most effective when it supports the generation of specific, reliable, and impartial evidence on the performance of leaders tasked with the delivery of public policies.”<sup>77</sup> Public interest programming and the promotion of competition in media markets are important elements that go beyond the access to information law itself. This extends to the functioning of media markets at the local level as well. A key dimension is jurisdictional: information on the performance of public policies needs to be targeted to the jurisdictions in which citizens select leaders; that includes information about potential political contenders to avoid “incumbency bias.” The government has also announced plans to move forward with a general reform of the judicial branch, including the Magsitrate Council and the Organic Laws of the Attorney General and Judicial branch. In addition, there are proposals put forth for political reform, unifying the calendar of elections and paper voting.

A practical strategy for securing political support necessarily would enter into the design of the reform program, and so far, this seems to be the case. If a few of the above measures can release investment that has been waiting on the sidelines, then the boost to economic growth will make political support much easier to attain. Some measures above – like reforming the supply law and gradually removing export taxes on commodities – should help gain political support from powerful business groups. The removal of subsidies has been accompanied by other social policy reforms to avoid a popular backlash. Political legitimacy also depends upon the public’s perception of the fairness of the overall approach to economic policy. Regional dimensions would also have to enter into the calculations as well, and negotiations between federal and provincial authorities have been initiated.

During the economic stress leading up to and immediately following the elections, the government used special decrees to enact numerous measures. This is a time-honored method for crisis periods, and it also perhaps recognizes the challenges in the policy making system, as described above. On the other hand, it represents a side-tracking of citizen engagement that would not bode well if deployed persistently. It should be noted that, in recent months, the administration has followed the established legislative process to enact other policies.

As a note of caution, despite the rapid reforms, consumer confidence has plummeted since the start of 2016. Only time will tell whether the recent transition will lead to a deeper reform of the policy making process, with greater citizen engagement based on transparency of information. Institutional reforms in these areas will be a necessary condition for ending the cycle of policy reversals and enhancing the longer term credibility of government policy.

This survey of the history and literature of Argentine economic policy-making, from a credibility perspective, might raise more questions than it answers. On the other hand, as noted by Guillermo Calvo, “...credibility is not helped by pretending that the problem does not exist, and much less by relying on advisors who ignore its key role.”<sup>78</sup>

> 77 World Bank (2016), page 18.

> 78 Calvo (1989), page 231.

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