Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis

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...

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Autores principales: Chena Balbuena, Pablo Ignacio, Panigo, Demian Tupac, Zorba, Germán
Formato: Articulo
Lenguaje:Inglés
Publicado: 2022
Materias:
Ciencias Económicas
Argentina
Crisis
Business cycle
Balance of payments constraints
Financialization
Ciclo económico
Restricción externa
Financierización
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/122399
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-122399
record_format dspace
spelling I19-R120-10915-1223992023-09-14T17:27:05Z http://sedici.unlp.edu.ar/handle/10915/122399 Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis Más allá de Goodwin: la financiarización como un cambio estructural para explicar la nueva crisis argentina Além de Goodwin: a financeirização como uma mudança estrutural para explicar a nova crise argentina Chena Balbuena, Pablo Ignacio Panigo, Demian Tupac Zorba, Germán 2022 2021-08-10T13:04:16Z en Ciencias Económicas Argentina Crisis Business cycle Balance of payments constraints Financialization Ciclo económico Restricción externa Financierización 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. Este artículo busca explicar los motivos de la crisis argentina de 2018/2019 mediante un modelo de crecimiento-ciclo a la Goodwin, en donde la demanda agregada es tirada por los salarios, la participación de los trabajadores en el producto es predadora del sector externo y la norma financiera se erige como superpredador exógeno tanto del salario real como de la cuenta corriente. Sus principales resultados nos permiten comprender los hechos estilizados de la economía argentina: una norma financiera más elevada aumenta la desigualdad y el superávit de cuenta corriente, reduce la estabilidad e incrementa la volatilidad y la duración de las recesiones. Este artigo visa explicar os motivos da crise argentina de 2018/2019 mediante um modelo de crescimento-ciclo à Goodwin, onde a demanda agregada é impulsionada pelos salários, a participação dos trabalhadores no produto é predadora do setor externo e a norma financeira se erige como superpredador exógeno tanto do salário real como da conta corrente. Seus principais resultados nos permitem compreender os fatos estilizados da economia argentina: uma norma financeira mais elevada aumenta a desigualdade e o superávit de conta corrente, reduz a estabilidade e incrementa a volatilidade e a duração das recessões. Facultad de Ciencias Económicas Articulo Articulo http://creativecommons.org/licenses/by-nc-nd/4.0/ Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) application/pdf 523-540
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Argentina
Crisis
Business cycle
Balance of payments constraints
Financialization
Ciclo económico
Restricción externa
Financierización
spellingShingle Ciencias Económicas
Argentina
Crisis
Business cycle
Balance of payments constraints
Financialization
Ciclo económico
Restricción externa
Financierización
Chena Balbuena, Pablo Ignacio
Panigo, Demian Tupac
Zorba, Germán
Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
topic_facet Ciencias Económicas
Argentina
Crisis
Business cycle
Balance of payments constraints
Financialization
Ciclo económico
Restricción externa
Financierización
description 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.
format Articulo
Articulo
author Chena Balbuena, Pablo Ignacio
Panigo, Demian Tupac
Zorba, Germán
author_facet Chena Balbuena, Pablo Ignacio
Panigo, Demian Tupac
Zorba, Germán
author_sort Chena Balbuena, Pablo Ignacio
title Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
title_short Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
title_full Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
title_fullStr Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
title_full_unstemmed Beyond goodwin: financialization as a structural change to explain the new Argentinian crisis
title_sort beyond goodwin: financialization as a structural change to explain the new argentinian crisis
publishDate 2022
url http://sedici.unlp.edu.ar/handle/10915/122399
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