Desregulación, endeudamiento y fragilidad financiera externa: un enfoque minskiano para la crisis argentina 2018-2019

Nicolás Zeolla () and Florencia Medici

No 20592, Ensayos de Economía from Universidad Nacional de Colombia Sede Medellín

Abstract: Resumen: Entre 2015 y 2019, la economía argentina experimentó grandes transformaciones en su forma de inserción financiera, lo cual desencadenó una de las crisis externas más importantes de la región en los últimos 20 anos. A pesar de que existían signos de estar frente a los clásicos problemas estructurales de balance de pagos, la liberalización cambiaria y financiera incrementó la fragilidad financiera externa. Desde una perspectiva minskiana para economías abiertas, el objetivo de este artículo es analizar la gestación y secuencia de la crisis argentina de 2018, enfatizando la dimensión desregulatoria y de inestabilidad financiera creada por la inversión LEBACs (Letras del Banco Central), la persistencia de la salida de dólares y la inefectividad del acuerdo con el FMI para estabilizar la situación. Abstract: In the period from 2015 to 2019, Argentina´s economy underwent major transformations in the regulations of its financial market that ended up in generating one of the largest external crises in the region in the last 20 years. Despite the fact that the economy faced problems related to the historical balance-of-payment constraints, both exchange rate and financial liberalization increased external financial fragility. From a Minskian framework for open economies, the aim of this paper is to analyze the gestation of the last Argentinian financial crisis, the sequence of the crisis and, finally, the outflow of capital. We focus on the deregulatory dimension and the dynamics of financial instability produced by LEBACs investment, persistence of dollar outflows and the failure of the IMF agreement to stabilize the economy.

Keywords: Argentina; crisis financiera; Minsky; deuda externa; Fondo Monetario InternacionalFinancial Crisis; Minsky; External Debt; IMF (search for similar items in EconPapers)
JEL-codes: F32 F34 G01 (search for similar items in EconPapers)
Pages: 24
Date: 2022-01-19
New Economics Papers: this item is included in nep-hme
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