The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation

The financial crisis in Argentina has led to an avalanche of studies explaining its origins and suggesting remedies. In a broad and in-depth approach, this book gives a unique overview of the current thinking about the lessons of the Argentine crisis. The book provides a wealth of facts, arguments and policy suggestions, that go beyond the specific case of Argentina.


Preface by José Antonio Ocampo

1 Introduction
Jan Joost Teunissen and Age Akkerman

  1. An Overview of Some Studies on the Argentine Crisis     
  2. The Studies in this Book
  3. The Role of the IMF  
  4. An Overview of Some Studies on the Argentine Crisis   
  5. The Politics of Crisis Prevention and Management

2  Argentina: A Case of Globalisation Gone Too Far or

Not Far Enough? Dani Rodrik

  1. The Too Simple Idea of Sovereign Risk Reduction 
  2. An Alternative Vision

3 The Mistaken Assumptions of the IMF José Antonio Ocampo

  1. Wrong Assumptions 
  2. Lessons 
  3. Current Conditions and Outlook

4 Growth, Instability and the Crisis of Convertibility in Argentina  José María Fanelli

  1. Structural Breaks, Volatility, and the Macroeconomy 
  2. Asymmetries, Rigidities, and Dynamic Effects as Sources of Instability
  3. Concluding Remarks

5 The Regional Fallout of Argentina's Crisis Ricardo Ffrench-Davis and Rogério Studart

  1. Building Up Vulnerabilities
  2. Investor Confidence, Domestic Policies and External Support

6 The Puzzle of Argentina's Debt Problem: Virtual Dollar Creation?  Bernardo Lischinsky

  1. Composition and Evolution of the Argentine Debt
  2. When and Why Did the Debt Become a Problem?
  3. Debt in the Context of a New Development Agenda
  4. Argentina and Globalisation

7 The Argentine Drama: A View from the IMF Board J. Onno de Beaufort Wijnholds

  1. Argentina and the IMF: 1980-1991
  2. The Currency Board
  3. The End Game
  4. Lessons from the Argentine Drama

8 Some Lessons from the Argentine Crisis: A Fund Staff View  Mark Allen

  1. Background to the Argentine Crisis
  2. What Were the Lessons of Previous Crises?
  3. Lessons from the Argentine Crisis
  4. How Should the Fund's Role in Argentina Be Judged?
  5. Costs and Benefits of Globalisation

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February 2003
ISBN-10: 90-74208-20-7

160 pages

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