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Absorción de shocks en economías volátiles: Ahorro a través de acciones en mercados de capitales. Caso argentino 1993-2001

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  • José Pablo Dapena

Abstract

El financiamiento a través de instrumentos de deuda de una economía con ingresos volátiles y vulnerable a shocks externos incrementa los riesgos asociados al incumplimiento de crédito en situaciones de crisis, mas aún cuando la economía en su conjunto se encuentra expuesta una fuente de riesgos altamente vinculada a la volatilidad del producto, y con ahorros deficientemente diversificados. El presente trabajo elabora en base a un enfoque de opciones financieras sobre las consecuencias de la volatilidad del producto, que debiera propiciar una arquitectura de financiamiento mas sesgada hacia ahorro interno y basada en instrumentos de participación en lugar de instrumentos de deuda, con ahorros diversificados dada la volatilidad observada y mas aún si este entorno se encuentra sujeto a eventuales asimetrías de información y con un marco institucional débil. Se analiza la arquitectura de financiamiento para la realidad argentina que derivó en la crisis de fines de 2001, donde existía gran exposición de activos financieros en bancos y en títulos públicos, tanto a nivel privado como a nivel institucional, y elabora sobre la importancia de un sistema de mercado de capitales y sistema financiero diversificado que se alimente de ahorro interno e incorpore activamente instrumento de financiamiento a través de acciones (equity liked) o garantías que permita a la economía acomodarse de manera mas flexible en tiempos de crisis o de caída en precios ("burbujas" de precio del tipo de cambio local, de precio de activos inmobiliarios, activos financieros, etc.).

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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 257.

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Date of creation: Feb 2004
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Handle: RePEc:cem:doctra:257

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  1. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, American Economic Association, vol. 88(3), pages 559-86, June.
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