tailieunhanh - ARGENTINA’S ECONOMIC CRISIS: CAUSES AND CURES - Jim Saxton (R-NJ), Vice Chairman

One way that investors can obtain for themselves nearly the full returns of the market is to invest in an “index fund.” This is a mutual fund that does not attempt to pick and choose stocks of individual companies based upon the research of the mu- tual fund managers or to try to time the market’s movements. An index fund seeks to equal the returns of a major stock in- dex, such as the Standard & Poor’s 500, the Wilshire 5000, or the Russell 3000. Through computer programmed buying and selling, an index fund tracks the holdings of a chosen index, and. | ARGENTINA S ECONOMIC CRISIS CAUSES AND CURES Jim Saxton R-NJ Vice Chairman Joint Economic Committee United States Congress June 2003 Summary In 1998 Argentina entered what turned out to be a four-year depression during which its economy shrank 28 percent. Argentina s experience has been cited as an example of the failure of free markets and fixed exchange rates among other things. The evidence does not support those views. Rather bad economic policies converted an ordinary recession into a depression. Three big tax increases in 2000-2001 discouraged growth and meddling with the monetary system in mid 2001 created fear of currency devaluation. As a result confidence in Argentina s government finances evaporated. In a series of blunders that made matters even worse from December 2001 to early 2002 succeeding governments undermined property rights by freezing bank deposits defaulting on the government s foreign debt in a thoughtless manner ending the Argentine peso s longstanding link to the dollar forcibly converting dollar deposits and loans into Argentine pesos at unfavorable rates and voiding contracts. Achieving sustained long-term economic growth will involve re-establishing respect for property rights. A summary version of this study is available on the Web site of the Vice Chairman s Office of the Joint Economic Committee. Joint Economic Committee 1537 Longworth House Office Building G-01 Dirksen Senate Office Building Washington DC 20515 Washington DC 20510 Phone 202-226-3234 Phone 202-224-5171 Fax 202-226-3950 Fax 202-224-0240 Internet Address http jec Argentina s Economic Crisis Causes and Cures I. Background to the Argentina s turbulent economic President Menem s economic reforms Argentina buffeted by financial markets II. The Recession and president De la Rúa s tax policy Monetary and debt policy 2001 .10 The upheavals of December President Duhalde s new economic .

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