THE FINANCES OF THE NATIONAL GOVERNMENT OF ARGENTINA*

Abstract

s of Doctoral Dissertations 67 are treated in chapters v and vi respectively. Chapters vii and viii are concerned with the historical development of the debt of the national government from the date of the first loan-1824-up to 1950. Chapter vii traces the major loans secured in the years previous to 1914, giving the features of each loan, and the qualitative and quantitative changes in the debt structure during the period. Chapter viii does the same for the period since 1914. The more significant features of the finances of the Argentine government that emerge from the study are as follows: Those in regard to expenditures are (1) the extremely large increase since the end of World War II and the increased commitments of the government which make it likely that the increases will continue at a more rapid rate; and (2) the notable changes in the nature and pattern of the expenditures attributable to the accelerated extension of the Estado Intervencionista. In respect of the tax regime, besides the quantitative increases in the total yield of the system and in the number of different and varied sources, such new quantitative features as using the taxes as instruments of social and economic policy-as for example, in eliminating the latifundia system and in offering inducements in the form of tax reductions to businessmen who spend a certain amount on plant expansion-are especially significant. The most notable characteristics of the public debt are the well-balanced structure of the debt as a whole, the low rates of interest at which the government is able to borrow, the ease with which it secures ample funds even at the low rate of interest, and, finally, the fact that the debt is held internally and for the first time in the financial history of the Republic little or no income leaves the country for service of the public debt. This content downloaded from 157.55.39.39 on Wed, 14 Sep 2016 05:30:45 UTC All use subject to http://about.jstor.org/terms