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0 | <s>[INST] ___ Document 123 of 500 Argentina: The 'mature' emerging markets [/INST] have come a long way since the early '90s.But there have been plenty of bumps.Author: Friedland, Jonathan Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 26 June 1997: R, 13:1. </s> |
1 | <s>[INST] Author: Friedland, Jonathan Publication info: Wall Street Journal , Eastern [/INST] edition [New York, N.Y] 26 June 1997: R, 13:1.http://search.proquest.com/docview/398598774? </s> |
2 | <s>[INST] accountid=28034 Abstract: La Cite, as the financial district in Buenos [/INST] Aires Argentina is known, still isn't exactly Wall Street.But it has more in common with New York now than it does with itself at the start of the 1990s.Full text: BUENOS AIRES -- When a young broker named Christopher Ecclestone first showed up here six years ago, Argentina's stock market was positively Dickensian. </s> |
3 | <s>[INST] But it has more in common with New York now than [/INST] it does with itself at the start of the 1990s.Full text: BUENOS AIRES -- When a young broker named Christopher Ecclestone first showed up here six years ago, Argentina's stock market was positively Dickensian.Shares were usurers' tools that companies swapped and borrowed against as they tried to stay ahead of Argentina's galloping inflation. </s> |
4 | <s>[INST] Full text: BUENOS AIRES -- When a young broker named Christopher Ecclestone first [/INST] showed up here six years ago, Argentina's stock market was positively Dickensian.Shares were usurers' tools that companies swapped and borrowed against as they tried to stay ahead of Argentina's galloping inflation.Brokers shouted orders across wires strung -- literally -- from building to building in "La Cite," as the financial district here is known. </s> |
5 | <s>[INST] Shares were usurers' tools that companies swapped and borrowed against as [/INST] they tried to stay ahead of Argentina's galloping inflation.Brokers shouted orders across wires strung -- literally -- from building to building in "La Cite," as the financial district here is known.The elderly bosses of the local exchange spent their afternoons in long lunches followed by a good nap. </s> |
6 | <s>[INST] Brokers shouted orders across wires strung -- literally -- from building to [/INST] building in "La Cite," as the financial district here is known.The elderly bosses of the local exchange spent their afternoons in long lunches followed by a good nap.La Cite still isn't exactly Wall Street. </s> |
7 | <s>[INST] The elderly bosses of the local exchange spent their afternoons [/INST] in long lunches followed by a good nap.La Cite still isn't exactly Wall Street."But it now has more in common with New York than it does with itself at the start of the 1990s," says Mr. Ecclestone, director of the local office of Mexican brokerage firm Interacciones Global Inc. The same can be said of the other "mature" emerging markets from Santiago to Seoul. </s> |
8 | <s>[INST] "But it now has more in common with New York than it does with itself at the start of the 1990s," says Mr. Ecclestone, director of [/INST] the local office of Mexican brokerage firm Interacciones Global Inc. The same can be said of the other "mature" emerging markets from Santiago to Seoul.Spurred by growth in cross-border investment and deregulation at home, these markets have over the past decade grown big enough to afford electronic-trading systems, attract big global brokers like Merrill Lynch & Co., and demand that traders and listed companies at least make a stab at following some rules.In fact, they have outgrown one key definition of an emerging market: a market you can't emerge from when it submerges. </s> |
9 | <s>[INST] Spurred by growth in cross-border investment and deregulation at home, these markets have over the past decade grown big enough to afford electronic-trading systems, attract [/INST] big global brokers like Merrill Lynch & Co., and demand that traders and listed companies at least make a stab at following some rules.In fact, they have outgrown one key definition of an emerging market: a market you can't emerge from when it submerges.When Mexico devalued the peso in December 1994, investors worried that Argentina would be forced to do the same, and they yanked their money out of the country. </s> |
10 | <s>[INST] In fact, they have outgrown one key definition of an emerging [/INST] market: a market you can't emerge from when it submerges.When Mexico devalued the peso in December 1994, investors worried that Argentina would be forced to do the same, and they yanked their money out of the country.The fact that investors weren't caught in a bear trap has served Argentina well; the foreign money returned relatively quickly, and the market recovered the lost value within a year. </s> |
11 | <s>[INST] When Mexico devalued the peso in December 1994, investors worried that Argentina would be forced [/INST] to do the same, and they yanked their money out of the country.The fact that investors weren't caught in a bear trap has served Argentina well; the foreign money returned relatively quickly, and the market recovered the lost value within a year."Mature emerging markets are less attractive in the sense that the absolute upside isn't as great as it was in the early 1990s," says Wayne Lipsky, chairman of the Alliance Fixed Income unit of Alliance Capital Co. in New York. </s> |
