LONDON , England -LRB- CNN -RRB- -- A blossoming of cinematic creativity has swept Argentina in recent years , bringing about a second golden age of film . Pablo Trapero 's latest movie `` Lion 's Den '' stars Martina Gusman -LRB- left -RRB- and was in competition at Cannes . In Argentina , the renaissance marks a return to form for a cinematic tradition that was prolific and highly successful until creativity was stifled by a succession of military regimes that began with the ascendancy of Juan Peron in the 1940s . A revival occurred after the country returned to democracy in 1983 as filmmakers focused on life under the military dictatorship -- Luiz Puenzo 's `` The Official Story '' -LRB- 1985 -RRB- won an Oscar for Best Foreign Language Film . But an economic malaise ensued , turning off the taps to film financing . An economic boom in the 1990s quickly turned unstable , resulting in a crippling financial crisis earlier this decade that plunged Argentina into its worst recession ever . Out of the chaos , a new group of Argentina filmmakers emerged . The leaders of the so-called `` New Argentine Cinema '' have become critical contributors to the wider Latin American film movement that has captivated international critics and audiences alike . What 's fueling New Argentine Cinema ? Argentina 's economy has recovered remarkably since its collapse in 2001 , and the national film institute , Instituto Nacional de Cine y Artes Audiovisuales -LRB- INCAA -RRB- , has been keen to foster the industry 's development . The combination of cheap production costs and a flourishing artistic community has made Buenos Aires a hub of creativity . Already one of the most cosmopolitan cities in South America , the city is attracting everyone from local bohemians to big Hollywood names . Francis Ford Coppola , the most recent notable to tap into the vibrant scene , opened an Argentine unit of his Zoetrope production company last year to film his Buenos Aires-set family drama `` Tetro , '' which is anticipated to be released next year . What movies are creating buzz ? Pablo Trapero 's `` Lion 's Den '' about a woman who gives birth and raises her child in prison was nominated for the Palme d'Or at Cannes this year . Trapero is best known for his depiction of ordinary people . He gained acclaim with `` Crane World '' -LRB- 1999 -RRB- -- a gritty look at Argentina 's working class -- and is widely considered one of Argentina 's leading directors . Also in competition at Cannes this year was `` The Headless Woman '' from the ever subtle Lucrecia Martel . The film focuses on a woman 's guilt after a hit-and-run accident and like Martel 's other works , offers up a dose of social criticism . Martel burst on the scene with her first movie `` The Swamp '' -LRB- 2001 -RRB- , winner of the Alfred Bauer Award at the Berlin International Film Festival . Lucia Puenzo stirred debate with `` XXY '' -LRB- 2007 -RRB- , an exploration of adolescent sexuality centered around the life of a teenage hermaphrodite . The daughter of award-winning Luiz Puenzo , Lucia took home the Critic Weeks Grand Prize at Cannes last year . Are you excited about Argentine cinema ? What is your favorite movie or director ? Enough with the dramas -- who makes Argentines laugh ? Daniel Burman has cited Woody Allen as one of the auteurs he most admires , and the influence is quite clear in his work , in which his identity as a Jew in Argentina figures prominently . `` Waiting for the Messiah '' -LRB- 2000 -RRB- , `` Lost Embrace '' -LRB- 2004 -RRB- and `` Family Law '' -LRB- 2006 -RRB- make up the trilogy of films about fatherhood for which he has gained praise . The young director 's latest film `` Empty Nest '' -LRB- 2008 -RRB- takes a touching and comedic look at married life . What 's this I hear about a Hollywood in Argentina ? You 're referring to Palermo Hollywood . No , it 's not a Las Vegas casino but rather a neighborhood in Buenos Aires where many film and TV studios are based . A bohemian spirit distinguishes the neighborhood from its more polished cousin to the south , Palermo Soho . Once occupied by desolate factories and warehouses , the area is now humming with activity . An abundance of hip lounges , cafes and trendy restaurants keep the buzz going all day and through the night . How does Argentina figure in the Latin American film scene ? As the Latin American film renaissance has gained stride , filmmakers across the region have become more interested in collaborating on projects . The end of military dictatorships which ruled Latin America in the 1970s and 1980s `` created really interesting national cinemas that blossomed a little bit everywhere but also created a correlation between directors from different countries , '' Brazilian director Walter Salles told CNN earlier this year . Salles works frequently with Argentine directors . He co-produced Trapero 's `` Lion 's Den '' and Julia Solomonoff 's `` Sisters '' -LRB- 2005 -RRB- . Meanwhile , Eduardo Constantini Jr , of the philanthropic Constantini family in Argentina , recently launched a fund with the Weinstein Co. aimed at backing Latin American movies . He is also behind The Auteurs , an `` online movie theater '' where Web users can watch and discuss film . Is this boom going to run out of steam ? The renaissance in Argentina has been building for some time , but it 's only just hitting its stride now . Earlier films were mainly art house successes but now with the spotlight shining on Latin America cinema , Argentine films may start to connect more with international audiences . The country continues to attract productions , and there is a vast pool of talent that is being groomed to lead the next generation of auteurs . More than 12,000 undergraduates are currently studying film directing , scriptwriting and technical production , according to the INCAA . Five other must-see Argentine films 1 . `` The Night of the Pencils '' -LRB- Hector Olivera , 1986 -RRB- 2 . `` Nine Queens '' -LRB- Fabian Bielinsky , 2000 -RRB- 3 . `` Son of the Bride '' -LRB- Juan Jose Campanella , 2001 -RRB- 4 . `` The Dog '' -LRB- Carlos Sorin , 2004 -RRB- 5 . `` The Holy Girl '' -LRB- Lucrecia Martel , 2004 -RRB-