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La economía argentina y su conflicto distributivo estructural (1930-2015)
[Argentina´s structural distributive conflict (1930-2015)]

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  • Gerchunoff, Pablo
  • Rapetti, Martin

Abstract

We provide an interpretation of the macroeconomic performance of Argentina between 1930 and 2015, in which distributive conflict plays a central role. Following a tradition in the Argentine social sciences, we see a structural inconsistency between the income aspirations rooted in society and the productive capacity of the economy. We give this inconsistency a precise definition: as a gap between two equilibrium levels of the real exchange rate (RER). The macroeconomic equilibrium RER is the one that allows the economy to simultaneously attain full employment and balance of payments sustainability. The social equilibrium RER occurs when fully employed workers obtain the real wage that they bargain/claim. These two levels of RER may not coincide. There is a structural distributive conflict when the macroeconomic equilibrium RER is significantly higher than social equilibrium RER. We build a model to provide a stylized characterization of Argentina's economy and precise definitions of the two levels of RER. We then use the model to characterize macroeconomic policy and performance during the 1930-2015 period.

Suggested Citation

  • Gerchunoff, Pablo & Rapetti, Martin, 2015. "La economía argentina y su conflicto distributivo estructural (1930-2015)
    [Argentina´s structural distributive conflict (1930-2015)]
    ," MPRA Paper 68275, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:68275
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    File URL: https://mpra.ub.uni-muenchen.de/68275/1/MPRA_paper_68275.pdf
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    References listed on IDEAS

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    1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
    2. International Monetary Fund, 2010. "On the Distributive Effects of Terms of Trade Shocks; The Role of Non-tradable Goods," IMF Working Papers 10/241, International Monetary Fund.
    3. Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205, May.
    4. Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 160-193.
    5. Fratzscher, Marcel, 2012. "Capital flows, push versus pull factors and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 341-356.
    6. Rowthorn, R E, 1977. "Conflict, Inflation and Money," Cambridge Journal of Economics, Oxford University Press, vol. 1(3), pages 215-239, September.
    7. Krugman, Paul & Taylor, Lance, 1978. "Contractionary effects of devaluation," Journal of International Economics, Elsevier, vol. 8(3), pages 445-456, August.
    8. Glüzmann, Pablo Alfredo & Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2012. "Exchange rate undervaluation and economic growth: Díaz Alejandro (1965) revisited," Economics Letters, Elsevier, vol. 117(3), pages 666-672.
    9. Cardoso, Eliana A., 1981. "Food supply and inflation," Journal of Development Economics, Elsevier, vol. 8(3), pages 269-284, June.
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    Cited by:

    1. Guzman, Martin & Ocampo, Jose Antonio & Stiglitz, Joseph E., 2018. "Real exchange rate policies for economic development," World Development, Elsevier, vol. 110(C), pages 51-62.
    2. Emilio Ocampo, 2019. "The Economic Analysis of Populism. A Selective Review of the Literature," CEMA Working Papers: Serie Documentos de Trabajo. 694, Universidad del CEMA.

    More about this item

    Keywords

    Argentina; real exchange rate; real wage; conflict.;

    JEL classification:

    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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