12 | <s>[INST] The fact that investors weren't caught in a bear trap has served Argentina well; the foreign [/INST] money returned relatively quickly, and the market recovered the lost value within a year."Mature emerging markets are less attractive in the sense that the absolute upside isn't as great as it was in the early 1990s," says Wayne Lipsky, chairman of the Alliance Fixed Income unit of Alliance Capital Co. in New York."But in order to get big rates of return, you took substantial illiquidity risks". </s> |
13 | <s>[INST] "Mature emerging markets are less attractive in the sense that the absolute upside isn't as great as it was in the [/INST] early 1990s," says Wayne Lipsky, chairman of the Alliance Fixed Income unit of Alliance Capital Co. in New York."But in order to get big rates of return, you took substantial illiquidity risks".Today, he adds, "the upside is less, but still pretty attractive, and the liquidity is much, much better". </s> |
14 | <s>[INST] "But in order to get big rates of [/INST] return, you took substantial illiquidity risks".Today, he adds, "the upside is less, but still pretty attractive, and the liquidity is much, much better".Indeed, Argentina's main stock market index, the Merval, gained about 25% through mid-June this year, in line with other countries in Latin America, the world's best-performing region. </s> |
15 | <s>[INST] Today, he adds, "the upside is less, but still pretty [/INST] attractive, and the liquidity is much, much better".Indeed, Argentina's main stock market index, the Merval, gained about 25% through mid-June this year, in line with other countries in Latin America, the world's best-performing region.Analysts say the Merval's rise reflects the country's current strong economic performance. </s> |
16 | <s>[INST] Indeed, Argentina's main stock market index, the Merval, gained about 25% through mid-June this [/INST] year, in line with other countries in Latin America, the world's best-performing region.Analysts say the Merval's rise reflects the country's current strong economic performance.Argentina's gross domestic product is expected to grow about 5% this year. </s> |
17 | <s>[INST] Analysts say the Merval's rise reflects the [/INST] country's current strong economic performance.Argentina's gross domestic product is expected to grow about 5% this year.Exports are booming, inflation is at a historic low and investment rates are strong. </s> |
18 | <s>[INST] Argentina's gross domestic product is expected to [/INST] grow about 5% this year.Exports are booming, inflation is at a historic low and investment rates are strong.The direct link between the Argentine and U.S. markets dates back to 1991, when President Carlos Menem made the peso freely convertible into dollars, effectively ceding control over his nation's monetary policy to the U.S. Federal Reserve in a bid to end frequent and debilitating bouts of high inflation. </s> |
19 | <s>[INST] Exports are booming, inflation is at a historic [/INST] low and investment rates are strong.The direct link between the Argentine and U.S. markets dates back to 1991, when President Carlos Menem made the peso freely convertible into dollars, effectively ceding control over his nation's monetary policy to the U.S. Federal Reserve in a bid to end frequent and debilitating bouts of high inflation.Convertibility reduced inflation to single digits. </s> |
20 | <s>[INST] The direct link between the Argentine and U.S. markets dates back to 1991, when President Carlos Menem made the peso freely convertible into dollars, effectively [/INST] ceding control over his nation's monetary policy to the U.S. Federal Reserve in a bid to end frequent and debilitating bouts of high inflation.Convertibility reduced inflation to single digits.And, together with an ambitious privatization program, it gave a new lease on life to the Bolsa, as the stock market here is known. </s> |
21 | <s>[INST] And, together with an ambitious privatization program, it gave a new lease on [/INST] life to the Bolsa, as the stock market here is known.The exchange, which operates out of a sumptuous Belle Epoque building in the heart of La Cite, had once been Latin America's foremost market.But five decades of erratic economic policies had reduced it to a bit player in Argentina's financial drama. </s> |
22 | <s>[INST] The exchange, which operates out of a sumptuous Belle Epoque building in the [/INST] heart of La Cite, had once been Latin America's foremost market.But five decades of erratic economic policies had reduced it to a bit player in Argentina's financial drama.In 1990, total market capitalization was a measly $3 billion, against a $141 billion GDP. </s> |
23 | <s>[INST] But five decades of erratic economic policies had reduced it [/INST] to a bit player in Argentina's financial drama.In 1990, total market capitalization was a measly $3 billion, against a $141 billion GDP.The Bolsa again took center stage when Mr. Menem enacted radical free-market measures, opening the economy to the outside world and unleashing a flood of inbound investment. </s> |
24 | <s>[INST] In 1990, total market capitalization was a measly [/INST] $3 billion, against a $141 billion GDP.The Bolsa again took center stage when Mr. Menem enacted radical free-market measures, opening the economy to the outside world and unleashing a flood of inbound investment.As part of its plan to get the state out of business, from 1991 to 1994 the government sold $30 billion in assets, including a giant oil company, the telephone network, the airline and most utilities. </s> |
