|
Carlos Menem was president of Argentina from 1989 to 1999. ==Economic policy== When Menem began his presidency, there was a huge hyperinflation and recession. The first measure was a mandatory conversion of time deposits into government bonds. It generated more recession, but hyperinflation was lowered.〔Edwards, p. 103〕 Despite being a Peronist, Menem privatized several state-owned companies, such as telephones and airlines. One of the leading privatizations was YPF, engaged in the exploration and production of oil and gas.〔Edwards, p. 104〕 His fourth economy minister, Domingo Cavallo, deepened the neoliberal reforms. He proposed a Convertibility Plan that set a one-to-one fixed exchange rate between the Argentine peso and the US dollar. The law also limited public expenditures, but this was frequently ignored.〔Edwards, pp. 104-105〕 A dramatic influx of foreign direct investment funds helped tame inflation (from 5,000% a year in 1989 to single digits by 1993) and improved long-stagnant productivity, though at the cost of considerable unemployment. Menem's successful turnaround of the economy made the country one of the top performers in the world of the developing countries. Argentina's GDP (below 1973 levels when Menem took office) increased 35% from 1990 to 1994 and fixed investment, by 150%.〔(【引用サイトリンク】title=Ministerio de Economía y Producción – República Argentina )〕 Negotiations with Brazil resulted in the Mercosur customs union in March 1991. On November 14 that year, Menem addressed a joint session of the U.S. Congress, one of only three Argentine presidents to do so (others were Raúl Alfonsín and Arturo Frondizi). With these successes, Menem was reelected to the presidency by a large majority in the 1995 elections. The early success of the dollar peg (when the dollar was falling) was followed by increasing economic difficulties when the dollar began to rise from 1995 onwards in international markets. High external debt also caused increasing problems. Financial crises affecting other countries (the Tequila Crisis in Mexico, the East Asian financial crisis, the Russian financial crisis in 1998) led to higher interest rates for Argentina as well. By the end of Menem's term, Argentina's country risk premium was a low 6.10 percentage points above yield on comparable US Treasuries. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Presidency of Carlos Menem」の詳細全文を読む スポンサード リンク
|