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1998–2002 Argentine Great Depression
The 1998–2002 Argentine great depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of Economic history of Argentina#Stagnation (1975–1990), stagnation and a brief period of Economic history of Argentina#Free-market reforms (1990–1995), free-market reforms. The depression, which began after the 1998 Russian financial crisis, Russian and Samba effect, Brazilian financial crises, caused widespread unemployment, December 2001 riots in Argentina, riots, the fall of the government, a Sovereign default, default on the country's foreign debt, the rise of alternative currencies and the end of the Argentine peso, peso's fixed exchange rate to the United States dollar, US dollar. The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines lived below the official poverty line and 25 per cent were indigent (their basic needs were unm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holdout Problem
In finance, a holdout problem occurs when a bond issuer is in default or nears default, and launches an exchange offer in an attempt to restructure debt held by existing bond holders. Such exchange offers typically require the consent of holders of some minimum portion of the total outstanding debt, often in excess of 90%, because, unless the terms of the bond provide otherwise, non-consenting bondholders will retain their legal right to demand repayment of their bonds at par (the full face amount). Bondholders who withhold their consent and retain their right to seek the full repayment of original bonds, may disrupt the restructuring process, creating a situation known as the holdout problem. The contractual terms for obligating all bondholders to accept a restructuring approved by some supermajority is typically spelled out in what are known as Collective Action Clauses, or CACs. In some jurisdictions, CACs or their equivalents are required under local law, but this is n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Weimar Republic, Germany. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing Wealth inequality in the United States, wealth inequality. Banks were subject to laissez-faire, minimal regulation, resulting in loose lending and wides ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Debt
A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. The debtors can be governments, corporations or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank. External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems. Another useful indicator is the ''net'' external debt position, which equals gross external debt minus external assets in the form of debt instruments. A related concept is the net international investment position (net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund shares, financial derivatives, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Falklands War
The Falklands War () was a ten-week undeclared war between Argentina and the United Kingdom in 1982 over two British Overseas Territories, British dependent territories in the South Atlantic: the Falkland Islands and Falkland Islands Dependencies, its territorial dependency, South Georgia and the South Sandwich Islands. The conflict began on 2 April 1982, when 1982 invasion of the Falkland Islands, Argentina invaded and Occupation of the Falkland Islands, occupied the Falkland Islands, followed by the invasion of South Georgia the next day. On 5 April, the British government dispatched a British naval forces in the Falklands War, naval task force to engage the Argentine Navy and Argentine Air Force, Air Force before making an Amphibious warfare, amphibious assault on the islands. The conflict lasted 74 days and ended with an Argentine Argentinian surrender in the Falklands War, surrender on 14 June, returning the islands to British control. In total, 649&nbs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Bang (financial Markets)
The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange and change from open outcry to screen-based electronic trading, effected by UK Prime Minister Margaret Thatcher in 1986. History The Big Bang was the result of an agreement in 1983 by the Thatcher government and the London Stock Exchange to settle a wide-ranging antitrust case that had been initiated during the previous government by the Office of Fair Trading against the London Stock Exchange under the Restrictive Trade Practices Act 1956. These restrictive practices included the London Stock Exchange's rules establishing fixed minimum commissions, the "single capacity" rule (which enforced a separation between brokers acting as agents for their clients on commission and jobbers who made the markets and theoretically ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarist
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s, but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate. The monetarist theory states that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism is mainly associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opposition To Trade Unions
A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting and increasing the bargaining power of workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The union representatives in the workforce are usually made up of workplace volunteers who are often appointed by members through internal democratic elections. The trade union, through an elected leadership and bargaining committee, bargains with the employer on behalf of its members, known as the rank and file, and negotiates labou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoliberalism
Neoliberalism is a political and economic ideology that advocates for free-market capitalism, which became dominant in policy-making from the late 20th century onward. The term has multiple, competing definitions, and is most often used pejoratively. In scholarly use, the term is often left undefined or used to describe a multitude of phenomena. However, it is primarily employed to delineate the societal transformation resulting from market-based reforms. Neoliberalism originated among European liberal scholars during the 1930s. It emerged as a response to the perceived decline in popularity of classical liberalism, which was seen as giving way to a social liberal desire to control markets. This shift in thinking was shaped by the Great Depression and manifested in policies designed to counter the volatility of free markets. One motivation for the development of policies designed to mitigate the volatility of capitalist free markets was a desire to avoid repeating the eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José Alfredo Martínez De Hoz
José Alfredo Martínez de Hoz (13 August 1925 – 16 March 2013) was an Argentine lawyer, businessman, and economist. He was the Minister of Economy of Argentina during the country's last military dictatorship (1976—1983) (especifically during Jorge Rafael Videla's regime, between 1976 and 1981), and shaped the economic policy of the dictatorship until its end. Martínez de Hoz was an economic orthodox of businessman origin, who imposed a plan of economic neoliberalism reforms in the 1970s that aroused strong controversies. From 1976 until today, globalization began to appear and some attempts of insertion in the world began. The spirit of all the reforms implemented during his administration was that of economic liberalization and " economic freedom", and its results and legacy are highly controversial to this day, either being praised or strongly criticized in Argentina depending on the period and side of the general political spectrum. Biography Martínez de Hoz, scion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Reorganization Process
The National Reorganization Process ( PRN; often simply , "the Process") was the military dictatorship that ruled Argentina from 1976 to 1983. In Argentina it is often known simply as the ("last military junta"), ("last military dictatorship") or ("last civil–military dictatorship"), because there have been several in the country's history and no others since it ended. The Argentine Armed Forces seized political power during the March 1976 coup against the presidency of Isabel Perón, the successor and widow of former President Juan Perón, at a time of growing economic and political instability. Congress was suspended, political parties were banned, civil rights were limited, and free market and deregulation policies were introduced. The President of Argentina and his ministers were appointed from military personnel while Peronists and leftists were persecuted. The junta launched the Dirty War, a campaign of state terrorism against opponents involving torture, extrajudi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Military Junta
A military junta () is a system of government led by a committee of military leaders. The term ''Junta (governing body), junta'' means "meeting" or "committee" and originated in the Junta (Peninsular War), national and local junta organized by the Spanish resistance to Peninsular War, Napoleon's invasion of Spain in 1808.Junta ''Encyclopædia Britannica'' (last updated 1998). The term is now used to refer to an authoritarian form of government characterized by oligarchic military dictatorship, as distinguished from other categories of authoritarian rule, specifically Strongman (politics), strongman (autocratic military dictatorships); machine (oligarchic party dictatorships); and bossism (autocratic party dictatorships). A junta often comes to power as a result of a coup d'état. The junta may either formally take ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
