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With good reason, however, many economists who previously favored greater freedom of capital movements have become less enthusiastic, and the Fund itself came around to a more neutral position. In a survey of the evidence published in May 2003, four Fund economists, including chief economist Ken Rogoff, wrote that "there is as yet no clear and
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
Governments cannot run deficits in excess of the growth in GDP without eventual consequences. As we will see in the chapter covering the research of Rogoff and Reinhart, things go along well until Bang! bond investors lose confidence in the ability of a government to pay its debt, even if that debt is denominated in a currency the government can pr
... See moreJohn Mauldin • Endgame: The End of the Debt SuperCycle and How It Changes Everything
Taylor was trying to make the case that the Argentine crisis was handled better than is commonly understood. This is the theory: Although IMF rescues failed to keep Argentina from defaulting and devaluing, they still had important benefits, and this applies to the second rescue in August 2001 as well as the blindaje in December 2000. Markets worldw
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