1. The Failure of Debt-Based Development: Lessons From Argentina
- Author:
- Eugenio Andrea Bruno
- Publication Date:
- 07-2006
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- In this article I discuss the lessons one can learn from Argentina’s recent debt restructuring and the possible rules and practices of future restructurings. But I will also briefly describe the long and extremely problematic Argentine debt history, which started in 1824, to show the failure of the debt-based economic development model. I conclude that, regardless of any pyrrhic victory obtained from the restructuring process and the willingness of the international financial markets to lend new money, Argentina should not incur additional public debt.
- Topic:
- Debt, Development, Economics, and Debt Restructuring
- Political Geography:
- Argentina and South America