and the presence of inflationary inertia in order to assess the effectiveness and sustainability of inflation targeting during disinflation episodes. As the recent Argentinian experience illustrates, a sluggish inflation rate and a significant current-account deficit may make the stabilization process difficult. To illustrate the point, we build a model that shows that, when inflation adjusts fast, the target may be achieved without building too much external debt. But if inflation adjusts slowly, an excessive build-up of external debt could lead to an increase in the risk premium, a sudden shortage of foreign exchange, and the eventual collapse of the inflation-targeting regime.
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Libman, Emiliano, and Gabriel Palazzo. "Inflation targeting, disinflation, and debt traps in Argentina." European Journal of Economics and Economic Policies: Intervention 17, no. 1 (April 17, 2020): 78–105. http://dx.doi.org/10.4337/ejeep.2019.0050.
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This paper highlights the role of external indebtedness and the presence of inflationary inertia in order to assess the effectiveness and sustainability of inflation targeting during disinflation episodes. As the recent Argentinian experience illustrates, a sluggish inflation rate and a significant current-account deficit may make the stabilization process difficult. To illustrate the point, we build a model that shows that, when inflation adjusts fast, the target may be achieved without building too much external debt. But if inflation adjusts slowly, an excessive build-up of external debt could lead to an increase in the risk premium, a sudden shortage of foreign exchange, and the eventual collapse of the inflation-targeting regime.
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Chatterjee, Satyajit, and Burcu Eyigungor. "Maturity, Indebtedness, and Default Risk." American Economic Review 102, no. 6 (October 1, 2012): 2674–99. http://dx.doi.org/10.1257/aer.102.6.2674.
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We advance quantitative-theoretic models of sovereign debt by proving the existence of a downward sloping equilibrium price function for long-term debt and implementing a novel method to accurately compute it. We show that incorporating long-term debt allows the model to match Argentina's average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads, and simultaneously improve upon the model's ability to account for Argentina's other cyclical facts. We also investigated the welfare properties of maturity length and showed that if the possibility of self-fulfilling rollover crises is taken into account, long-term debt is superior to short-term debt. (JEL E23, E32, F34, O11, O19)
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Cerro, Ana María, and Osvaldo Meloni. "Crises and Crashes: Argentina 1825-2002." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 31, no. 2 (August 9, 2013): 219–52. http://dx.doi.org/10.1017/s021261091300013x.
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ABSTRACTThe objective of this paper is twofold. First, it identifies and categorizes the currency crises suffered by Argentina from 1825 to 2002. Second, it looks for regularities in the behaviour of key macroeconomic variables in the neighbourhood of crises by means of graphic analysis, non-parametric and econometric techniques. We found that expansions in public expenditures as well as increases in the debt to GDP ratio and falls in the rate of growth of bank deposits contribute to spur the probability of crisis. Unfavourable external conditions, jointly with domestic imbalances, help to explain very deep crises or crashes.
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Ishikawa, Tomoko. "Extraterritorial Discovery in Aid of Execution and State Immunity: Case Comment on Republic of Argentina v. NML Capital, Ltd., 573 U.S. ___ (2014)." Accounting, Economics and Law - A Convivium 5, no. 2 (July 1, 2015): 173–92. http://dx.doi.org/10.1515/ael-2014-0016.
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AbstractOn 16 June 2014, the Supreme Court of the United States rejected the petition for a writ of certiorari stemming from the dispute over the meaning of the pari passu clause in the Argentine sovereign bonds. This decision had a dramatic impact on Argentina’s sovereign debt restructurings (SDR) – indeed, it arguably led to Argentina’s second default in 13 years on 30 July 2014. On the same day that the petition for certiorari was rejected, the Supreme Court rendered a judgment on the issue of the relationship between discovery in aid of execution against the debtor state’s extraterritorial assets and the law of state immunity. In Republic of Argentina v. NML Capital, Ltd., judgment of 16 June 2014, the Supreme Court affirmed the Second Circuit’s conclusion that the extraterritorial assets discovery against two non-party banks in aid of executing the judgments stemming from Argentina’s default of its external debt did not offend Argentina’s sovereign immunity. This comment addresses this judgment on extraterritorial discovery which, although less headline grabbing than the decisions on the pari passu clause, also marks a victory for holdout creditors. It first provides a summary of the background of the case and the judgment, and then considers its implications on the future SDR. Regarding the implications of the case on the future SDR, this comment also describes the developments of law concerning the relationship between the law on foreign investment and SDR (in investment arbitration) and the relationship between investment arbitration awards and sovereign immunity (in US courts). First, it examines the recent decisions in ICSID arbitration concerning the disputes arising from the Argentina’s default and subsequent SDR (Abaclat v. Argentina (decision on jurisdiction and admissibility of 4 August 2011) and Ambiente v. Argentina (decision on jurisdiction and admissibility of 8 February 2013)). In essence, these decisions opened the door to investment treaty arbitration for holdout creditors of international sovereign bonds, for the first time in the history of investment arbitration. It then describes the Second Circuit’s recent decision in Blue Ridge v. Argentina (judgment of 19 August 2013) in which the court concluded that the defendant state in an ICSID arbitration was considered to have waived its jurisdictional immunity under the Foreign State Immunity Act of 1976 (FSIA). It argues that the combination of: (a) Argentina v. NML, (b) Blue Ridge v. Argentina, and (c) the openness of ICSID arbitration to disputes arising from SDR will have potentially serious consequences for future SDR.
