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

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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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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