By Guido Di Tella, Carlos Braun
Representing the speeches and papers given through ministers or different specialists on the symposium on Argentina's fiscal coverage 1946-1983 held in Toledo, Spain, this assortment spans either the commercial and political dimensions of the advance of Argentinian fiscal rules.
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Extra resources for Argentina, 1946–83: The Economic Ministers Speak
Many superficial or biased analysts have interpreted this support to farmers as a change in Peronist economic policies, as if we were refloating old ideas. As a matter of fact, we were just adapting to a new reality: we needed a greater exportable surplus to support industrial development. Unfortunately, there are agricultural variables that do not depend on economic policy and we were not very lucky in this sense. In 1949 we had to face a severe drought and only in 1950 did our policy began to pay off.
This may appear contradictory, considering how difficult it was to allot our exportable surplus. There was no contradiction, however, since it was a problem which we would eventually overcome, and in fact did. The allotting of accumulated crops was solved by a variety of measures, including many compensation or barter deals to mobilize the market and frustrate the expectations of the exporting sector, who thought we were going to auction everything off. In an orderly way we sold our stock without losing our nerve and without letting the situation get the better of us.
When interest rates were freed, the Central Bank guarantee on deposits, which levelled risks among different financial intermediaries, was not withdrawn as originally intended. This was due to pressure from the military who on this point did not disagree with their civilian opponents. A dangerous hybrid system developed in which both free interest rates and guaranteed deposits were encouraged, making competition for funds among financial intermediaries very easy. The outcome was that after a while interest rates rose both in nominal and real terms.