Publication: El capital financiero en la dinámica económica argentina entre 2002-2012. Los efectos de la política económica en la post-convertibilidad
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Publication Date
2016-12-15
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Paz Antolín, Mª José
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Universidad Complutense de Madrid
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Abstract
La nueva orientación de las medidas de política económica en Argentina a partir de 2002 dio lugar a que se especulara con un cambio profundo en el funcionamiento de su economía. En la década de 1990 las políticas de ajuste aplicadas en el marco de la renegociación de la deuda externa, contribuyeron a la gravitación de la dinámica económica en torno al capital financiero. La deuda pública se convirtió en el eje de la actividad especulativa, por su papel destacado en el ingreso de capitales extranjeros que elevaban los tipos de interés ante la necesidad de aumentar su atractivo. El endeudamiento público permitía el sostenimiento de la política económica, el pago de los servicios de la deuda pública, el déficit comercial y la fuga de capitales del sector no financiero. A partir de la implementación de las nuevas medidas y de la mejora de los datos macroeconómicos del país, desde el discurso oficial, se afirmó la interrupción de este circuito y, con ello, el desplazamiento del capital financiero del centro de la escena económica. No obstante, la existencia de opiniones contrarias a las bondades de estas medidas y a la afirmación de cambio justifican el interés de esta investigación. En este trabajo se aborda el análisis del alcance del cambio de las medidas de regulación entre los años 2002 y 2012, centrándose concretamente en los efectos que ha tenido sobre el capital financiero. El objeto de estudio de esta investigación es constatar si se produjo un desplazamiento del capital financiero del centro de la dinámica económica en este periodo. El trabajo se divide en tres partes. La primera parte incluye los capítulos que contienen la revisión bibliográfica, el análisis de lo sucedido en la década de 1990 y el conjunto de medidas de política económica con efectos en el ámbito financiero tomadas a partir de 2002. Estas son: la devaluación, el rescate financiero, las políticas monetaria y cambiaria, la reestructuración de la deuda en default, la nacionalización del sistema previsional de capitalización, los controles del mercado de divisas, la reforma de la Carta Orgánica del Banco Central y la ley del mercado de valores. La segunda parte de esta tesis incluye los capítulos en los que se aborda el análisis de las variables desde las que se evaluó la centralidad del capital financiero en la dinámica económica...
The new orientation of the economic policies in Argentina from 2002 caused speculations about a profound change in the mechanism of its economy. In the 1990s, the policies of structural adjustment that were applied in the context of the renegotiation of the foreign debt contributed to the gravitation of the economic dynamics around the financial capital. The public debt became the central axis of the speculative activity because of its major role in the income of foreign capitals that raised the tax types faced with the need to enhance their appeal. The public debt allowed for the sustainment of the economic policy; the payment of the public debt services, the trade deficit and the flight of capitals from the non financial sector. Based on the implementation of the new measures and the improvement of the macroeconomic data of the country, the government assured the interruption of the circuit and, with that, the interruption of the displacement of the financial capital from the center of the economic scene. Nevertheless, the existence of opposing views on the good intention of these measures and the assurance of change justify the interest of this investigation. This work addresses the analysis of the extent of the change in the regulation measures in the period between the years 2002 and 2012, focusing specifically on their effect on the financial capital. The object of study of this research is to verify if there was a displacement of the financial capital from the center of the economic dynamic in this period. This work is organized in three parts. The first one includes the chapters that have the literature review, the analysis of the course of events that took place in the 1990s, and the set of economic policy measures that had an effect on the financial scope from 2002. These measures are the currency devaluation, the financial rescue, the monetary and exchange policies, the restructuring of the public debt that is in default, the nationalization of the pension system of capitalization, the control of the exchange market, the reform of the Central Bank Charter and the law of the stock market. The second part of this thesis includes the chapters in which we address the analysis of the variables from which the centrality of financial capital in the economic dynamic was assessed...
The new orientation of the economic policies in Argentina from 2002 caused speculations about a profound change in the mechanism of its economy. In the 1990s, the policies of structural adjustment that were applied in the context of the renegotiation of the foreign debt contributed to the gravitation of the economic dynamics around the financial capital. The public debt became the central axis of the speculative activity because of its major role in the income of foreign capitals that raised the tax types faced with the need to enhance their appeal. The public debt allowed for the sustainment of the economic policy; the payment of the public debt services, the trade deficit and the flight of capitals from the non financial sector. Based on the implementation of the new measures and the improvement of the macroeconomic data of the country, the government assured the interruption of the circuit and, with that, the interruption of the displacement of the financial capital from the center of the economic scene. Nevertheless, the existence of opposing views on the good intention of these measures and the assurance of change justify the interest of this investigation. This work addresses the analysis of the extent of the change in the regulation measures in the period between the years 2002 and 2012, focusing specifically on their effect on the financial capital. The object of study of this research is to verify if there was a displacement of the financial capital from the center of the economic dynamic in this period. This work is organized in three parts. The first one includes the chapters that have the literature review, the analysis of the course of events that took place in the 1990s, and the set of economic policy measures that had an effect on the financial scope from 2002. These measures are the currency devaluation, the financial rescue, the monetary and exchange policies, the restructuring of the public debt that is in default, the nationalization of the pension system of capitalization, the control of the exchange market, the reform of the Central Bank Charter and the law of the stock market. The second part of this thesis includes the chapters in which we address the analysis of the variables from which the centrality of financial capital in the economic dynamic was assessed...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Aplicada I (Economía Internacional y Desarrollo), leída el 22-01-2016