25 | <s>[INST] The Bolsa again took center stage when Mr. Menem enacted radical free-market measures, opening [/INST] the economy to the outside world and unleashing a flood of inbound investment.As part of its plan to get the state out of business, from 1991 to 1994 the government sold $30 billion in assets, including a giant oil company, the telephone network, the airline and most utilities.Although strategic investors bought majority stakes, in many cases residual shares were listed on the Bolsa. </s> |
26 | <s>[INST] As part of its plan to get the state out of business, from 1991 to 1994 the government sold [/INST] $30 billion in assets, including a giant oil company, the telephone network, the airline and most utilities.Although strategic investors bought majority stakes, in many cases residual shares were listed on the Bolsa.Coupled with the deregulation of commissions -- which dramatically reduced the cost of trading -- privatization had a dramatic impact. </s> |
27 | <s>[INST] Although strategic investors bought majority stakes, in many cases [/INST] residual shares were listed on the Bolsa.Coupled with the deregulation of commissions -- which dramatically reduced the cost of trading -- privatization had a dramatic impact.From the start of 1990 to the end of 1996, market capitalization grew nearly fifteenfold to $44 billion, and daily trading volume shot up to $556 million. </s> |
28 | <s>[INST] Coupled with the deregulation of commissions -- which dramatically reduced the [/INST] cost of trading -- privatization had a dramatic impact.From the start of 1990 to the end of 1996, market capitalization grew nearly fifteenfold to $44 billion, and daily trading volume shot up to $556 million.The action attracted a whole new set of players to the market. </s> |
29 | <s>[INST] From the start of 1990 to the end of 1996, market capitalization grew nearly [/INST] fifteenfold to $44 billion, and daily trading volume shot up to $556 million.The action attracted a whole new set of players to the market.No longer able to place bets on spiraling inflation, money-market operators muscled aside more traditional brokers to take command of the Bolsa, paying as much as $2 million for a seat. </s> |
30 | <s>[INST] The action attracted a whole new set [/INST] of players to the market.No longer able to place bets on spiraling inflation, money-market operators muscled aside more traditional brokers to take command of the Bolsa, paying as much as $2 million for a seat.With their roots in the take-no-prisoners ethos of the overnight money market, these operators drove the Merval through the roof in 1992, taking profits that for a brief time put their Wall Street colleagues to shame. </s> |
31 | <s>[INST] No longer able to place bets on spiraling inflation, money-market operators muscled aside more traditional brokers [/INST] to take command of the Bolsa, paying as much as $2 million for a seat.With their roots in the take-no-prisoners ethos of the overnight money market, these operators drove the Merval through the roof in 1992, taking profits that for a brief time put their Wall Street colleagues to shame.One top broker became famous around town for sending his private jet back to Buenos Aires to pick up pizza for his houseguests in the Uruguayan beach resort of Punta del Este. </s> |
32 | <s>[INST] With their roots in the take-no-prisoners ethos of the overnight money market, these operators drove the Merval through the [/INST] roof in 1992, taking profits that for a brief time put their Wall Street colleagues to shame.One top broker became famous around town for sending his private jet back to Buenos Aires to pick up pizza for his houseguests in the Uruguayan beach resort of Punta del Este.The Bolsa itself also splurged. </s> |
33 | <s>[INST] One top broker became famous around town for sending his private jet back to Buenos Aires to [/INST] pick up pizza for his houseguests in the Uruguayan beach resort of Punta del Este.The Bolsa itself also splurged.It started shopping around for a computerized order-matching system, which it finally got up and running this year. </s> |
34 | <s>[INST] It started shopping around for a computerized order-matching system, which [/INST] it finally got up and running this year.And it dispatched a steady stream of officials as far afield as Tokyo and Chicago to drum up interest in Argentina.The party didn't last long, however. </s> |
35 | <s>[INST] And it dispatched a steady stream of officials as far afield [/INST] as Tokyo and Chicago to drum up interest in Argentina.The party didn't last long, however.Even before Mexico's devaluation, the Merval had shed half its value as the Menem government struggled to slow consumption enough to prevent a current-account blowout. </s> |
36 | <s>[INST] Even before Mexico's devaluation, the Merval had shed half its value as the [/INST] Menem government struggled to slow consumption enough to prevent a current-account blowout.The peso crisis was the final knock; many of the former money-market operators who had borrowed heavily to trade the market went bust in the months that followed.As the Merval recovered, their place was taken by bigger, more conservative Argentine banks and, more recently, by foreign houses such as J.P. Morgan & Co., Merrill Lynch & Co., and units of Banco Santander SA and ING Group. </s> |
