Abstract

CHENA, Pablo Ignacio; TUPAC PANIGO, Demian  and  ZORBA, Germán. BEYOND GOODWIN: FINANCIALIZATION AS A STRUCTURAL CHANGE TO EXPLAIN THE NEW ARGENTINIAN CRISIS. Cuad. Econ. [online]. 2020, vol.39, n.spe80, pp.523-539. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v39n80.84163.

This paper aims to explain the causes of the 2018/2019 Argentinian crisis by means of a growth cycle model a la Goodwin, where the aggregate demand is wage-led, the wage-share is predatory of the external sector, and the financial norm stands as an exogenous apex-predator of both real wages and the current account. Its main results allow us to understand the stylized facts of the Argentinian economy: a higher financial norm increases inequality and required current account surpluses, reduces stability, and increases volatility and recessions length.

JEL: C61; E32; E37; F41.

Keywords : Argentina; crisis; business cycle; balance of payments constraints; financialization.

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