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Failure and Success

Feb 1, 2003

Last year, the late Rudiger Dornbusch said outside intervention was needed to save Argentina and suggested an international commissioner be appointed to run the country's finances. This January, Guillermo Calvo, chief economist of the Inter-American Development Bank, suggested a $25 billion Marshall Plan for Argentina. But appeals for outside intervention miss the point. The poverty in Argentina - or Venezuela, another country in deep trouble - encompasses far more than fundamental needs, so throwing money at these countries is likely to solve little. Even now it still seems scarcely believable that Argentina, a granary to the world and home to the region's best-educated society, cannot feed all its people. The country's...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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