Abstract

BARRERA, MARIANO A.  and  BONA, LEANDRO M.. CAPITAL FLIGHT IN RECENT ARGENTINA (1976-2018). Rev.fac.cienc.econ. [online]. 2018, vol.26, n.2, pp.7-32. ISSN 0121-6805.  https://doi.org/10.18359/rfce.3059.

This article, derived from a research project that analyzes the foreign exchange constraint phenomenon in Argentina's economy, examines the evolution of capital flight and other relevant variables such as external debt and interest paid since the mid-seventies, focusing on the 2002-2018 period (post-convertibility). For this purpose, different estimation methods are used: residual balance of payments, stock and exchange (Central Bank) methods. Results indicate that around USD 277,800 million were extracted from the national financial system between 1976 and 2015; while in the 1976-2001 period foreign currency came from external debt (public and private), this role was fulfilled by trade surplus in the 2002-2015 period. Evidence since 2016 would suggest that public external debt does guarantee capital flight.

Keywords : Argentina; Cambiemos partnership; capital flight; financial valuation; Kirchnerism.

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