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El plan de estabilización de Milei y Caputo. Primeros doce meses

Author

Listed:
  • Jorge César Ávila

Abstract

El plan libertario es peculiar y quizá único en la prolongada historia antiinflacionaria argentina. Se fundó en una fulminante reducción del gasto público y una drástica disminución de los pasivos no monetarios del BCRA. La devaluación inicial del peso en el mercado oficial jugó un papel esencial. Condujo a un aumento de la demanda nominal de dinero y un correspondiente aumento de la oferta monetaria vía acumulación de reservas internacionales. Durante los meses críticos del plan, la tasa esperada de devaluación del peso cayó sostenidamente y la velocidad de circulación, que en un principio había subido, volvió aproximadamente al nivel inicial. El comportamiento de la velocidad llama la atención puesto que el BCRA no tenía reservas para intervenir en el mercado de cambios.

Suggested Citation

  • Jorge César Ávila, 2025. "El plan de estabilización de Milei y Caputo. Primeros doce meses," CEMA Working Papers: Serie Documentos de Trabajo. 896, Universidad del CEMA.
    • Handle: RePEc:cem:doctra:896
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    File URL: https://ucema.edu.ar/sites/default/files/2025-04/dt896.pdf
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    More about this item

    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
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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