As expected, the Fund's Board of Directors approved the review of Argentina's program, although it made it clear that Massa failed to meet all goals. The IMF applauds the fiscal effort promised by...
The capital market in Argentina: warming up the engine
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The capital market in Argentina: warming up the engine
June 2016
The local capital market is relatively small and unsophisticated. This is a legacy of a long history of monetary instability, macroeconomic crises and massive breach of contracts, which undermined the confidence in the local currency and economic institutions. As a direct consequence, most Argentines save abroad the country (which eases financing terms and credit availability for non-residents) outside the local capital market or through real estate vehicles, "bricks", which were considered a safe asset as the property right have been respected with no exceptions in the last 40 years, or in dollar bills (under the mattress).