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POSSAS, M. Competitividade de Fatores sistêmicos e Política Industrial. Implicações para o Brasil. In: CASTRO; POSSAS; PROENSE (ed.). Estratégias empresariais na indústria brasileira. Discutindo mudanças. Rio de Janeiro: Forense Universitárias, 1996. RAMOS, A., Hacia la calidad total: la difusión de las normas ISO de la Serie 9000 en la industria argentina, Documento de Trabajo 66, Oficina de la CEPAL en Buenos Aires. ROBERTS, M.; SULLIVAN, T.; TYBOUT, J. Micro Foundations of Export Booms. Working Paper, Department of Economics, Pennsylvania State University. ROBERTS, M.; TYBOUT, J. The Decision to Export in Colombia: An Empirical Model of Entry with Sunk Costs. American Economic Review, vol. 87(4), pages 545- 64, 1997. SCHVARZER, J. Bunge y Born. Crecimiento y diversificación de un grupo económico. Buenos Aires: Cisea/GEL, 1989. SCHVARZER, J. La Industria que Supimos Conseguir. Una Historia Político-Social de la Industria Argentina. Buenos Aires: Planeta, 1996. SCHVARZER, J. La estructura productiva argentina a mediados de la década del noventa. Tendencias visibles y un diagnóstico con interrogantes. Centro de Estudios Económicos de la Empresa y el Desarrollo, Instituto de Investigaciones Económicas, Facultad de Ciencias Económicas, Universidad de Buenos Aires, 1997. SECYT-MINISTERIO DE EDUCACIÓN. Bases para un Plan Estratégico de Mediano Plazo en Ciencia, Tecnología e Innovación. Buenos Aires, 2005. SOURROUILLE, J.; KOSACOFF, B.; LUCANGELI, J. Transnacionalización y política económica en la Argentina. Buenos Aires: Ceal-CET, 1985. VILLANUEVA, J. El origen de la industrialización argentina. Desarrollo Económico, N° 47, vol.12, Buenos Aires, IDES, 1972. VISPO, A.; KOSACOFF, B. Difusion de tecnologías de punta en Argentina. Algunas reflexiones sobre la organización de la producción industrial de IBM. Buenos Aires: Cepal, Documento de Trabajo N° 38, 1991. YOGUEL, G.; R. RABETINO. El Desarrollo de las Capacidades Tecnológicas de los Agentes de la Industria Manufacturera Argentina en los Años Noventa. In: KOSACOFF, B. (ed.). El Desempeño Industrial Argentino. Más Allá de la Sustitución de Importaciones. Buenos Aires: Cepal, 2000. YOGUEL, G; RABETINO, R. La incorporación de tecnología en la industria manufacturera argentina en los noventa: los factores determinantes. In: BISANG, R.; LUGONES, G.; YOGUEL, G. (eds.). Apertura e Innovación en la Argentina. Para Desconcertar a Vernon, Schumpeter y Freeman. Buenos Aires: Editorial Miño y Dávila, 2002. 156 Revista de Economia & Relações Internacionais, vol.5(edição especial), 2006
Argentina’s debt exchange – a new paradigm? A review of systemic implications Daniel Marx* Abstract: Argentina sovereign debt exchange certainly caught any observer’s attention because of its size, the implicit amount of reduction involved and the scope of debt instrument included. Circumstances have been changing slowly but steadily in a way that several modalities that we had seen in the previous decades were no longer practical. Because of that, the characteristics of the Argentine exchange are indicative for some people of a change of paradigm. The intention of this article is to focus on more systemic issues, relevant for the analysis of the repercussions of this transaction. The first topic is referred to the role of the international financing organizations. A second issue is referred to the change in the definition of eligible debt. A third systemic issue that is worthwhile revisiting is the understanding of different creditor protection features. Sovereign defaulted debt resolution process or the lack of it when bonded debt is prevalent is a fourth issue to be discussed. Finally, another aspect that merits review is the functioning of financial markets. The resulting challenge is how to set up an agenda that incorporates the repercussions of technological changes as well as international understandings in the patterns of behavior that would reduce systemic risk. Key words: Sovereign debt resolution, exchange, Argentina, systemic, IMF, eligible debt, financial markets. Argentina recently completed sovereign debt exchange certainly caught any observer’s attention because of its size, the implicit amount of reduction involved, the scope of debt instrument included, and other features that were covered by the media. My intention is to focus on more systemic issues, which I think are highly relevant in the analysis of the repercussions of this same transaction. Several of them indicate quite a departure from precedents observed over the last several years. I would argue that, circumstances have been changing slowly but steadily in a way that several modalities that we had seen in the previous decades were no longer practical. Because of that, the characteristics of the Argentine exchange are indicative for some people of a change of paradigm, but in fact, * Daniel Marx is currently a partner of AGM, a Financial Advisory firm based in Argentina. From 1999 until early December, 2001 was Secretary of Finance of the Ministry of the Economy of Argentina overseeing the Public Credit Office and the Financial Services Department. Before that, he was Undersecretary and Chief Debt Negotiator for Argentina in charge of the Brady deal negotiations, the reintroduction of Argentina into the Capital Markets and public sale of state companies being privatized. Previously he was also Director of the Central Bank of Argentina. Argentina’s debt exchange - new paradigm?..., Daniel Marx, p. 157-161 157
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volume 5 / edição especial / 2006
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volume 5 / edição especial / 2006
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Apresentação Rubens Ricupero Este
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O mundo da segurança no diálogo a
