By Guido Di Tella, Carlos Braun
Representing the speeches and papers given by means of ministers or different specialists on the symposium on Argentina's monetary coverage 1946-1983 held in Toledo, Spain, this assortment spans either the commercial and political dimensions of the improvement of Argentinian fiscal guidelines.
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Extra resources for Argentina, 1946–83: The Economic Ministers Speak
The Central Bank ordered a 20 per cent deposit on sales to the United States to be kept in the Federal Reserve Bank to amortize the obligations undertaken by Argentine banks. Had we attempted to meet all our obligations, we would have ended up undoubtedly defenceless. After this decision was made, aiming at a gradual amortization system, I was visited by the American ambassador, who pointed out that such a step would considerably reduce Argentina's purchasing power. I agreed to his suggestion to solve the problem through a $100 million Eximbank credit for Argentine banks.
The subsequent maladjustment had created inflation. Many people erroneously think that inflation was due to an oversupply of means of payment, but in fact it was due to overinvestment financed purely through credits, plus massive consumption fostered by wage increases. We overcame the acute foreign sector problem. Our $300 million overdraft was paid off, $200 million being derived from our resources and $100 million through Eximbank financing, which was the only foreign bank aid we obtained from 1946 to 1955.
Thereafter, we would increase our export to Britain to almost 600 000 tonnes by the dumping of Argentine beef. This was made possible by our strenuous repopulation measures. The 1952 economic plan tried to avoid a contraction of the whole economy. We developed credits for the building of public housing facilities, and there was no unemployment. In 1953 we had a favourable 40 Argentina, 1946--83: The Economic Ministers Speak balance of over $350 million. Since the country was not in debt, there was a substantial increase in our reserves.