No Reserve: The Limit of Absolute Power by Martín Redrado

By Martín Redrado

No Reserve: The restrict of Absolute strength is a gripping and traditionally attention-grabbing look at the risks of combining political energy and economics in an rising state. Written via Mart?n Redrado, president of Argentina’s important financial institution (2004-2010), readers learn the way this Harvard-educated veteran of Wall highway and major Latin American economist used to be appointed by way of the country's President, Nestor Kirchner, to guide Argentina via tough financial occasions. via 2008, the rustic, besides the area, used to be in monetary trouble and during the self sustaining guidelines of the relevant financial institution was once capable of conquer for the 1st time in many years a heritage of cyclical breakups. at first of 2010, while Redrado was once requested to hide the prices of public spending and out-of-control nationwide accounts, his tenure was once over. moral, made up our minds, and constant to his state, the writer begun his struggle opposed to monetary corruption. Readers may be intrigued by way of Redrado's causes of rising international markets, tenets of imperative banking, and the way governments could cause and keep away from monetary crises.

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Nobody likes having to pay the premium every month just in case of some eventual accident, theft, hailstorm, or other contingency. But when one of these disasters actually befalls us, we are grateful that we had coverage. Sure, it would be a lot better if we had the security of knowing that if disaster were to strike, “someone” would come along and repair the damage for us, so that we wouldn’t have to make the effort to pay the premium every month. But that is clearly no more than wishful thinking.

The sequence had consisted, I explained, of first ensuring exchange rate stability, then making adjustments to strengthen demand for local currency, and, finally, introducing liquidity into the market in order to consolidate the economic upturn. Both Ángel Gurría and Europe’s main businesspeople were in agreement in their praise of the Argentine Bank’s role as a retaining wall that held back the world tide and permitted the country to overcome a crisis of such proportions. , I felt especially comforted by the comments I had received, because they recognized the results that we had achieved at a monetary and financial level.

Going back to the metaphor used in chapter 1, we had taken out our insurance policy, but we still didn’t know how sound our insurance company would be if called upon to respond to a claim. In other words, faced with Vicens’s doubts—like those of any other business leader—the response was to show that we could sell off as much as the people might demand, guided, of course, by certain precepts of economic history: When there’s a financial crisis, besides transmitting security, you have to hand over the pesos or foreign currency gradually so as to reduce the level of nervousness, especially in the wake of the 2001 freeze on deposits that was still very much present in the minds of society.

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