By Guido Di Tella, Carlos Braun
Representing the speeches and papers given by way of ministers or different professionals 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 advance of Argentinian monetary guidelines.
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Extra info for Argentina, 1946–83: The Economic Ministers Speak
This required a high level of competitiveness and transparency of both local and foreign markets; it could not tolerate any inflationary 'inertia' and it needed great speed of reaction and adjustment. Without doubt, the model would have worked better in the long run than in the short one, particulatly if the country had been willing to put up with prolonged periods of severe depression forcing the price level to fall. The convergence was only partially achieved, and then only after a big lag which caused the peso to be heavily overvalued.
In 1954, the wage agreements signed in 1952 were about to expire. It was an election year and Buenos Aires politicians asked Peron for a wage adjustment; the opposition was centring its campaign on resistance to wage freezing. Surprisingly enough, at the close of a rural congress held in the Colon Theatre, Peron alluded to the dispossessed who were earning less than 800 pesos, and to the need to improve their condition. This was interpreted as an order, a password, to demand an overall wage rise.
However, when their European counterparts began to establish factories, they also decided to come here. It was typical of the Americans to come last, because they were bent on keeping their export market. To put it briefly, we applied a policy of gradual opening, trying to reconcile the possibility of incorporating foreign capital with preservation of our power of decision. Profit rate was really not a problem with our foreign investment law, since it authorized a maximum 8 per cent tax-free or a gross 11 per cent.