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Looney, Robert E. "Impact of increased external debt servicing on government budgetary priorities: The case of Argentina." Socio-Economic Planning Sciences 21, no. 1 (January 1987): 25–32. http://dx.doi.org/10.1016/0038-0121(87)90050-4.
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HAINES, ANDRÉS ERNESTO FERRARI, FERNANDO FERRARI-FILHO, and HERNAN NEYRA. "The consequences of the international financial crisis and the great recession in Argentina and Brazil." Brazilian Journal of Political Economy 40, no. 1 (March 2020): 68–85. http://dx.doi.org/10.1590/0101-31572020-3048.
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ABSTRACT The 2007-2008 international financial crisis (IFC) and the ‘Great Recession’ (GR) had worldwide effects. In the case of Argentina and Brazil, the reduction and improvement in composition of public external debt, the previous policy of international reserves accumulation combined with left-wing political affinity between governments, provided some space for countercyclical macroeconomic policies. Consequently, its governments were able to face the IFC and GR without following traditional tightened or pro-cyclical macroeconomic policies. This article examines the consequences of the IFC and the GR in Argentina and Brazil and the countercyclical macroeconomic policies that were implemented during the period 2009-2014.
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GIAMBIAGI, FABIO. "O pagamento da dívida interna." Brazilian Journal of Political Economy 15, no. 2 (June 1995): 231–49. http://dx.doi.org/10.1590/0101-31571995-0812.
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RESUMO Este artigo propõe uma mudança na política de dívida pública, baseada na colocação de novos títulos com vencimentos entre 1 e 30 anos. Ao modificar as condições de uma proposta semelhante apresentada por Giambiagi e Zini, mostra-se que se toda a dívida pública interna fosse transformada em uma dívida de 7 anos, paga através de um pagamento fixo mensal, com uma taxa de juros de 12% em US$ e uma cláusula para pagamento em moeda estrangeira, o superávit primário do Governo Federal necessário para o serviço da dívida pública interna e os pagamentos de juros da dívida pública externa poderiam, sob certas condições, ser inferiores a 2,5% do PIB. Posteriormente, alguns parâmetros são alterados para apresentar um menu de alternativas, o que implica um pagamento mais rápido e exige um superávit primário maior no primeiro ano. Conclui-se que, com um esforço fiscal de cerca de 2,0% do PIB relacionado aos dados de 1993, o Brasil poderia adotar um plano de estabilização com uma rigidez fiscal e monetária muito semelhante à do Plano de Conversibilidade adotado na Argentina em 1991.
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Laría, Patricia Inés, Verónica Rama, and Joaquín Rodríguez. "Balance of Payments Constraint — Trade and Finance." Journal of Business and Economics 10, no. 12 (December 22, 2019): 1137–46. http://dx.doi.org/10.15341/jbe(2155-7950)/12.10.2019/001.
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This paper summarizes conceptual aspects of two contemporary global phenomena: “economic growth external constraint” or “balance of payments constraint (BPC)” and “financial flows”, both of them especially studied as structural features of Argentina economy. Our general hypothesis is that external constrain, in its commercial (exports and imports relative income-elasticity) or financial (unsustainable debt, interest payments) versions, means a significant difficulty for some countries’ growth. Besides, financial outflows (purchase of foreign assets by residents, capital flight), offer various additional complexities. Both performs simultaneously as cause and consequence of growth, as circular cumulative causation (CCC).
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ABREU, MARCELO DE PAIVA. "Foreign Debt Policies in South America, 1929-1945." Brazilian Journal of Political Economy 20, no. 3 (September 2000): 253–66. http://dx.doi.org/10.1590/0101-31572000-1082.