37 | <s>[INST] The peso crisis was the final knock; many of the former money-market operators who had [/INST] borrowed heavily to trade the market went bust in the months that followed.As the Merval recovered, their place was taken by bigger, more conservative Argentine banks and, more recently, by foreign houses such as J.P. Morgan & Co., Merrill Lynch & Co., and units of Banco Santander SA and ING Group.The same pattern can be seen in other mature emerging markets. </s> |
38 | <s>[INST] As the Merval recovered, their place was taken by bigger, more conservative Argentine banks and, more recently, by foreign houses [/INST] such as J.P. Morgan & Co., Merrill Lynch & Co., and units of Banco Santander SA and ING Group.The same pattern can be seen in other mature emerging markets.A handful of highflying Thai finance companies that dominated the Bangkok exchange in the early 1990s have flamed out and been replaced by better-capitalized players. </s> |
39 | <s>[INST] The same pattern can be seen [/INST] in other mature emerging markets.A handful of highflying Thai finance companies that dominated the Bangkok exchange in the early 1990s have flamed out and been replaced by better-capitalized players.Ditto for Mexico, where several go-go investment banks took a beating during the Tequila crisis. </s> |
40 | <s>[INST] A handful of highflying Thai finance companies that dominated the Bangkok exchange in [/INST] the early 1990s have flamed out and been replaced by better-capitalized players.Ditto for Mexico, where several go-go investment banks took a beating during the Tequila crisis.That's not to say the presence of big Wall Street firms automatically changes the way business is done. </s> |
41 | <s>[INST] Ditto for Mexico, where several go-go investment banks [/INST] took a beating during the Tequila crisis.That's not to say the presence of big Wall Street firms automatically changes the way business is done.Their presence has helped professionalize the execution and settlement of trades here in Argentina, but front-running -- where brokers trade on their own accounts ahead of big orders -- is still common. </s> |
42 | <s>[INST] That's not to say the presence of big Wall Street [/INST] firms automatically changes the way business is done.Their presence has helped professionalize the execution and settlement of trades here in Argentina, but front-running -- where brokers trade on their own accounts ahead of big orders -- is still common.So too is insider trading, despite a couple of high-profile threats by the local securities and exchange commission to get tough. </s> |
43 | <s>[INST] Their presence has helped professionalize the execution and settlement of trades here in Argentina, but front-running -- [/INST] where brokers trade on their own accounts ahead of big orders -- is still common.So too is insider trading, despite a couple of high-profile threats by the local securities and exchange commission to get tough.A big reason for the inflow of foreign brokers is the growth of the domestic pension-fund industry. </s> |
44 | <s>[INST] So too is insider trading, despite a couple of high-profile threats [/INST] by the local securities and exchange commission to get tough.A big reason for the inflow of foreign brokers is the growth of the domestic pension-fund industry.Three years ago, the Menem government followed in the footsteps of neighboring Chile, setting up a regulatory framework that gave Argentines the choice of participating in privately managed pension funds instead of the troubled government system. </s> |
45 | <s>[INST] A big reason for the inflow of foreign brokers [/INST] is the growth of the domestic pension-fund industry.Three years ago, the Menem government followed in the footsteps of neighboring Chile, setting up a regulatory framework that gave Argentines the choice of participating in privately managed pension funds instead of the troubled government system.Funds under private administration have since risen to around $6 billion, some $40 million to $50 million of which is monthly plowed into the stock market. </s> |
46 | <s>[INST] Three years ago, the Menem government followed in the footsteps of neighboring Chile, setting up a regulatory framework that [/INST] gave Argentines the choice of participating in privately managed pension funds instead of the troubled government system.Funds under private administration have since risen to around $6 billion, some $40 million to $50 million of which is monthly plowed into the stock market.The fund companies now have around 20% of their assets invested in stocks, well below the legal limit of 35%, says J.P. Morgan managing director Jose McLaughlin. </s> |
47 | <s>[INST] Funds under private administration have since risen to around $6 billion, some $40 million [/INST] to $50 million of which is monthly plowed into the stock market.The fund companies now have around 20% of their assets invested in stocks, well below the legal limit of 35%, says J.P. Morgan managing director Jose McLaughlin."It will take them a couple of years to reach that limit," he says. </s> |
48 | <s>[INST] The fund companies now have around 20% of their assets invested in stocks, well [/INST] below the legal limit of 35%, says J.P. Morgan managing director Jose McLaughlin."It will take them a couple of years to reach that limit," he says."That alone is significant enough to be bullish on this market". </s> |
