Marco regulatorio cambiario y dinámica del sector externo: un análisis del caso argentino reciente

German Feldman and Alejandro Formento ()

Revista Cuadernos de Economia, 2016, vol. 38, issue 77, 631-654

Abstract: El presente trabajo analiza los aspectos institucionales que caracterizaron el funcionamiento del mercado cambiario argentino durante la etapa de la posconvertibilidad (2002-2017) y su impacto sobre la dinámica del sector externo. La revisión de los esquemas regulatorios vigentes durante las tres etapas que comprende este periodo, esto es, la de construcción del marco regulatorio del Mercado Único y Libre de Cambios (2002-2011), de control de cambios (2012-2015) y de liberalización (2016-2017), nos permite concluir que las reformas estructurales instrumentadas por el nuevo gobierno no solo no han revertido la tendencia hacia el deterioro del sector externo observada desde el 2011, sino que incluso han tendido a incorporar mayores riesgos sistémicos. ***** The present paper analyzes the institutional factors that have characterized the Argentine foreign exchange market throughout the post-convertibility era (2002- 2017) and discusses their impact on the dynamics of the external sector. The revision of the different regulatory schemes adopted during this period, namely, the construction of the free and unified exchange market (2002-2011), the stage of foreign exchange controls (2012-2015), and the recent experience of financial deregulation (2016-2017), suggests that the structural reforms implemented by the new government have not reverted the tendency towards external imbalance observed since 2011. Indeed, such reforms have introduced larger systemic risks.

Keywords: banco central; mercado de cambios; regulación cambiaria; restricción externa; Central bank; foreign exchange market; foreign exchange regulation; external constraint (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:col:000093:017464

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