Macroeconomic Policy in Argentina During 2002–2013

Damill, Mario; Frenkel, Roberto; Rapetti, Martín

doi:10.1057/ces.2015.3

Cited by 30 publications

(22 citation statements)

References 17 publications

(9 reference statements)

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“…There are a variety of historical experiences that support the claim that stable and competitive real exchange rate (SCRER) policies are good for economic development, as demonstrated by a number of Asian economies (Rodrik, 2008;Razmi et al, 2012), and more recently by Argentina during 2003-2008(Damill, Frenkel, and Rapetti, 2015).…”

Section: Discussionmentioning

confidence: 99%

“…The recent case of Argentina is an indication of these risks: When the country followed a SCRER policy (2003)(2004)(2005)(2006)(2007)(2008), the macroeconomic performance was successful. When that strategy stopped being followed (since 2010), economic performance was mediocre (Damill, Frenkel, and Rapetti, 2015).…”

Section: Additional Policy Coordination Challenges With the Implementmentioning

confidence: 99%

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Real exchange rate policies for economic development

2018

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This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other related market failures. The resulting development of these sectors leads to overall faster economic growth. A system of effectively multiple exchange rates is required when spillovers across different tradable sectors differ. The impact of RER policies is increased when they are complemented by traditional industrial policies that increase the elasticity of the aggregate supply to the RER. Among the instruments required to implement a stable and competitive RER are interventions in the foreign exchange market and regulation of capital flows. We also discuss the trade-offs associated with alternative stable and competitive RER policies.

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Section: Discussionmentioning

confidence: 99%

Section: Additional Policy Coordination Challenges With the Implementmentioning

confidence: 99%

Real exchange rate policies for economic development

2018

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“…Certainly because this is too a recent period to study 1 . In fact, there are only two closely related works: the one of Damill et al (2015), who analyze the period 2002-2013 and state that stagflation observed in Argentina since 2011 was due to "a shortsighted strategy that sought to stimulate aggregate demand disregarding the impacts on inflation, the balance of payments and the fiscal deficit". And the one by Gerchunoff and Rapetti (2016), who do a historical analysis of Argentina for the period 1930-2015 and find that, since 2008, "economic policy was based on fiscal and monetary expansion to satisfy social aspirations".…”

Section: Introductionmentioning

confidence: 99%

Potential output, output gap and high inflation in Argentina (2007-2015)

Campos

2020

Estudios de Economía

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I investigate the causes of the high inflation Argentina experienced from 2007to 2015. To do so, I estimate the potential output and the output gap using the Blanchard-Quah decomposition for this country and compare it to the estimations I obtained for other economies in the region were inflation was kept under control. I find that there are some country specific patterns in Argentina that can explain the high inflation observed during the analyzed years. First of all, Argentinean potential output grew at a slower pace than the rest of the countries, most notably since 2011. Second, there has been in Argentina a positive and increasing output gap since 2007, which was highly correlated with the inflation rate. Last, a comparison between the actual interest rate and the one derived from an ex-post monetary policy rule reveals that monetary policy was too lose in Argentina but that has not been the case in the rest of the countries. The policy implications of these findings are straightforward: Argentina could have reduced inflation by following a monetary rule, just like the rest of the Central Banks in the region seem to have done.

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“…On the other hand, the expansion of State intervention has been considered one of the main characteristics of "populist" governments (Ferreres 2011, Damill et al 2015, criticized by confusing policies which are unsustainable in tandem with the economic well-being, and by wasting the wealth of the prosperous years on policies that leave no favorable results in the long term (Cachanosky 2017).…”

Section: Introductionmentioning

confidence: 99%

Capital Accumulation, the Role of the State and Human Rights in Argentina: Contributions for debates on economic and social right

Cristeche

2020

OSLS

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This work aims to contribute to the debate on the role of the State and the Economic and Social Rights in Argentina from the analysis of the capital accumulation process and the structural changes that have taken place in the country in recent decades. First, we define the work within the debates on the role of the State and economic and social rights. At the core of the work, we present our own contribution, based on our previous research and other authors’ works. First, we highlight some transformations on the capital accumulation process in Argentina. Then we analyze the role of the State through some of the most important social policies in the last years but we also add the consideration of some government’s regulatory, fiscal, monetary, and labor-market policies. Finally, we develop our interpretation about the role of the State on the fulfillment of economic and social rights in the last decades. Este trabajo pretende contribuir al debate sobre los derechos económicos y sociales y el rol del Estado en Argentina a partir del análisis del proceso de acumulación de capital y los cambios estructurales que han tenido lugar en el país en las últimas décadas. Al comienzo encuadramos el trabajo en los debates actuales sobre el papel del Estado y los derechos económicos y sociales, y luego presentamos nuestra contribución, basada en desarrollos propios y en trabajos de otros autores. Primero destacamos algunas transformaciones en el proceso de acumulación de capital en Argentina. Luego analizamos el papel del Estado a través de algunas de las políticas sociales más importantes de los últimos años, pero también consideramos otras políticas como las regulatorias, fiscales, monetarias y del mercado laboral. Finalmente, desarrollamos nuestra interpretación sobre el papel del Estado en la satisfacción de los derechos económicos y sociales en las últimas décadas.

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Macroeconomic Policy in Argentina During 2002–2013

Cited by 30 publications

References 17 publications

Real exchange rate policies for economic development

Real exchange rate policies for economic development

Potential output, output gap and high inflation in Argentina (2007-2015)

Capital Accumulation, the Role of the State and Human Rights in Argentina: Contributions for debates on economic and social right

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