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Y, si no hay más remedio... Inflación , Desconfianza y la Desintegración del Sistema Financiero en Argentina

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  • Jorge M. Streb

Abstract

Aunque la inflación lleva a la substitución de monedas, en principio no tiene por qué afectar a un sistema financiero indexado. Sin embargo, en la Argentina la intermediación financiera se fue evaporando en el transcurso del proceso inflacionario. La inflación se enfoca como síntoma de una situación institucional donde las reglas de juego acordadas para regir las relaciones entre los miembros de la sociedad no se respetan. En este sentido, las devaluaciones son un método "informal" de violar los contratos nominales, que complementan la violación "formal" de los contratos indexados. La repetición de estas prácticas institucionales define un régimen de alta inseguridad jurídica que termina por destruir no sólo la confianza en la moneda, sino también en el sistema financiero local.

Suggested Citation

  • Jorge M. Streb, 1998. "Y, si no hay más remedio... Inflación , Desconfianza y la Desintegración del Sistema Financiero en Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 128, Universidad del CEMA.
    • Handle: RePEc:cem:doctra:128
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    File URL: https://www.ucema.edu.ar/publicaciones/download/documentos/128.pdf
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    References listed on IDEAS

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    1. Pablo E. Guidotti & Carlos A. Rodriguez, 1992. "Dollarization in Latin America: Gresham's Law in Reverse?," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 518-544, September.
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    4. Jorge C. Ávila, 1998. "El Potencial Argentino de Crecimiento," CEMA Working Papers: Serie Documentos de Trabajo. 132, Universidad del CEMA.
    5. Carlos E. Zarazaga, 1993. "Hyperinflations and moral hazard in the appropriation of seigniorage," Working Papers 93-26, Federal Reserve Bank of Philadelphia.
    6. Calvo, Guillermo A & Rodriguez, Carlos Alfredo, 1977. "A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 617-625, June.
    7. Jorge M. Streb, 1996. "Currency Substitution, Capital Flight and Real Exchange Rates," CEMA Working Papers: Serie Documentos de Trabajo. 113, Universidad del CEMA.
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    Cited by:

    1. Jorge M.Streb, 2001. "Political uncertainty and economic underdevelopment," Estudios de Economia, University of Chile, Department of Economics, vol. 28(1 Year 20), pages 89-114, June.
    2. Jorge M. Streb, 2000. "Por qué importan las instituciones políticas para el desempeño económico: incertidumbre política y subdesarrollo," CEMA Working Papers: Serie Documentos de Trabajo. 168, Universidad del CEMA.

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    More about this item

    Keywords

    inflación; violación de contratos; inseguridad jurídica; desconfianza.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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