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BONEX Plan
The BONEX Plan was a forced conversion of bank time deposits to Treasury bonds performed by the Argentine government in January 1990. It was put in place following a 3079,5% hyperinflation in 1989, as heterodox stabilization programs failed. US$3 billion worth of the public's deposits were converted to "Bonex 89" bonds to be repaid in 1999. It amounted to a partial default from the Central Bank and Treasury to commercial banks, who in turn partially defaulted into their depositors. It was caused by the government's political inability to undertake rigorous fiscal reforms, and a monetary sterilization policy which generated a major 'quasi fiscal' deficit to the Central Bank, further fueling a long-standing high inflation rate. Its high debt made the Central Bank lost most of its capacity to carry out independent monetary policy. A freezing of deposits was also undertaken in neighbor country Brazil at the time, during the Plano Collor. Background In 1985, then-president Raúl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ba ... [...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] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deficit Spending
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression. It is a central point of controversy in economics, as discussed below. Controversy Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to compensate for the shortfall in aggregate demand, but should run surpluses in boom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Payments
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services. The balance of payments consists of two components: the current account and the capital account. The current account reflects a country's net income, while the capital account reflects the net change in ownership of national assets. History Until the early 19th century, international trade was heavily regulated and accounted for a relatively small portion compared with national output. In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of CEMA
The University of CEMA is a private university in Buenos Aires, Argentina. It was founded by Carlos Rodríguez, along with Roque Fernández and Pedro Pou, as the Center for Macroeconomic Studies of Argentina (CEMA) University Institute in 1995, a pioneer in higher education programs in the areas of economics, politics, management, and finance in Argentina. First founded as a research center to contribute to the economic development of the country, the university now offers twelve undergraduate courses, sixteen graduate-level programs, and a wide range of executive education programs. At present, UCEMA has more than 262 faculty members with terminal academic degrees in their fields of study, 6068 alumni, and 1179 students. The comprehensive set of actions carried out by the University includes a wide range of fields; within a framework of humanistic and liberal education. It provides technical and scientific assistance to governments, the academic community, and the business wo ... [...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] |
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 Argentine General Election
The Argentine general election of 1989 was held on 14 May 1989. Voters chose both the President of Argentina, President and their legislators and with a turnout of 85.3%, Carlos Menem won the presidency, and the peronist Justicialist Party won the control of both houses of Congress. This is the last presidential election the president was elected by the electoral college. Background Inheriting a difficult legacy from his National Reorganization Process, military predecessors, President Raúl Alfonsín's tenure had been practically defined by the foreign debt Argentina's last dictatorship left behind. Signs of unraveling in Alfonsín's 1985 Argentine austral, Austral Plan for economic stabilization cost his centrist Radical Civic Union (UCR) its majorities in the Argentine Chamber of Deputies, Chamber of Deputies (lower house of Congress) and among the nation's 22 governorships in the September 1987 mid-term elections. Facing a restive armed forces opposed to trials against pas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spring Plan
The Spring plan ( es, Plan primavera) was an Argentine economic plan designed during the presidency of Raúl Alfonsín. Development Raúl Alfonsín began his presidency with a big economic crisis and high inflation. 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 ... tried to fix it by placing limits on wages and prices and limiting money printing. The plan eventually failed as unions pressured for higher wages and businesspeople pressured for higher prices. The spring plan had similar goals and sought to keep the economy stable until the 1989 presidential elections. The new plan failed as well, causing an hyperinflation near the end of Alfonsín's presidency. It was followed by the BONEX Plan, during the new Menem administration. References * {{Economy of Arge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank Of Minneapolis
Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or regional governments that are partially self-governing; a union of states * Federal republic, a federation which is a republic * Federalism, a political philosophy * Federalist, a political belief or member of a political grouping *Federalization, implementation of federalism Particular governments *Federal government of the United States **United States federal law **United States federal courts * Government of Argentina * Government of Australia *Government of Pakistan *Federal government of Brazil *Government of Canada *Government of India *Federal government of Mexico * Federal government of Nigeria * Government of Russia *Government of South Africa *Government of Philippines Other *''The Federalist Papers'', critical early arguments ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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