49 | <s>[INST] "It will take them a couple of years [/INST] to reach that limit," he says."That alone is significant enough to be bullish on this market".Analysts cite the pension-fund inflows as a big reason why the Merval bucked this spring's U.S. market slump triggered by a rise in U.S. rates. </s> |
50 | <s>[INST] "That alone is significant enough to [/INST] be bullish on this market".Analysts cite the pension-fund inflows as a big reason why the Merval bucked this spring's U.S. market slump triggered by a rise in U.S. rates.That money is chasing a handful of shares. </s> |
51 | <s>[INST] Analysts cite the pension-fund inflows as a big reason why the Merval bucked [/INST] this spring's U.S. market slump triggered by a rise in U.S. rates.That money is chasing a handful of shares.Despite all the activity of the past few years, only a dozen companies listed on the Bolsa are truly liquid by international standards, and they are in only three sectors: energy, telecommunications and banking. </s> |
52 | <s>[INST] Despite all the activity of the past few years, only a dozen companies listed on the Bolsa are [/INST] truly liquid by international standards, and they are in only three sectors: energy, telecommunications and banking."The big problem in Argentina is there simply aren't enough stocks, particularly in the sectors that have the most potential," says Gavin Grant, investment manager at Edinburgh Fund Managers.Indeed, only eight Argentine stocks have market capitalizations of more than $1 billion, and only four top the $4 billion mark. </s> |
53 | <s>[INST] "The big problem in Argentina is there simply aren't enough stocks, particularly in the sectors [/INST] that have the most potential," says Gavin Grant, investment manager at Edinburgh Fund Managers.Indeed, only eight Argentine stocks have market capitalizations of more than $1 billion, and only four top the $4 billion mark.Of these, two are basically oil companies, YPF SA and Perez Companc SA, and two are telephone companies, Telecom Argentina SA and Telefonica de Argentina SA. </s> |
54 | <s>[INST] Indeed, only eight Argentine stocks have market capitalizations of more than [/INST] $1 billion, and only four top the $4 billion mark.Of these, two are basically oil companies, YPF SA and Perez Companc SA, and two are telephone companies, Telecom Argentina SA and Telefonica de Argentina SA.These four are among the 20 Argentine companies that have American depositary receipt, or ADR, programs. </s> |
55 | <s>[INST] Of these, two are basically oil companies, YPF SA and Perez Companc SA, and [/INST] two are telephone companies, Telecom Argentina SA and Telefonica de Argentina SA.These four are among the 20 Argentine companies that have American depositary receipt, or ADR, programs.American investors can buy ADRs in the U.S. the same way they buy regular shares. </s> |
56 | <s>[INST] These four are among the 20 Argentine companies that [/INST] have American depositary receipt, or ADR, programs.American investors can buy ADRs in the U.S. the same way they buy regular shares.Analysts say the four are currently close to full value, but recommend buying if the market drops later this year. </s> |
57 | <s>[INST] American investors can buy ADRs in the U.S. [/INST] the same way they buy regular shares.Analysts say the four are currently close to full value, but recommend buying if the market drops later this year.That could be the case with congressional elections coming up in October. </s> |
58 | <s>[INST] Analysts say the four are currently close to full value, but [/INST] recommend buying if the market drops later this year.That could be the case with congressional elections coming up in October.The jockeying is already fierce to succeed Mr. Menem, who completes his second term in 1999. </s> |
59 | <s>[INST] That could be the case with congressional [/INST] elections coming up in October.The jockeying is already fierce to succeed Mr. Menem, who completes his second term in 1999.It could also be the case if there's an unexpectedly large increase in U.S. rates. </s> |
60 | <s>[INST] The jockeying is already fierce to succeed Mr. Menem, [/INST] who completes his second term in 1999.It could also be the case if there's an unexpectedly large increase in U.S. rates.The Bolsa has been trying to lure private companies to list. </s> |
61 | <s>[INST] It could also be the case if there's [/INST] an unexpectedly large increase in U.S. rates.The Bolsa has been trying to lure private companies to list.But it hasn't been easy despite the good performance of the handful of recent initial public offerings, including supermarket chains Disco and Patagonia. </s> |
62 | <s>[INST] The Bolsa has been trying to [/INST] lure private companies to list.But it hasn't been easy despite the good performance of the handful of recent initial public offerings, including supermarket chains Disco and Patagonia.Most Argentine family companies would rather grow slowly or rely on bank debt than subject themselves to public scrutiny. </s> |
63 | <s>[INST] But it hasn't been easy despite the good performance of the handful [/INST] of recent initial public offerings, including supermarket chains Disco and Patagonia.Most Argentine family companies would rather grow slowly or rely on bank debt than subject themselves to public scrutiny."They don't want to have to stand up at a shareholders' meeting and answer questions," says Luis Corsiglia, until recently the Bolsa's vice president. </s> |
