Menu Expand
  1. Journals
  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 19, Issue 1
  5. pp. 122–143

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Fischer, B., Trapp, P. Geld- und Finanzpolitik in Argentinien: Der Weg in die finanzielle Repression. Credit and Capital Markets – Kredit und Kapital, 19(1), 122-143. https://doi.org/10.3790/ccm.19.1.122
Fischer, Bernhard and Trapp, Peter "Geld- und Finanzpolitik in Argentinien: Der Weg in die finanzielle Repression" Credit and Capital Markets – Kredit und Kapital 19.1, 1986, 122-143. https://doi.org/10.3790/ccm.19.1.122
Fischer, Bernhard/Trapp, Peter (1986): Geld- und Finanzpolitik in Argentinien: Der Weg in die finanzielle Repression, in: Credit and Capital Markets – Kredit und Kapital, vol. 19, iss. 1, 122-143, [online] https://doi.org/10.3790/ccm.19.1.122
Format
Download

Geld- und Finanzpolitik in Argentinien: Der Weg in die finanzielle Repression

Fischer, Bernhard | Trapp, Peter

Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 1 : pp. 122–143

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.19.1.122
Language
Multiple languages
Pages
22

Author Details

Bernhard Fischer, Kiel

Peter Trapp, Kiel

References

  1. Barletta, N. A., M. I. Blejer, L. Landau (Hrsg.): Economic Liberalization and Stabilization Policies in Argentina, Chile and Uruguay. Applications of the Monetary Approach to the Balance of Payments. A World Bank Symposium, Washington 1983.  Google Scholar
  2. Beccaria, L., R. Carciofi: “The Recent Experience of Stabilization and Opening up the Argentine Economy”, Cambridge Journal of Economics, 1982, 6, S.145 – 165.  Google Scholar
  3. Carbajal, C.: „Rentabilidad, Tasas de Interes y Supervivencia de la Firma“. Desarrollo Econömico, Vol. 20, 1980, Nr. 79, S. 413 – 426.  Google Scholar
  4. Canitrot, A.: „Teoria y Präctica del Liberalismo Politica Antiinflationaria y Apertura Econömica en la Argentina, 1976 -1981“. Desarrollo Econömico, Vol. 21, 1981, Nr. 82, S.131- 189.  Google Scholar
  5. Cavallo, D. F., A.H. Petrei: “Financing Private Business in an Inflationary Context: The Experience of Argentina between 1967 and 1980”, in: P. A. Armella, R. Dornbusch und M. Obstfeld (Hrsg.), Financial Policies and the World Capital Market: The Problem of Latin American Countries, Chicago und London 1983, S.153 – 180.  Google Scholar
  6. Cody, J., H. Hughes, D. Wall: Policies for Industrial Progress in Developing Countries. New York 1980.  Google Scholar
  7. Feldman, E. V.: „Empleo, Sucursalismo y Repression Financiera en el Sistema Bancario Argentino“. Ensayos Econömicos, 1980, Nr.15, S. 5 – 28.  Google Scholar
  8. Fernändez, R. B.: „Expectivas Frustradas y Regimen de Garantia de Depösitos en un Modelo Macroeconomico“. Ensayos Econömicos, 1980, Nr. 16, S. 75 – 101.  Google Scholar
  9. Fernändez, R. B.: „La Crisis Financiera Argentina: 1980 – 1982.“ Desarrollo Econömico, Vol. 23, 1983, Nr. 89, S. 79 – 97.  Google Scholar
  10. Fischer, B., U. Hiemenz, P. Trapp: Economic Crisis in Argentina and No Way Out? Kieler Arbeitspapiere, Nr. 210, September 1984.  Google Scholar
  11. Fischer, B., P. Trapp (1985a): Financial Markets and Monetary Control Under High Inflation – The Argentine Lesson, Kieler Arbeitspapiere, Nr. 232, April 1984.  Google Scholar
  12. Fischer, B., P. Trapp (1985b): Economic Costs of Large Public Sector Deficits and High Inflation – The Argentine Lesson, Kieler Arbeitspapiere, Nr. 237, Juli 1985.  Google Scholar
  13. Friedman, M.: “Monetary Correction”, in: M. Friedman (Hrsg.), Essays in Inflation and Indexation, American Enterprise Institute of Policy Research, Domestic Affairs Study, Washington 1974.  Google Scholar
  14. Gaba, E.: “the Argentine Financial Reform – Lessons from an Experience -.” Prepared for the Central Bank Technicians Meeting in the Dominican Republic, November 1981.  Google Scholar
  15. Keynes, J. M.: Monetary Reform, New York 1924. – Nogues, J. Y.: Nature of Argentina’s Economic Policy Reforms During 1976 – 1981, mimeo, Juni 1984.  Google Scholar
  16. Rodriguez, A. C.: El Sistema Financiero Argentino. Estructura, Leyes y Normas, Buenos Aires 1979.  Google Scholar
  17. Sjaastad, L. A.: “Failure of Economic Liberalism in the Cone of Latin America”. The World Economy, Vol. 6, 1983, Nr.1, S. 5 – 26.  Google Scholar
  18. Tami, F. S.: Estudio del Sector Financiero de Argentina, Banco Interamericano de Desarrollo, Mai 1978.  Google Scholar
  19. Wogart, P.: “Combining Price Stabilization with Trade and Financial Liberalization Policies. The Argentine Experience, 1976 – 1981. Journal of Interamerican Studies and World Affairs, Vol. 25, 1983, Nr. 4, S. 445 – 476.  Google Scholar

