
Contents
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Episode 3: Policy Experimentation and Failed Stabilizations, 1985–1989 Episode 3: Policy Experimentation and Failed Stabilizations, 1985–1989
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The Return of U.S.-Trained Economists to the Policy Team The Return of U.S.-Trained Economists to the Policy Team
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The Element of Surprise: The IMF and Plan Austral The Element of Surprise: The IMF and Plan Austral
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Things Fall Apart (Again), 1987–1989 Things Fall Apart (Again), 1987–1989
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Performance under the 1987 Standby Arrangement Performance under the 1987 Standby Arrangement
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U.S. Pressure on the Fund Emerges U.S. Pressure on the Fund Emerges
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The IMF and Argentina Reach a Breaking Point The IMF and Argentina Reach a Breaking Point
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The Patience of the Fund Wears Out The Patience of the Fund Wears Out
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Summary of the Third Episode, 1985–1989 Summary of the Third Episode, 1985–1989
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Episode 4: Takeover by the Neoliberals, 1991–2001 Episode 4: Takeover by the Neoliberals, 1991–2001
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Menem’s U-Turn Menem’s U-Turn
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Convertibility Is Unveiled Convertibility Is Unveiled
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The 1991 Standby Arrangement The 1991 Standby Arrangement
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Argentina Signs Its First Multiyear Agreement Argentina Signs Its First Multiyear Agreement
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Dangerous Debt Buildup and the Durability of Convertibility Dangerous Debt Buildup and the Durability of Convertibility
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The Slow Unraveling of the Argentine Miracle The Slow Unraveling of the Argentine Miracle
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El Divorcio: The Argentine Crisis, 1998–2002 El Divorcio: The Argentine Crisis, 1998–2002
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A House Divided: Fernando de la Rúa’s Government A House Divided: Fernando de la Rúa’s Government
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A New Standby Agreement A New Standby Agreement
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Argentina Gets Its “Shield” Argentina Gets Its “Shield”
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“If Machinea Does Not Announce the Shield, Then No Shield” “If Machinea Does Not Announce the Shield, Then No Shield”
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The Fading Magia of Domingo Cavallo The Fading Magia of Domingo Cavallo
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The September 2001 Augmentation The September 2001 Augmentation
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Full Collapse Full Collapse
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The Aftermath The Aftermath
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Summary of the Fourth Episode, 1991–2001 Summary of the Fourth Episode, 1991–2001
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Concluding Thoughts Concluding Thoughts
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5 From One Crisis to the Next: IMF-Argentine Relations, 1985–2002
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Published:February 2017
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Abstract
This chapter examines Argentina's relationship with the International Monetary Fund (IMF) during the period 1985–2002. It first considers the new policy team formed by Argentine President Raúl Alfonsín and its plan to solve the country's spiraling inflation problem before discussing the successive failed stabilization programs, including Plan Austral and Plan BB, that culminated in Alfonsín's resignation and the transformation of the Argentine economy under a group of neoliberals in the Peronist government of Carlos Menem. It also analyzes the politics surrounding the series of IMF programs that preceded the economic collapse of 2001–2002, along with the United States's influence on the decision making of the Fund. Finally, it assesses the aftermath of the Argentine crisis.
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