64 | <s>[INST] Most Argentine family companies would rather grow slowly or rely [/INST] on bank debt than subject themselves to public scrutiny."They don't want to have to stand up at a shareholders' meeting and answer questions," says Luis Corsiglia, until recently the Bolsa's vice president.Nonetheless, Mr. Ecclestone reckons that as competition grows in the Argentine economy, more companies will turn to the market. </s> |
65 | <s>[INST] "They don't want to have to stand up at a shareholders' meeting and [/INST] answer questions," says Luis Corsiglia, until recently the Bolsa's vice president.Nonetheless, Mr. Ecclestone reckons that as competition grows in the Argentine economy, more companies will turn to the market.And many will come from Argentina's most promising sectors: agriculture, food processing, infrastructure and mining. </s> |
66 | <s>[INST] Nonetheless, Mr. Ecclestone reckons that as competition grows in the [/INST] Argentine economy, more companies will turn to the market.And many will come from Argentina's most promising sectors: agriculture, food processing, infrastructure and mining."The stocks you will make money off of in the next four years aren't listed yet," he predicts. </s> |
67 | <s>[INST] And many will come from Argentina's most promising [/INST] sectors: agriculture, food processing, infrastructure and mining."The stocks you will make money off of in the next four years aren't listed yet," he predicts.--- Mr. Friedland is a staff reporter of The Wall Street Journal in Buenos Aires. </s> |
68 | <s>[INST] "The stocks you will make money off of in the [/INST] next four years aren't listed yet," he predicts.--- Mr. Friedland is a staff reporter of The Wall Street Journal in Buenos Aires.--- Argentina by the Numbers The Economy Average real GDP growth rate, 1990-95 5.7% Projected GDP growth, 1997 5.0% Projected inflation rate, 1997 1.1% Long-term foreign-currency credit rating-a BB The Stock Market Three-year compound annual total return, in dollars-b 8.1% Price/earnings ratio-c 18.8 Projected earnings growth-c,d 13.6% Dividend yield-c 2.5% Market capitalization-e $44.68 bil. </s> |
69 | <s>[INST] --- Mr. Friedland is a staff reporter of [/INST] The Wall Street Journal in Buenos Aires.--- Argentina by the Numbers The Economy Average real GDP growth rate, 1990-95 5.7% Projected GDP growth, 1997 5.0% Projected inflation rate, 1997 1.1% Long-term foreign-currency credit rating-a BB The Stock Market Three-year compound annual total return, in dollars-b 8.1% Price/earnings ratio-c 18.8 Projected earnings growth-c,d 13.6% Dividend yield-c 2.5% Market capitalization-e $44.68 bil.a-Standard & Poor's rating b-As of March 31 c-As of April 17 d-Avg. </s> |
70 | <s>[INST] --- Argentina by the Numbers The Economy Average real GDP growth rate, 1990-95 5.7% Projected GDP growth, 1997 5.0% Projected inflation rate, 1997 1.1% Long-term foreign-currency credit rating-a [/INST] BB The Stock Market Three-year compound annual total return, in dollars-b 8.1% Price/earnings ratio-c 18.8 Projected earnings growth-c,d 13.6% Dividend yield-c 2.5% Market capitalization-e $44.68 bil.a-Standard & Poor's rating b-As of March 31 c-As of April 17 d-Avg.annual growth over next five years e-As of Dec. </s> |
71 | <s>[INST] a-Standard & Poor's rating b-As of March [/INST] 31 c-As of April 17 d-Avg.annual growth over next five years e-As of Dec.31, 1996 Sources: World Bank; Dow Jones & Co.; International Monetary Fund; Standard & Poor's Corp. </s> |
72 | <s>[INST] ___ Document 128 of 500 Peron's legacy: As Argentine economy booms, workers fret they'll be left behind Author: Friedland, [/INST] Jonathan Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 25 June 1997: A, 1:6.http://search.proquest.com/docview/398571774? </s> |
73 | <s>[INST] accountid=28034 Abstract: Differences in economic plans for Argentina's future since Pres Carlos Menem [/INST] reversed decades of statist policy and embraced free-market principles are examined.Full text: TARTAGAL, Argentina -- Inside the oil-company conference room, executive Javier Tizado talks of big investments, record production and escalating earnings.Outside, beyond the perimeter fence, community leader Andres Zottos talks of big debts, record unemployment and escalating misery. </s> |
74 | <s>[INST] Full text: TARTAGAL, Argentina -- Inside the oil-company conference room, executive Javier [/INST] Tizado talks of big investments, record production and escalating earnings.Outside, beyond the perimeter fence, community leader Andres Zottos talks of big debts, record unemployment and escalating misery.Mr. Tizado and Mr. Zottos both live in Argentina, and both want better lives for their families. </s> |
75 | <s>[INST] Outside, beyond the perimeter fence, community leader Andres Zottos talks [/INST] of big debts, record unemployment and escalating misery.Mr. Tizado and Mr. Zottos both live in Argentina, and both want better lives for their families.But they have wildly divergent ideas about what is best for their country six years after President Carlos Menem reversed decades of statist policy and embraced free-market principles. </s> |
