The boom and crisis of the Convertibility Plan in Argentina

This article analyses the relationship between state policies and economy in Argentina 1991-2001. In 1991 the currency board regime named 'convertibility' was implemented, within the framework of important neoliberal reforms introduced by the State. These neoliberal reforms facilitated capitalist restructuring, characterized by a leap in productivity, investment and profits. Likewise, these reforms generated imbalances which, along with the changes in the world market conditions from 1998, led to the deepest crisis in Argentina's history. The inefficiency of state neoliberal policies in managing the crisis, based on fiscal adjustment to guarantee the continuity of external financing, led to an economic depression and a financial crash, sparking a mass rebellion and the end of convertibility.

本文旨在分析1991年至2001年间阿根廷国家政策与经济之间的内在关联。1991年，在阿根廷政府推行的一系列重要新自由主义改革框架内，名为“可兑换计划（Convertibility）”的货币局制度（currency board）正式实施。此类新自由主义改革推动了资本主义结构调整，其显著特征为生产力、投资与利润的大幅跃升。与此同时，此类改革也催生了各类经济失衡问题，加之1998年起全球市场环境发生变化，最终酿成了阿根廷历史上最为深重的经济危机。彼时阿根廷政府依托财政调整以保障外部融资可持续性的新自由主义危机应对政策效率低下，最终引发了经济大萧条与金融崩盘，进而触发大规模民众抗议，并终结了可兑换计划。