A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH

Recurring economic and financial turmoil in some countries, such as Argentina, has led residents to adopt the dollar as a store of value currency, causing what is known as asset dollarization. In this framework, the residents of Argentina are the second holders of dollars per capita in the world, be...

Descripción completa

Detalles Bibliográficos
Autor principal: Massot, Juan Miguel
Formato: Artículo publishedVersion
Lenguaje:Español
Publicado: Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión (CMA) 2024
Materias:
Dolarización de activos. Crisis económica. Riesgo. Incertidumbre. Selección de carteras. Finanzas conductuales.
Asset dollarization. Economic crisis. Risk. Ambiguity. Portfolio allocation. Behavioral finance.
Acceso en línea:https://ojs.economicas.uba.ar/RIMF/article/view/2119
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=modelfin&d=2119_oai
Aporte de:
Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
id I28-R145-2119_oai
record_format dspace
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic Dolarización de activos. Crisis económica. Riesgo. Incertidumbre. Selección de carteras. Finanzas conductuales.
Asset dollarization. Economic crisis. Risk. Ambiguity. Portfolio allocation. Behavioral finance.
spellingShingle Dolarización de activos. Crisis económica. Riesgo. Incertidumbre. Selección de carteras. Finanzas conductuales.
Asset dollarization. Economic crisis. Risk. Ambiguity. Portfolio allocation. Behavioral finance.
Massot, Juan Miguel
A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
topic_facet Dolarización de activos. Crisis económica. Riesgo. Incertidumbre. Selección de carteras. Finanzas conductuales.
Asset dollarization. Economic crisis. Risk. Ambiguity. Portfolio allocation. Behavioral finance.
description Recurring economic and financial turmoil in some countries, such as Argentina, has led residents to adopt the dollar as a store of value currency, causing what is known as asset dollarization. In this framework, the residents of Argentina are the second holders of dollars per capita in the world, becoming this foreign currency as popular as the national one. The objective of this article is to present, from the perspective of behavioral finance, a plausible explanation on the mental processes involved, as well as how an individual decision of financial management could be transformed into a social artifact. It is concluded that, as soon as the agents are conceived as psychologically constructed, the recurrent and deep macroeconomic crises permanently reconfigure them cognitively, biasing them towards dollarized assets to the detriment of those denominated in national currency. Therefore, agents may also be inclined to think that crises will continue to repeat themselves, and they will be profound but transitory, which would explain, at least in part, the persistence phenomena as the bimonetarism. An effect of the relational dimension of these agents and a shared history, an aggregate behavior can be generated, the result of which has been the formation of the dollar as a widely disseminated social artifact of evasion and mitigation of economic damage. Finally, the foregoing has a macroeconomic implication. A society reconfigured in this way reduces the degrees of freedom when deciding between policy instruments, since the effectiveness of some could have been affected and, in the limit, not only result inefficient, but capable of generating inverse effects to those expected.
format Artículo
publishedVersion
author Massot, Juan Miguel
author_facet Massot, Juan Miguel
author_sort Massot, Juan Miguel
title A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
title_short A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
title_full A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
title_fullStr A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
title_full_unstemmed A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH
title_sort hypothesis on asset dollarization bias from a behavioral finance approach
publisher Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión (CMA)
publishDate 2024
url https://ojs.economicas.uba.ar/RIMF/article/view/2119
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=modelfin&d=2119_oai
work_keys_str_mv AT massotjuanmiguel ahypothesisonassetdollarizationbiasfromabehavioralfinanceapproach
AT massotjuanmiguel unahipotesissobreelsesgoaladolarizaciondeactivosdesdeelenfoquedelasfinanzasconductuales
AT massotjuanmiguel hypothesisonassetdollarizationbiasfromabehavioralfinanceapproach
_version_ 1825551184431153152
spelling I28-R145-2119_oai2025-02-11 Massot, Juan Miguel 2024-11-27 Recurring economic and financial turmoil in some countries, such as Argentina, has led residents to adopt the dollar as a store of value currency, causing what is known as asset dollarization. In this framework, the residents of Argentina are the second holders of dollars per capita in the world, becoming this foreign currency as popular as the national one. The objective of this article is to present, from the perspective of behavioral finance, a plausible explanation on the mental processes involved, as well as how an individual decision of financial management could be transformed into a social artifact. It is concluded that, as soon as the agents are conceived as psychologically constructed, the recurrent and deep macroeconomic crises permanently reconfigure them cognitively, biasing them towards dollarized assets to the detriment of those denominated in national currency. Therefore, agents may also be inclined to think that crises will continue to repeat themselves, and they will be profound but transitory, which would explain, at least in part, the persistence phenomena as the bimonetarism. An effect of the relational dimension of these agents and a shared history, an aggregate behavior can be generated, the result of which has been the formation of the dollar as a widely disseminated social artifact of evasion and mitigation of economic damage. Finally, the foregoing has a macroeconomic implication. A society reconfigured in this way reduces the degrees of freedom when deciding between policy instruments, since the effectiveness of some could have been affected and, in the limit, not only result inefficient, but capable of generating inverse effects to those expected. Las recurrentes turbulencias económicas y financieras en algunos países, como la Argentina, han conducido a sus residentes a adoptar el dólar como moneda de reserva de valor provocando lo que se llama como dolarización de activos. El objetivo de este artículo es presentar, desde la perspectiva de las finanzas conductuales, una explicación plausible sobre los procesos mentales involucrados, y cómo una decisión individual de gestión financiera pudo transformarse en un artefacto social. Se concluye que, en cuanto se concibe a los agentes como psicológicamente construidos, recurrentes y profundas crisis macroeconómicas los reconfiguran cognitivamente de manera permanente sesgándolos hacia los activos dolarizados en detrimento de los denominados en moneda nacional. Como consecuencia de ello, los agentes también se pueden inclinar a pensar que las crisis seguirán repitiéndose, y que serán profundas pero transitorias, lo cual permitiría explicar, al menos en parte, la persistencia de fenómenos como el bimonetarismo. Como efecto de la dimensión relacional de estos agentes y de una historia compartida, se puede generar un comportamiento agregado cuyo resultado es la conformación del dólar como un artefacto social de evasión y mitigación de daños económicos ampliamente difundido. Finalmente, lo antedicho tiene una implicancia macroeconómica. Una sociedad reconfigurada de esta manera reduce los grados de libertad al momento de decidir entre instrumentos de política, ya que la efectividad de algunos pudo haber sido afectada y, en el límite, no sólo resultar ineficientes sino capaces de generar efectos inversos a los esperados. application/pdf https://ojs.economicas.uba.ar/RIMF/article/view/2119 10.56503/rimf/Vol.1(2021)p.20-38 spa Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión (CMA) https://ojs.economicas.uba.ar/RIMF/article/view/2119/4036 https://creativecommons.org/licenses/by-nc-nd/4.0/ Revista de Investigación en Modelos Financieros; Vol. 1 (2021): Revista de Investigación en Modelos Financieros; 20-38 2250-6861 2250-687X Dolarización de activos. Crisis económica. Riesgo. Incertidumbre. Selección de carteras. Finanzas conductuales. Asset dollarization. Economic crisis. Risk. Ambiguity. Portfolio allocation. Behavioral finance. A HYPOTHESIS ON ASSET DOLLARIZATION BIAS FROM A BEHAVIORAL FINANCE APPROACH Una hipótesis sobre el sesgo a la dolarización de activos desde el enfoque de las finanzas conductuales info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=modelfin&d=2119_oai

Ejemplares similares