76 | <s>[INST] Mr. Tizado and Mr. Zottos both live in Argentina, [/INST] and both want better lives for their families.But they have wildly divergent ideas about what is best for their country six years after President Carlos Menem reversed decades of statist policy and embraced free-market principles.Mr. Tizado, a managing director of industrial and energy conglomerate Organizacion Techint, wants more privatization, more deregulation and more freedom to compete. </s> |
77 | <s>[INST] But they have wildly divergent ideas about what is best for their country six years [/INST] after President Carlos Menem reversed decades of statist policy and embraced free-market principles.Mr. Tizado, a managing director of industrial and energy conglomerate Organizacion Techint, wants more privatization, more deregulation and more freedom to compete.Mr. Zottos, a local politician in this humid petroleum-production zone in the northwest corner of Argentina, wants bigger state subsidies and better social protection for his constituents. </s> |
78 | <s>[INST] Mr. Tizado, a managing director of industrial and energy conglomerate Organizacion Techint, [/INST] wants more privatization, more deregulation and more freedom to compete.Mr. Zottos, a local politician in this humid petroleum-production zone in the northwest corner of Argentina, wants bigger state subsidies and better social protection for his constituents."The private companies want to have the freedom to turn Argentina into an Asian country," says Mr. Zottos, standing behind a line of tractor-trailers artfully placed to block two of the country's main transport routes during a recent general strike in Tartagal. </s> |
79 | <s>[INST] Mr. Zottos, a local politician in this humid petroleum-production zone in the northwest corner [/INST] of Argentina, wants bigger state subsidies and better social protection for his constituents."The private companies want to have the freedom to turn Argentina into an Asian country," says Mr. Zottos, standing behind a line of tractor-trailers artfully placed to block two of the country's main transport routes during a recent general strike in Tartagal."But the people," he adds, gesturing to the jobless workers crowding around him, "want a guarantee of a reasonable quality of life". </s> |
80 | <s>[INST] "The private companies want to have the freedom to turn Argentina into an Asian country," says Mr. Zottos, standing behind a line [/INST] of tractor-trailers artfully placed to block two of the country's main transport routes during a recent general strike in Tartagal."But the people," he adds, gesturing to the jobless workers crowding around him, "want a guarantee of a reasonable quality of life".Never have things looked so good for Argentina, at least not since the 1930s, when it was among the 15-richest nations in the world. </s> |
81 | <s>[INST] "But the people," he adds, gesturing to the jobless workers crowding around [/INST] him, "want a guarantee of a reasonable quality of life".Never have things looked so good for Argentina, at least not since the 1930s, when it was among the 15-richest nations in the world.Economic growth just hit 8% on an annualized basis for the second quarter running, fed by vast new investments in everything from auto plants to vineyards. </s> |
82 | <s>[INST] Never have things looked so good for Argentina, at least not since the [/INST] 1930s, when it was among the 15-richest nations in the world.Economic growth just hit 8% on an annualized basis for the second quarter running, fed by vast new investments in everything from auto plants to vineyards.Inflation, which soared unchecked for years, is nonexistent. </s> |
83 | <s>[INST] Economic growth just hit 8% on an annualized basis for the second quarter running, [/INST] fed by vast new investments in everything from auto plants to vineyards.Inflation, which soared unchecked for years, is nonexistent.And government finances are in such good shape that Mr. Menem boasts that this South American country meets the criteria for membership in the European Union better than many EU members. </s> |
84 | <s>[INST] And government finances are in such good shape that Mr. Menem boasts that this South American [/INST] country meets the criteria for membership in the European Union better than many EU members.Yet never has such a broad cross section of Argentines been so bitter about their prospects.In recent weeks, they have taken to the streets and highways by the tens of thousands in protest, riled by near-record 17.3% unemployment and lagging wages. </s> |
85 | <s>[INST] Yet never has such a broad cross section of [/INST] Argentines been so bitter about their prospects.In recent weeks, they have taken to the streets and highways by the tens of thousands in protest, riled by near-record 17.3% unemployment and lagging wages.And, like their president, they look east for a point of reference. </s> |
86 | <s>[INST] In recent weeks, they have taken to the streets and highways by the tens [/INST] of thousands in protest, riled by near-record 17.3% unemployment and lagging wages.And, like their president, they look east for a point of reference."The Economic Horror," an antimarket diatribe and bestseller in France, is a bestseller here also. </s> |
87 | <s>[INST] And, like their president, they look east [/INST] for a point of reference."The Economic Horror," an antimarket diatribe and bestseller in France, is a bestseller here also.Echoing their counterparts marching across Europe, Argentines are demanding the state guarantee work and social security. </s> |
