Re: RE: Re: Dornbusch: Argentina must surrender soverei gnty on financial issues!!!!

[Alan Cibils <abcibils@xxxxxxxxx>]

At  3/4/2002, you wrote:
> ...
> And as far as I can tell, Dornbusch's obsession with "having their money in
> Miami" is patronising in the extreme, and seems almost calculated to give
> the impression that all rich Latin Americans are coke smugglers.  In fact, I
> would guess that rich Argentines are old money and thus much more likely to
> have their money in Switzerland.
> ...
> dd

Well, yes and no. I don't have exact numbers, but I would say that most of
those who came into unbelivable rents thanks to privatized state
enterprises and the Menem-era liberalization programs have their money
mostly in Montevideo, New York and the Cayman Islands (or some other
"paraíso fiscal"), besides Switzerland. Argentine  economist Eduardo
Basualdo, among many others (such as Manuel Pastor Jr.in the U.S.), has
done some excellent work on capital flight. I will see if I can dig up any
estimates of  how it is distributed.

Alan


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