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...
Guardado en:
| Autores principales: | , , |
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| Formato: | Articulo |
| Lenguaje: | Inglés |
| Publicado: |
2022
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| Materias: | |
| Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/122399 |
| Aporte de: |
| Sumario: | 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. |
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