88 | <s>[INST] "The Economic Horror," an antimarket diatribe and bestseller [/INST] in France, is a bestseller here also.Echoing their counterparts marching across Europe, Argentines are demanding the state guarantee work and social security.Mr. Menem and his supporters in the business community argue that the gap between expectations and the positive macroeconomic numbers will close soon enough, turning Argentina into an Asian-style exporting giant with rising wages and jobs for all. </s> |
89 | <s>[INST] Echoing their counterparts marching across Europe, Argentines are demanding [/INST] the state guarantee work and social security.Mr. Menem and his supporters in the business community argue that the gap between expectations and the positive macroeconomic numbers will close soon enough, turning Argentina into an Asian-style exporting giant with rising wages and jobs for all.But most Argentines still hold values brought from Europe by their grandparents and parents, values that were reinforced by the paternal promises of Juan Peron. </s> |
90 | <s>[INST] Mr. Menem and his supporters in the business community argue that the gap between expectations and the positive macroeconomic numbers [/INST] will close soon enough, turning Argentina into an Asian-style exporting giant with rising wages and jobs for all.But most Argentines still hold values brought from Europe by their grandparents and parents, values that were reinforced by the paternal promises of Juan Peron.Gen. </s> |
91 | <s>[INST] But most Argentines still hold values brought from Europe by their grandparents and [/INST] parents, values that were reinforced by the paternal promises of Juan Peron.Gen.Peron, the populist caudillo who ran Argentina from 1946 to 1955 and again briefly in the 1970s, created an all-embracing partnership between unions and the state, in which political support was traded for extraordinary benefits. </s> |
92 | <s>[INST] Peron, the populist caudillo who ran Argentina from 1946 to 1955 and again briefly in the 1970s, created [/INST] an all-embracing partnership between unions and the state, in which political support was traded for extraordinary benefits."Argentina was the Switzerland of the underdeveloped world," says Juan Alvarez, a newspaper columnist for Diario Los Andes in Mendoza, a city in western Argentina."The workers had access to cheap housing, free schools and seaside chalets. </s> |
93 | <s>[INST] "Argentina was the Switzerland of the underdeveloped world," says Juan Alvarez, a newspaper [/INST] columnist for Diario Los Andes in Mendoza, a city in western Argentina."The workers had access to cheap housing, free schools and seaside chalets.The purchasing power was unbelievable". </s> |
94 | <s>[INST] "The workers had access to cheap housing, [/INST] free schools and seaside chalets.The purchasing power was unbelievable".This legacy is dying hard. </s> |
95 | <s>[INST] Most Argentines don't want to live in a [/INST] place like South Korea or Thailand.They want to live somewhere like the Netherlands, where the state puts emphasis not just on global competitiveness but on the welfare of the people.And the clash between the two visions, aggravated by widening income inequality and the conspicuous consumption of the wealthy, is becoming more acute by the day. </s> |
96 | <s>[INST] They want to live somewhere like the Netherlands, where the state puts emphasis [/INST] not just on global competitiveness but on the welfare of the people.And the clash between the two visions, aggravated by widening income inequality and the conspicuous consumption of the wealthy, is becoming more acute by the day.The conflict is starting to concern U.S. investors, who during the past two years have sunk $3.5 billion into this country and are expected to plow in $1 billion more this year, according to a local think tank called Fundacion Invertir. </s> |
97 | <s>[INST] And the clash between the two visions, aggravated by widening income inequality and the [/INST] conspicuous consumption of the wealthy, is becoming more acute by the day.The conflict is starting to concern U.S. investors, who during the past two years have sunk $3.5 billion into this country and are expected to plow in $1 billion more this year, according to a local think tank called Fundacion Invertir.Companies ranging from Chrysler Corp. </s> |
98 | <s>[INST] The conflict is starting to concern U.S. investors, who during the past two years have sunk $3.5 billion into this country [/INST] and are expected to plow in $1 billion more this year, according to a local think tank called Fundacion Invertir.Companies ranging from Chrysler Corp.to Fidelity Investments to Bristol-Myers Squibb Co. are building factories, opening offices and buying businesses to take advantage of Argentina's growth and its partnership with Brazil in the Mercosur common market. </s> |
99 | <s>[INST] to Fidelity Investments to Bristol-Myers Squibb Co. are building factories, opening offices and buying businesses to [/INST] take advantage of Argentina's growth and its partnership with Brazil in the Mercosur common market.It isn't only direct investors.U.S. pension funds, banks and insurance companies have snapped up billions of dollars in Argentine debt in recent months, attracted by high yields and policies approved by the International Monetary Fund. </s> |
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