The document discusses lessons from Argentina's currency crisis regarding macro finance and the importance of various types of capital. Specifically, it notes that Argentina had an overvalued fixed exchange rate between its peso and the US dollar, a large trade imbalance with too few exports and too much imports, excessive foreign debt, and interest rates and wages that were locked in and mismanaged by the IMF and government. This led to widespread bankruptcies.

1. IMF Lessons on Macro Finance From the Financial Crisis in Argentina

2. Micro & Macro Finance Micro : Intellectual Capital management, labor, technology competitive advantage, skills, knowledge Macro : Social Capital social org that affects business org, trust that affects transactions costs, trust that affects debt, interest rates, & default costs Political Capital supporting the right leaders w/ same visions, supporting parties and agendas, for long term mutual business gain.

3. Argentina Currency Crisis Overvalued fixed exchange rate: Peso to Dollar Trade imbalance: Too little exports v. Too much imports Excessive foreign debt Interest rates Labor wages locked in IMF management & Government Costs from Tax evasion and Corruption Widespread Bankruptcies