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Austral Plan
The Austral plan was an Argentine economic plan devised by minister Juan Vital Sourrouille during the presidency of Raúl Alfonsín. Previous context Raúl Alfonsín became president of Argentina in 1983 through democratic elections, receiving high inflation rates and a significant external debt taken on by the outgoing Military government. His first minister of economy, Bernardo Grinspun, attempted to negotiate regular increases in wages to keep up with inflation, which did not work. The country was close to a sovereign default in late 1984, and prevented it with foreign funding. Grinspun resigned the following year, as the debt was even higher and the IMF would block further credits. Alfonsín said that democracy had little to offer "unless the economic question is definitely resolved".Rock, p. 398 Characteristics The Austral plan was designed by the new minister, Juan Vital Sourrouille. It froze prices and wages, stopped the printing of money to mitigate inflation and enacted s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Juan Sourrouille
Juan Vital Sourrouille (13 August 1940 – 21 July 2021) was an Argentine economist. He is the author of ''El Complejo Automotor en Argentina''. Sourrouille was born in Buenos Aires. He was the Minister of Economy of Argentina during the government of Raúl Alfonsín (1985–1989). He fathered the Austral plan The Austral plan was an Argentine economic plan devised by minister Juan Vital Sourrouille during the presidency of Raúl Alfonsín. Previous context Raúl Alfonsín became president of Argentina in 1983 through democratic elections, receiving hig .... Sourrouille died on 21 July 2021, in Buenos Aires, aged 80. References 1940 births 2021 deaths Argentine people of French descent Argentine economists Argentine Ministers of Finance People from Buenos Aires {{argentina-economist-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyperinflation
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency. Typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this happens, the real stock of money (i.e., the amount of circulating money divided by the price level) decreases considerably.Bernholz, Peter 2003, chapter 5.3 Almost all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation In Argentina
The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Argentina benefits from rich natural resources. Argentina's economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period. Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia, and had surpassed both France and Italy. Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar. As of that year, it is under a stand-by program from the International Monetary Fund. In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%, and a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Argentina
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox." As a country, it had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline. Since independence from Spain in 1816, the country has defaulted on its debt nine times; inflation has often risen to the double digits, even as high as 5000%, resulting in several large currency devaluations. Argentina possesses definite comparative advantages in agriculture because the country is endowed with a vast amount of highly fertile land. Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income. By 1913, Argentina was the world's 10th wealthiest state per capita. Beginning in the 1930s, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidency Of Raúl Alfonsín
Raúl Alfonsín was the president of Argentina from 1983 to 1989. New beginning ] Chief among Alfonsín's inherited problems was an economic depression stemming from the 1981-82 financial collapse and its resulting US$43 billion foreign debt, with interest payments that swallowed all of Argentina's US$3 billion trade surplus. The economy recovered modestly in 1983 as a result of Bignone's lifting of wage freezes and crushing interest rates imposed by the Central Bank's "Circular 1050;" but inflation raged at 400%, GDP per capita remained at its lowest level since 1968 and fixed investment was 40% lower than in 1980.''Statistical Abstract of Latin America''. UCLA Press, Los Angeles. Naming a generally center-left cabinet led by Foreign Minister Dante Caputo and Economy Minister Bernardo Grinspun (his campaign manager), Alfonsín began his administration with high approval ratings and with the fulfillment of campaign promises such as a nutritional assistance program for the 27% ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of California Press
The University of California Press, otherwise known as UC Press, is a publishing house associated with the University of California that engages in academic publishing. It was founded in 1893 to publish scholarly and scientific works by faculty of the University of California, established 25 years earlier in 1868, and has been officially headquartered at the university's flagship campus in Berkeley, California, since its inception. As the non-profit publishing arm of the University of California system, the UC Press is fully subsidized by the university and the State of California. A third of its authors are faculty members of the university. The press publishes over 250 new books and almost four dozen multi-issue journals annually, in the humanities, social sciences, and natural sciences, and maintains approximately 4,000 book titles in print. It is also the digital publisher of Collabra and Luminos open access (OA) initiatives. The University of California Press publishes in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentine Peso