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ABSTRACT This paper examines the similarities and contrasts of strategies adopted by the larger South American economies - Argentina, Brazil and Chile - in dealing with the problems raised by the fall of their export revenues coupled with the almost complete interruption of the inflow of foreign capital in the late 1920s and early 1930s. The characteristics of foreign indebtedness of these countries in the late 1920s and the ways the external shock affected their balance of payments from 1928-29 to 1933-34 are also considered. Their differentiated adjustment processes including debt adjustment schemes adopted during the 1930s and early 1940s are compared. Permanent debt settlements are described and discussed. Finally, it considers the links between growth performance of these countries and differentiated foreign debt policies.
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ÇİĞDEM, Gülgün, and Merve ALTAYLAR. "COINTEGRATION EVIDENCES FROM THE NEW FRAGILE FIVE." Journal of Life Economics 7, no. 3 (July 31, 2020): 269–82. http://dx.doi.org/10.15637/jlecon.7.020.
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Purpose of this study is to test the association between savings and current account deficit of the “New Fragile Five” falling into critical cycle. 1994-2019 period annual national savings, current account balance and external debt have been analyzed within the framework of panel data analysis. At the modeling stage of the research focused on the cointegration relationship. Panel cointegration tests with structural breaks based on LM were used. To examine the unique economic structures of countries, heterogeneous estimating techniques were employed. The research has four important findings; i.There is a cointegration relationship between indicators, ii.The external debt increases the current account deficit, iii.The increase of savings in Turkey decreases the current account deficit, iv.An increase in savings increases the current account deficit in Argentina, Egypt, Pakistan and Qatar. This study, which will contribute to the expansion of typology, is also contributory to the “Triple Deficit Hypothesis”.
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Ferreyra, Cecilia, and Mark T. Brown. "Emergy perspectives on the Argentine economy during the 20th century: a tale of natural resources, exports and external debt." International Journal of Environment and Sustainable Development 6, no. 1 (2007): 17. http://dx.doi.org/10.1504/ijesd.2007.012734.
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Pastore, Mario. "State-led Industrialisation: The Evidence on Paraguay, 1852–1870." Journal of Latin American Studies 26, no. 2 (May 1994): 295–324. http://dx.doi.org/10.1017/s0022216x00016230.
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In the last three decades, the economic history of Paraguay has been subject to an intense reexamination. It has been claimed that the state in Paraguay led a ‘spectacular industrialisation effort’ in the second half of the nineteenth century and that this effort was prematurely truncated by war. One author, for example, has stated thatFrom 1852 on, free circulation on the river Paraná permitted a rapid increase of exports, mostly under state control. The resources thus freed were devoted to the development of the modern manufacture of industrial goods and plant: iron and steel, engineering, shipbuilding, brickmaking, etc. A railway and a telegraph were installed without incurring an external debt. The experiment was nevertheless spoiled by the war with the ‘Triple Alliance’ (1864–1870), which opposed Brazil, Argentina, and Uruguay to Paraguay, and resulted in the demographic and economic collapse of the country.
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AKDEMİR, Bülent, and Recep ULUCAK. "The Effect of Foreign Savings on Domestic Savings: Theory and Application." Gaziantep University Journal of Social Sciences 21, no. 4 (October 19, 2022): 2004–22. http://dx.doi.org/10.21547/jss.1153052.
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The increase in the degree of openness of the economies has also increased resource transfers among countries. As seen in the example of the Feldstein-Horioka Hypothesis, this process allows countries to overcome the problem of insufficient existing resources with external resources. In this study, it is examined how foreign direct investments, portfolio investments and other investments (or short and long run external debt flows), which are called foreign savings, have an effect on domestic savings rates. The argument that these resources can reduce domestic savings is known as the Haavelmo Hypothesis. The sample countries of the research are Argentina, Brazil, Chile, India, Indonesia, Russia, Republic of South Africa, Turkey, which are called as Fragile Eight. After the variables were checked for stationarity, the Westerlund Durbin Hausman panel cointegration test was used to determine whether there was a cointegration relationship between them. After confirming the cointegration relationship, Panel Fully Modified Least Squares (FMOLS) and Continuously updated Fully Modified Least Squares (CUP-FMOLS) estimators were used for long-term parameter estimations. The results show that foreign savings have a negative effect on domestic savings. On the other hand, real income per capita and real interest rates are included in the model as control variables as determinants of the traditional saving function. It has been determined that the real interest rate and real income per capita have a positive effect on domestic savings, but the real interest rate has a relatively low coefficient in terms of effect.
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Miranda, Roberto. "EL ROL POLÍTICO DE ESTADOS UNIDOS EN EL DEFAULT DE ARGENTINA." AUSTRAL: Brazilian Journal of Strategy & International Relations 3, no. 5 (July 10, 2014). http://dx.doi.org/10.22456/2238-6912.37845.
