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Cambios Estructurales e Inestabilidad Monetaria Intrínseca

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  • Jorge C. Ávila

Abstract

Se especula a menudo que si Argentina eliminara su déficit fiscal, la dolarización oficial de la economía sería innecesaria. En la nota discutimos la validez de dicha especulación para una economía bimonetaria. Concluimos que mientras más avanzada sea la dolarización de facto, mayor será la elasticidad de la demanda de dinero y la velocidad de ajuste del nivel de precios. Estos cambios estructurales afectan el funcionamiento del mercado de dinero y magnifican la capacidad de desestabilización de los shocks monetarios. / It´s often argued that if Argentina wiped out its fiscal deficit, official dollarization would not be needed. We discuss the validity of such an argument for a two-currency economy. We conclude that the more advanced the process of currency substitution, the greater the elasticity of the demand for money and the velocity of adjustment of the price level. These structural changes modify the way the money market works and magnify the destabilizing power of monetary shocks.

Suggested Citation

  • Jorge C. Ávila, 2021. "Cambios Estructurales e Inestabilidad Monetaria Intrínseca," CEMA Working Papers: Serie Documentos de Trabajo. 804, Universidad del CEMA.
    • Handle: RePEc:cem:doctra:804
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    File URL: https://ucema.edu.ar/publicaciones/download/documentos/804.pdf
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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