Abstract

Financial Policies and Financial Repression in Argentina

In the past 15 years the economic development in Argentina has been characterized by very unstable real income growth and extremely high and volatile inflation rates. This development is mainly due to an inconsistent mix of financial policies and exchange rate policy. While the maintenance of an overvaluation of the Peso was seen as an instrument to keep inflation in check, domestically, a large part of the public sector deficit was financed by money creation, which led to an acceleration of monetary expansion. Furthermore, interest rates were fixed below inflation rates most of the time in order to stimulate economic activity. As a result there were a series of balance of payment crises, forcing the government to adopt highly restrictive policies, and a sharp acceleration of inflation. Due to high inflation rates and negative real rates of interest, frequently in combination with depreciation expectations for the Peso, the market for medium- and long-term capital virtually vanished. Even the market for short-term credits and deposits became considerably smaller; the volume of bank credits and deposits in real terms declined strongly. A large number of banks and other financial institutions would not have been able to survive without government support. A revitalization of financial markets calls above all for a reduction of inflation by lowering public borrowing requirements, for a floating of the exchange rate and a gradual elimination of regulations in financial markets

Table of Contents

Section Title Page Action Price
Bernhard Fischer/Peter Trapp: Geld- und Finanzpolitik in Argentinien:\rDer Weg in die finanzielle Repression 122
I. Einleitung 122
II. Die Struktur des finanziellen Sektors in Argentinien 124
III. Geld- und Finanzpolitik, 1973 - 1984 127
1. Die Periode von 1973 bis 1976 127
2. Auf dem Wege zu einer Liberalisierung der Finanzmärkte, 1976 - 1981 128
3. Zurück zu finanzieller Repression, 1982 - 1984 133
IV. Die Wirkungen der finanziellen Repressionen 134
V. Strategien zur Wiederherstellung der Finanzmärkte 138
1. Ein Vorschlag zur Finanzmarktreform 138
2. Die Reform vom Juni 1985 139
Abkürzungen 140
Literatur 140
Zusammenfassung: Geld- und Finanzpolitik und finanzielle Repression in Argentinien 141
Summary: Financial Policies and Financial Repression in Argentina 142
Résumé: Politique monétaire et financière et répression financière en Argentine 142

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2024 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.