<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672003000400015</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[An alternative view of the argentine crisis: structural flaws and structural adjustmet policy]]></article-title>
<article-title xml:lang="es"><![CDATA[Un panorama alternativo a la crisis argentina: imperfecciones estructurales y política de ajuste estructural]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Kregel]]></surname>
<given-names><![CDATA[Jan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,United Nations Conference for Trade and Development  ]]></institution>
<addr-line><![CDATA[New York ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2003</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2003</year>
</pub-date>
<volume>63</volume>
<numero>243</numero>
<fpage>15</fpage>
<lpage>49</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672003000400015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672003000400015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672003000400015&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper discusses the conventional explanation of Argentina&#8217;s crisis. It is argued that the crisis was not, as common wisdom states, the consequence of an inappropiate fiscal policy, but rather of the structural flaws in the stabilization programme introduced at the beginning of the 1990&#8217;s. The programme was unable to correct the persistence of large stocks of debt which, in turn, exposed the economy to external shocks and set it on a path of vicious dependence on foreign inflows. The explanation of Argentina&#8217;s fall is put into recent historical perspective, and the paper offers a detailed evolution of the government's decisions, the ebbing political conditions as well as an exposition of the workings -and failure- of the so thought automatic adjustment mechanism that was the Currency Board&#8217;s alleged main trait. It does so by recalling the emerging markets&#8217; heart-breaking pace during the nineties. Last but, certainly, not least, it provides a reflection of the pending aftermath.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este documento discute la explicación convencional sobre la crisis argentina. Contrario a lo que comúnmente se acepta, el problema no se debió a una laxa política fiscal, sino a debilidades estructurales en el tan alabado programa de estabilización instaurado al comienzo de la década de los noventa. El modelo fue incapaz de corregir el persistente monto de endeudamiento, lo cual expuso a la economía a choques externos y la hizo viciosamente dependiente de flujos de capital externo. La explicación de la caída de Argentina es puesta en perspectiva histórica pues se ofrece una detallada evolución de las decisiones del gobierno, los cambios políticos así como un detallado análisis del mecanismo de ajuste automático que, supuestamente, era la principal característica que ofrecía la Junta Monetaria. El documento hace alusión a la volatilidad que experimentaron los llamados mercados emergentes durante la &#8220;frenética&#8221; década de los noventas. Por último, aunque no menos importante, aporta una acertada reflexión sobre la posteridad de la crisis.]]></p></abstract>
</article-meta>
</front><back>
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</article>
