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For example, if it were possible to implement a number of equity-oriented anti- tobacco policies which would reduce the prevalence of smoking in the lower socioeconomic groups by 33%, while the prevalence of smoking in the higher socioeconomic groups would decline by 25%, our analyses suggest that a substantial impact would be generated. Not only would health inequalities be reduced considerably, but also some 7% of the economic costs of health inequalities through mortality and morbidity would be taken away (including the costs of health care and social security benefits). Inequalities-related losses to health as a ‘consumption good’ through mortality would. | ARGENTINA S ECONOMIC CRISIS CAUSES AND CURES Jim Saxton R-NJ Vice Chairman Joint Economic Committee United States Congress June 2003 Summary In 1998 Argentina entered what turned out to be a four-year depression during which its economy shrank 28 percent. Argentina s experience has been cited as an example of the failure of free markets and fixed exchange rates among other things. The evidence does not support those views. Rather bad economic policies converted an ordinary recession into a depression. Three big tax increases in 2000-2001 discouraged growth and meddling with the monetary system in mid 2001 created fear of currency devaluation. As a result confidence in Argentina s government finances evaporated. In a series of blunders that made matters even worse from December 2001 to early 2002 succeeding governments undermined property rights by freezing bank deposits defaulting on the government s foreign debt in a thoughtless manner ending the Argentine peso s longstanding link to the dollar forcibly converting dollar deposits and loans into Argentine pesos at unfavorable rates and voiding contracts. Achieving sustained long-term economic growth will involve re-establishing respect for property rights. A summary version of this study is available on the Web site of the Vice Chairman s Office of the Joint Economic Committee. Joint Economic Committee 1537 Longworth House Office Building G-01 Dirksen Senate Office Building Washington DC 20515 Washington DC 20510 Phone 202-226-3234 Phone 202-224-5171 Fax 202-226-3950 Fax 202-224-0240 Internet Address http www.house.gov jec Argentina s Economic Crisis Causes and Cures I. Background to the Crisis.1 Argentina s turbulent economic history.1 President Menem s economic reforms 1989-1994.4 Argentina buffeted by financial markets 1995-1999.7 II. The Crisis.8 Recession and president De la Rúa s tax policy 2000-2001.8 Monetary and debt policy 2001 .10 The upheavals of December 2001.12 President Duhalde s new economic .
