Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
22
result(s) for
"Financial crises Social aspects Argentina."
Sort by:
Inequality and instability : a study of the world economy just before the Great Crisis
As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the “super-bubble” that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent—not just in the U.S. but the entire world. This book demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, this book brings new data to bear, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, the book shows that more equal societies systematically enjoy lower unemployment. It shows how this plays out inside Europe, between Europe and the United States, and in modern China. It explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans—which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue.
eBook
Crises and contagion in equity portfolios
We examine the international impact of recent financial crises on contagion dynamics within international equity portfolios. First, we highlight the importance of macroeconomics for portfolio weighting for each region, and then we examine contagion via a structural regime-switching model and a contagion test. We also examine sources of contagion using regime variables, crisis events, and macroeconomic variables. In particular, we study the Argentine debt crisis, the US financial crisis, and the EU sovereign debt crisis. The macroeconomic variables include changes in market capitalization, trade integration, GDP growth, inflation rate, and interest rate. We also employ two classifications, one relating to the portfolio weighting scheme and another one that considers implied global and regional betas. The empirical findings reveal the existence of financial contagion for all the crises that we investigate. Both methods produce similar results. Stronger contagion is evident for global rather than regional betas. Europe is the region with the highest level of contagion and the one mostly affected by the crises. As far as macroeconomic variables are concerned, they are very important in two ways. They statistically significantly explain contagion, while they also reveal contagion under various portfolio weighting schemes. Both methods suggest that the Argentinian crisis mainly contributes to contagion. The research implications suggest that asset allocation and portfolio management should consider both the global and the regional aspects of contagion as differences can occur.
Journal Article
The Road to Redemption: Policy Response to Crises in Latin America
This paper analyzes the fiscal and monetary policy responses to crises in Latin America over the last 40 years. We argue that, on average, Latin American countries have \"graduated\" in terms of their policy responses in the sense that they have been able to switch from procyclical to counteryclical policy responses. This average response, however, masks a great deal of heterogeneity with some countries (such as Chile, Brazil, and Mexico) leading the graduation process and others (like Argentina and Venezuela) still showing procyclical policy responses. We further argue that countercyclical policy responses have been effective in reducing the duration and intensity of crises. Finally, we relate our analysis to the current crisis in the Eurozone and argue that, like in many instances in Latin America, procyclical fiscal policy has aggravated the duration and intensity of the crisis.
Journal Article
The resurgence of currency mismatches: Emerging market economies are not out of the woods yet?
The emerging market economies (EMEs) are experiencing significant financial distress due to the rapid accumulation of foreign currency-denominated debt in recent years. We develop the foreign exposure indicators such as original sin and currency mismatches using a novel data set. Our computations suggest that Latin American economies suffer from the original sin problem, followed by Central European countries. We find a higher degree of currency mismatches in Argentina, Chile, Colombia, Indonesia, Poland, Mexico, and Turkey. The resurgence of currency mismatches and the Covid-19 pandemic is a stress test for monetary policy frameworks. We find that country’s size, inflation volatility, and exchange rate depreciation cause currency mismatches. We show that the currency mismatch and original sin problem are lower in countries following de-dollarization policies such as limiting debt exposure, effective monetary and fiscal policies, better institutional quality, and export openness. The EMEs need to adopt policies to control currency mismatches, which are consistent with their growth-oriented policies. We suggest the independence of monetary policy, the implementation of macroprudential policies, and the development of offshore bond markets in a local currency. These policies control currency mismatches without changing the growth orientation of the EMEs. South Africa, Hungary, and Asian economies hold lessons for EMEs in controlling currency mismatches.
Journal Article
Policy Traps: Consumer Subsidies in Post-Crisis Argentina
Developing countries devote significant resources to lowering consumer prices for basic goods and services such as food and electricity. Theories of the welfare state only partially elucidate why consumer subsidy regimes grow so large and become entrenched. While the welfare state literature stresses how concentrated, organized beneficiary groups push for the expansion and protection of well-known programs such as pensions, the developing world’s consumers are atomized, and subsidies themselves are of low visibility. The size and durability of consumer subsidy regimes stem primarily from political uncertainty and price shocks that provide politicians with strong incentives to avoid blame for repeal. Over time, environmental pressures and fears of political backlash against repeal reinforce one another, increasing the fiscal burden subsidies impose and dramatically raising the political cost of program exit. In this sense, consumer subsidy programs come to form “policy traps”—initially modest policies that quickly grow and become entrenched, thereby greatly reducing politicians’ maneuvering room. We utilize this framework to analyze the meteoric growth and entrenchment of utility subsidies in post-crisis Argentina. In Argentina, subsidies grew despite the private provision of subsidized services—making it difficult for the government to claim credit—even in sectors with weakly organized interests.
Journal Article
International investment law, time, and economics: Fixing the length of economic crises as a costs-allocation tool between host states and foreign investors
The case law on non-precluded measures clauses, when they are successful, and the customary rule of necessity, when it fails, transfers significant risks to foreign investors and host States, respectively, during severe economic crises. Some risk-sharing mechanisms should be explored to achieve a more balanced result. This article presents the policy reasons in support of this approach and its normative basis: the principle of acceptable compensation, and illustrates that one way to introduce such mechanisms is through the determination by investor/State tribunals of the length of the breakdown, which is marked by the dates for its beginning and end. The article discusses economic research on when crises conclude, which could be useful to tribunals, and explores the determination on the beginning of economic collapses as a risk-sharing tool and shows how decisions of the Argentinean saga have achieved this result.
Journal Article
THE FUTURE OF WORK IN A HISTORICALLY VOLATILE ECONOMY: CASE STUDY OF FARM MACHINERY FACTORIES IN ARGENTINA
Argentina remains the second largest South American economy and an important G20 member with the capacity to export and promise food security, in part because of a \"common good\" approach to factory work, where individuals check their self-interests for the sake of sustaining work in an environment prone to frequent crises. Drawing on interviews with social groups across different classes from eight farm machinery factories in Santa Fe province between 2016 and 2018, this article illustrates how social and economic crises brought an array of small-scale entrepreneurs, popular and labor organizations, and workers together to reach common good decisions. This article argues that groups develop both explicit and intuitive common good practices to reduce work disruption and keep factories operating. Finally, the article draws on interviews and historical examples of attitudes toward automation, the sharing economy, and gig work to examine how the Fourth Industrial Revolution may play out in Argentina.
Journal Article
The Global Economic Crisis and the Developing World
The world economy is currently in the throes of a global economic crisis reminiscent of the great depressions of the 1930s and the 1870s. As back then, the crisis has exposed the major structural imbalances in financial and credit markets in addition to global trade forcing many governments, developed and developing, to impose debilitating austerity measures that are exacerbating the structural weaknesses that caused the crisis in the first place.
This volume offers historical insights into the origins of the contemporary crisis as well as detailed analyses of the financial and trade dimensions, an assessment of the technological and innovation context along with perspectives on the implications for unemployment and gender imbalances.
eBook
Lessons from a Comparative Analysis of Financial Crises
The first part of the article presents a comparative analysis of the macroeconomic behavior of some of the Eurozone economies (Greece, Ireland, Portugal, Spain and Italy: GIPSI countries) with that of a set of emerging market economies that experienced financial crises in the period of financial globalization. The comparison also focuses on the pro-cyclical fiscal policies implemented in common by emerging market and Eurozone countries. The second part of the article is devoted to the recent Argentine experience of crisis, foreign debt default and recovery.
Journal Article