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

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

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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
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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

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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

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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

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