Resumen

FELDMAN, Germán David  y  FORMENTO, Alejandro. Foreign exchange regulatory framework and dynamics for the external sector: An analysis of the recent Argentine case. Cuad. Econ. [online]. 2019, vol.38, n.77, pp.631-654. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v38n77.72127.

The present paper analyzes the institutional factors that have characterized the Argentine foreign exchange market throughout the post-convertibility era (20022017) and discusses their impact on the dynamics of the external sector. The revision of the different regulatory schemes adopted during this period, namely, the construction of the free and unified exchange market (2002-2011), the stage of foreign exchange controls (2012-2015), and the recent experience of financial deregulation (2016-2017), suggests that the structural reforms implemented by the new government have not reverted the tendency towards external imbalance observed since 2011. Indeed, such reforms have introduced larger systemic risks.

JEL: E58, E65, F31, G18.

Palabras clave : Central bank; foreign exchange market; foreign exchange regulation; external constraint.

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