Argentina, Crises and the International Monetary Fund

Graham Bird

World Economics, 2023, vol. 24, issue 4, 61-76

Abstract: Argentina has a long history of economic, financial and currency crises and has been exhibiting crisis characteristics since 2018. Crises in Argentina may be analysed using currency crisis models and in particular, experience seems to fit the first-generation model. After a break of 15 years, Argentina has had programs with the International Monetary Fund, a standby agreement in 2018 and an extended fund facility agreement in 2022. The programs have incorporated fairly conventional IMF conditionality in terms of fiscal and monetary correction and currency realignment. On the basis of almost all criteria, the programs have not been successful, and it is important to understand why this is the case. In the recent presidential elections, one candidate advocated dollarization. However, there are underlying problems with this policy approach. Political factors in Argentina play an important role in determining policy choices and outcomes.

Date: 2023
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