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Essay / Research Paper Abstract
An 11 page paper. The first section discusses the current state of Argentina's economy, providing some historical information and data and progress since 2002. This also includes discussion of some of the actions taken by the new president. The next section discusses challenges the country faces and what they are doing to mitigate those. Finally, policy recommendations are made. 4 Tables are included. Bibliography lists 10 sources.
Page Count:
11 pages (~225 words per page)
File: MM12_PGargbdg.rtf
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Unformatted sample text from the term paper:
has made a significant turnaround, others do not. the truth is that Argentina experienced the worst economic downturn of any country since the 1930s (Lynch, 2008). As this author put
it, Argentinas recovery came after: "Stiffing international bondholders intensified the worst economic downturn any developed country had experienced since the 1930s, beggared a prosperous middle-class and plunged more than half
the population below the poverty line" (Lynch, 2008, p. 01B). They did it by defying conventional wisdom and the more common practices in the economic world. They taxed imports, they
froze certain key prices, and they stayed away from the International Money Fund (Lynch, 2008). Instead, they borrowed heavily from Venezuela (Lynch, 2008). By practicing what are considered unorthodox practices
in the economic world, Argentina turned itself into one of the fastest-growing economies in the Western Hemisphere (Lynch, 2008). Argentinas financial crisis began in the 1990s under President Carlos Menem
who opened trade, a good thing, but who also linked the Argentinean peso to the U.S. dollar at a 1:1 ratio (Lynch, 2008). The economy grew but due to the
ratio, inflation soared, at one point, nearly 5,000 percent and when the peso-dollar ratio had to be abandoned, the peso plummeted (Lynch, 2008). People and businesses and the country itself
were left with loans and other debts tied to the dollar which they could not pay (Lynch, 2008). Unemployment rose to 22 percent during those years (Lynch, 2008). When the
new President, Nester Kirchner, was elected in 2003, he put into effect the taxes on exports and on financial transactions (Lynch, 2008). The peso to dollar ratio was established at
a 3-to-1 rate, i.e., three pesos to one U.S. dollar (Lynch, 2008). These actions immediately increased shipments but it also protected local businesses and industries by making imported products more
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