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80 inicia-se uma busca de aproxima
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Essas iniciativas podem se situar p
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asileira atual, pode-se sugerir que
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especificidades devem sempre ser le
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La temática de seguridad Oscar Cam
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torno del conflicto Corpus Itaipú,
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Colombia hay un componente heredado
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hubiera sido, siquiera, tema de cam
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financiera o judicial de un Estado.
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situaciones distintas a Venezuela,
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podría pretender quedar exenta de
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saldos comerciais a favor da Argent
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A tese da supranacionalidade era vi
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preferenciais recíprocas, cabendo
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democracia y de crecientes expectat
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Transitar de una larga etapa de epi
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continuarán acentuándose en el fu
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de cuotas textiles en el Acuerdo de
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Perspectiva de cooperação no mund
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desastres como Chernobyl e do risco
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Em 2001 ocorreu uma grave crise no
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3. Mercosul Um problema importante,
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segurança e flexibilidade aos cont
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gradual ocupação das áreas dos r
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formular predicciones. Extrapolan t
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Este crecimiento real que fue de 2,
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Si al petróleo y el gas le agregam
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Acordar un régimen para las transf
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Ainda agora também tivemos a notí
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estão no acesso a mercados (em par
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Outra coisa que chama a atenção,
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Negociaciones económicas internaci
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Creció rápidamente al comienzo de
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negativamente la rentabilidad y por
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1. Las exportaciones a la Unión Eu
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seria posible implementar para aume
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latino-americanas, a expressão eco
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complexos agro-alimentares é respo
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quando essa esteve menos valorizada
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A estimativa para a produção glob
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2005, dando continuidade a um ciclo
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Para a safra 2005/06, a Secretaria
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R$ 0,55 por litro. Desde 2001, o pr
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No ano de 2004, o valor das exporta
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congelada desossada, seguida por ca
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Conclusão Este trabalho apresentou
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Centro de Estudios para la Producci
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A continuación se pasará a una cu
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Page 121 and 122: O que aconteceu após a Constituiç
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Page 125 and 126: Infraestructura y desarrollo: desaf
Page 127 and 128: conjuntos en el marco del Mercosur
Page 129 and 130: inversiones a lo largo del tiempo,
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Page 133 and 134: La ruptura del régimen de converti
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Page 139 and 140: orden de magnitud, Easterly, Islam
Page 141 and 142: 3. La decisión de invertir y la ac
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Page 153 and 154: BALDWIN, R.; KRUGMAN, P. Persistent
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Page 159 and 160: parties, including the sovereign de
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Page 167 and 168: A gradual melhoria da eficiência d
Page 169 and 170: Contudo, é do ponto de vista regio
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Page 177 and 178: em 2003, com taxas mais expressivas
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Page 181 and 182: • o Programa Dinheiro na Escola,
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Page 187 and 188: A educação no Brasil..., Maria He
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Page 193 and 194: gentes: a sua ganância, a sua espe
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Page 197 and 198: e, portanto, menos democrático. Po
Page 199 and 200: mau, mas, assim como o país, porqu
Page 201 and 202: Orientação para Colaboradores 1.
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