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In December of 2001, due to the financial crisis, Argentina had to suspend external payments. The country started a frantic process of abandonment of default thereafter. Research about the causes, processes, and mechanisms of the crisis has been focused on economic issues. The present work instead considers international politics. The aim of the paper is to analyze the role of the United Sates in the restructuring of Argentina’s debt. We consider the reasons, conditions, and actions developed by the hegemonic power in the relationship between Argentina and its creditors. We specially emphasize the political role played by the US government, a position that the US administration had no intention to assume neither before the debacle nor after the crisis started. We conclude that, despite the fact that Argentina has overcome the most difficult part of its default, the episode made evident, once more, the strong Argentine dependence towards the United States.
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Abreu, Amarilys. "Too Little, Too Late: Principles of Economics, Politics or the Law? The New Argentine International (External) Debt Restructuring Saga." SSRN Electronic Journal, 2020. http://dx.doi.org/10.2139/ssrn.3678850.
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Aparecida Bastos, Luciana, Jesus Crepaldi, Rodrigo Monteiro da Silva, Victor Hugo Bartolomeu de Araújo Bartolomeu de Araújo, Aline de Queiroz Pancera, and Badar Alam Iqbal. "Evolution of Mercosur intra-regional trade from 2016 to 2020." Latin American Journal of Trade Policy 5, no. 14 (December 31, 2022). http://dx.doi.org/10.5354/0719-9368.2022.68979.
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The first attempts at the Latin American integration process showed a highly pragmatic character, without many concerns for medium and long-term projects. The main concern was to expand intra and extra-regional trade. However, since the 1980s (the decade considered the lost decade for Latin America), when the external debt crises and the adjustment policies recommended by the International Monetary Fund (IMF) led the region to a higher poverty rate due to the social costs of such policies, Latin America has been rethinking its integration. The creation of LAIA (Latin American Integration Association), in 1980, replacing LAFTA (Latin American Free Trade Association), in 1960, and its sub-regional integration have changed Latin America’s economic growth trajectory from the 1990s. Within the scope of LAIA, Mercosur was created in 1991, with the objective of promoting intra and extra-regional trade expansion through the elimination of tariff barriers among its members, implementing a Common External Tariff. The full members of Mercosur are Argentina, Brazil, Paraguay and Uruguay. The bloc also has associated members: Bolivia, Chile, Peru, Colombia, Ecuador, Guyana and Suriname and observer members, namely Mexico and New Zealand. This work was developed to verify whether Mercosur, with the elimination of tariff barriers between full members and the Common External Tariff, has been able to meet its main objective, which is to expand intraregional trade among its members. Therefore, the main objective was to verify whether there was trade expansion between the bloc's full partners between the years 2016 and 2020. The methodologies used for this purpose were descriptive statistics and literature review. Aiming to evaluate the annualized rate of change of trade in the period covered, it was decided to use the Compound Annual Growth Rate (CAGR), which is a differential of this research. The results showed that within the bloc, Brazil had Argentina as its main trading partner. It was observed that there was an expansion of intraregional trade between 2016 and 2018, followed by a considerable reduction of this trade during the period 2019-2020, but that Brazil still continued to be the member that obtained the largest intra-regional trade balances. Paraguay, in turn, did not show the same trend of commercial reduction for all other partners in 2019 and 2020. In addition, in 2020, even with the COVID 19 pandemic, Paraguay managed to increase its exports to Brazil and Argentina, showing a contrary trend only to their exports to Uruguay. Uruguay, in turn, expanded its imports from partners throughout the period, except for Paraguay in 2020, where its exports exceeded imports. With regard to Argentina, its exports to members began to fall in 2019 and increased in 2020, especially in relation to Brazil. The country also drastically reduced its imports from Brazil and Paraguay in 2019 and 2020, although it also considerably expanded imports from Paraguay
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FRANCIS, JOSEPH A., and CARLOS NEWLAND. "Corporate Profitability and Economic Policy During Argentina’s Great Depression, 1929–1934." Enterprise & Society, March 26, 2020, 1–28. http://dx.doi.org/10.1017/eso.2020.1.
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An analysis of corporate profitability leads to a reevaluation of economic policy during Argentina’s Great Depression. While the overall profit rate collapsed, some sectors were more affected than others: Commerce, insurance, and agriculture were worst hit, followed by transportation, industry, and finally banking, which was a beneficiary of economic policy, especially the decision not to default on or renegotiate the external public debt. Had a different economic policy been pursued, it is likely that the international crisis would not have affected Argentina so severely. Most importantly, it would have been possible to further devalue the peso, which would have benefitted both agriculture and industry. Moreover, interest rates would have been lower, and continued government borrowing would not have crowded out investment in the private sector. An analysis of corporate profitability thus leads to a less positive view of economic policy during Argentina’s Great Depression than is often found in the existing literature.