A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Economia Aplicada |
Texto Completo: | https://www.revistas.usp.br/ecoa/article/view/219094 |
Resumo: | The article discusses Argentine financial liberalization experience in the 1990's, which illustrates the risks and costs associated with an acellerated liberalization. This policy has molded a typical universal banking system in Argentina, following the international tendency. But this process engendered a serious banking crisis, in 1995, and has resulted in a banking system characterized by high level ofdollarization and foreign hegemony. Despite the indubtable improvements ofthe country's prudencial regulation after the crisis, denationalization ofbanking system has been the principal "anchor" ofArgentine financial stability, explaining its resistance to contagion of asiatic, russian and brazilian recent crises. On the other hand, dollarization and foreign banks leadership increase country's external dependence and, hence, its currency and banking risks. Thus, contrary to the predictions of Shaw-McKinnon model, in Argentina liberalization has reduced the "non-unstable" potencial economic growth, suggesting that current exchange and financial policy models must be revised. |
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Economia Aplicada |
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A experiência argentina de liberalização financeira nos anos 1990: uma análise críticaArgentinafinancial systemfinancial policyfinancial liberalizationThe article discusses Argentine financial liberalization experience in the 1990's, which illustrates the risks and costs associated with an acellerated liberalization. This policy has molded a typical universal banking system in Argentina, following the international tendency. But this process engendered a serious banking crisis, in 1995, and has resulted in a banking system characterized by high level ofdollarization and foreign hegemony. Despite the indubtable improvements ofthe country's prudencial regulation after the crisis, denationalization ofbanking system has been the principal "anchor" ofArgentine financial stability, explaining its resistance to contagion of asiatic, russian and brazilian recent crises. On the other hand, dollarization and foreign banks leadership increase country's external dependence and, hence, its currency and banking risks. Thus, contrary to the predictions of Shaw-McKinnon model, in Argentina liberalization has reduced the "non-unstable" potencial economic growth, suggesting that current exchange and financial policy models must be revised.Universidade de São Paulo, FEA-RP/USP2023-12-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21909410.11606/1413-8050/ea219094Economia Aplicada; Vol. 5 Núm. 2 (2001); 281-313Economia Aplicada; Vol. 5 No. 2 (2001); 281-313Economia Aplicada; v. 5 n. 2 (2001); 281-3131980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ecoa/article/view/219094/200032Copyright (c) 2001 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessHermann, Jennifer 2023-12-06T12:57:53Zoai:revistas.usp.br:article/219094Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-12-06T12:57:53Economia Aplicada - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
title |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
spellingShingle |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica Hermann, Jennifer Argentina financial system financial policy financial liberalization |
title_short |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
title_full |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
title_fullStr |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
title_full_unstemmed |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
title_sort |
A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica |
author |
Hermann, Jennifer |
author_facet |
Hermann, Jennifer |
author_role |
author |
dc.contributor.author.fl_str_mv |
Hermann, Jennifer |
dc.subject.por.fl_str_mv |
Argentina financial system financial policy financial liberalization |
topic |
Argentina financial system financial policy financial liberalization |
description |
The article discusses Argentine financial liberalization experience in the 1990's, which illustrates the risks and costs associated with an acellerated liberalization. This policy has molded a typical universal banking system in Argentina, following the international tendency. But this process engendered a serious banking crisis, in 1995, and has resulted in a banking system characterized by high level ofdollarization and foreign hegemony. Despite the indubtable improvements ofthe country's prudencial regulation after the crisis, denationalization ofbanking system has been the principal "anchor" ofArgentine financial stability, explaining its resistance to contagion of asiatic, russian and brazilian recent crises. On the other hand, dollarization and foreign banks leadership increase country's external dependence and, hence, its currency and banking risks. Thus, contrary to the predictions of Shaw-McKinnon model, in Argentina liberalization has reduced the "non-unstable" potencial economic growth, suggesting that current exchange and financial policy models must be revised. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-12-06 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/219094 10.11606/1413-8050/ea219094 |
url |
https://www.revistas.usp.br/ecoa/article/view/219094 |
identifier_str_mv |
10.11606/1413-8050/ea219094 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/219094/200032 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2001 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2001 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
dc.source.none.fl_str_mv |
Economia Aplicada; Vol. 5 Núm. 2 (2001); 281-313 Economia Aplicada; Vol. 5 No. 2 (2001); 281-313 Economia Aplicada; v. 5 n. 2 (2001); 281-313 1980-5330 1413-8050 reponame:Economia Aplicada instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Economia Aplicada |
collection |
Economia Aplicada |
repository.name.fl_str_mv |
Economia Aplicada - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
||revecap@usp.br |
_version_ |
1800221693218652160 |