The peso (established as the ''peso convertible'') is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using peso or dollar currencies. It is subdivided into 100 '' centavos''. Its ISO 4217 code is ARS. The Argentine currency has experienced severe inflation, with periods of hyperinflation, since the mid-20th century, with periodic change of the currency to a new version at a rate ranging from 100:1 to 10,000:1. The peso introduced in 1992 was worth 10,000,000,000,000 (ten trillion) of the pesos in use until 1970. Since the early 21st century, the Argentine peso has experienced a substantial rate of devaluation, reaching over 51% year-on-year inflation rate in 2021. The official exchange rate for the United States dollar commenced at 1:1 at the peso's introduction in 1992; it then hovered around 3:1 from 2002 to 2008, before climbing from 6:1 to 10:1 between 2009 and 2015. In July 2022, the value exchange rate with the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentine Currency Board
The Convertibility plan was a plan by the Argentine Currency Board that pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast to what most people think, this peg actually did not exist, except only in the first years of the plan. From then on, the government never needed to use the foreign exchange reserves of the country in the maintenance of the peg, except when the recession and the massive bank withdrawals started in 2000. Background For most of the period between 1975 and 1990, Argentina experienced hyperinflation (averaging 325% a year), poor or negative GDP growth, a severe lack of confidence in the national government and the Central Bank, and low levels of capital investment. After eight currency crises since the early 1970s, inflation peaked in 1989, reaching 5,000% that year. GDP was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carlos Menem
Carlos Saúl Menem (2 July 1930 – 14 February 2021) was an Argentine lawyer and politician who served as the President of Argentina from 1989 to 1999. Ideologically, he identified as a Peronist and supported economically liberal policies. He led Argentina as president during the 1990s and implemented a free market liberalization. He served as President of the Justicialist Party for thirteen years (from 1990 to 2001 and again from 2001 to 2003), and his political approach became known as Federal Peronism. Born in Anillaco to a Syrian family, Menem was raised as a Muslim,"Carlos Menem" ''Encyclopædia Britannica'' but later converted to to pursue a political career. Menem b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1989 Riots In Argentina
The 1989 riots were a series of riots and related episodes of looting in stores and supermarkets in Argentina, during the last part of the presidency of Raúl Alfonsin, between May and June 1989. The riots were caused by the rampant hyperinflation and food shortage, and were associated with legal protests and demonstrations. The first riots started in Rosario, the third-largest city in the country, when people demanded supermarkets to give away food; they quickly spread to other cities, especially in Greater Buenos Aires. The national government established a state of emergency. More than 40 people were arrested, and there were 14 dead (20 according to unofficial reports). Eventually President Alfonsín resigned, and president elect Carlos Menem took office six months in advance, in July. Build-up In August 1988 the Alfonsín government launched a new economic plan, called ''Plan Primavera'', intended to contain inflation. It included price controls, negotiated with 53 leading comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1987 Argentine Legislative Election
The Argentine legislative elections of 1987 were held on 6 September. Voters chose their legislators and governors, with a turnout of 83.6%. The ruling Radical Civic Union lost their majority in the Chamber of Deputies. Background The domestic and international esteem President Raúl Alfonsín earned for advancing the Trial of the Juntas suffered in December 1986, when on his initiative, Congress passed the Full Stop Law, which limited the civil trials against roughly 300 officers implicated in the 1976-79 Dirty War against dissidents to those indicted within 60 days of the law's passage, a tall order given the reluctance of many victims and witnesses to testify. These concessions did not placate hard-liners in the Argentine military who, though in a minority, put Argentina's hard-earned Democracy at risk in April 1987, when a group identified as ''Carapintadas'' ("painted faces," from their use of camouflage paint) loyal to Army Major Aldo Rico staged a mutiny of the important ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Juan Vital Sourrouille
Juan Vital Sourrouille (13 August 1940 – 21 July 2021) was an Argentine economist. He is the author of ''El Complejo Automotor en Argentina''. Sourrouille was born in Buenos Aires. He was the Minister of Economy of Argentina during the government of Raúl Alfonsín (1985–1989). He fathered the Austral plan The Austral plan was an Argentine economic plan devised by minister Juan Vital Sourrouille during the presidency of Raúl Alfonsín. Previous context Raúl Alfonsín became president of Argentina in 1983 through democratic elections, receiving h .... Sourrouille died on 21 July 2021, in Buenos Aires, aged 80. References 1940 births 2021 deaths Argentine people of French descent Argentine economists Argentine Ministers of Finance People from Buenos Aires {{argentina-economist-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
