The long decay of Argentina. Could the 2010s have been different?

A notorious thinker of the 19th century once said that "history repeats it- self, first as tragedy, second as farce". The 2010s were, for the Argentinean economy, a new lost decade. But unlike the 1980s, where the country had to go through a debt crisis, a ridiculous war and two stabilizat...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autor principal: Valdecantos, Sebastián
Formato: Parte de libro publishedVersion
Lenguaje:Inglés
Publicado: Routledge 2023
Materias:
Macroeconomía
Modelo de Flujos y Stocks Consistentes
Acceso en línea:https://nulan.mdp.edu.ar/id/eprint/3947/
https://nulan.mdp.edu.ar/id/eprint/3947/1/valdecantos-2023.pdf
Aporte de:
Nulan - Fac.Cs.Económicas (UNMdP) de Universidad Nacional de Mar del Plata (UNMdP)
id I29-R135-3947
record_format dspace
spelling I29-R135-39472023-10-02T13:38:16Z The long decay of Argentina. Could the 2010s have been different? Valdecantos, Sebastián A notorious thinker of the 19th century once said that "history repeats it- self, first as tragedy, second as farce". The 2010s were, for the Argentinean economy, a new lost decade. But unlike the 1980s, where the country had to go through a debt crisis, a ridiculous war and two stabilization plans (one of them including a substitution of the national currency, which only lasted six years) that ended in hyperinflation and massive social unrest, the high macroeconomic instability of the 2010s did not end in a major social crisis. After the peak registered in 2011, the per capita GDP has oscillated with a decreasing trend, being 10% lower in 2019 than it was ten years before. In line with the literature describing the contractionary effect of devaluations (Díaz-Alejandro 1963; Krugman and Taylor 1978), this downward trend of income seems to have been driven by the exchange rate devaluations that took place in 2014, 2016, 2018 and 2019. In parallel, the rate of inflation ex- hibited an accelerating trend that could only be contained when the nominal exchange rate was kept under control. This weak macroeconomic perfor- mance coincided with two antagonistic political regimes: while the second presidency of Cristina Fernández de Kirchner (2012–2015) attempted to establish a "social Keynesian" wage-led regime of accumulation, the admin- istration of Mauricio Macri (2016-2019) intended to lay the foundations of a finance-dominated accumulation regime similar to the ones observed in the Pacific countries of the region, with Chile as the role model. Routledge 2023 https://nulan.mdp.edu.ar/id/eprint/3947/ application/pdf eng https://nulan.mdp.edu.ar/id/eprint/3947/1/valdecantos-2023.pdf In Byrialsen, Mikael Randrup <https://nulan.mdp.edu.ar/view/creators/Byrialsen=3AMikael_Randrup=3A=3A.html>; Raza, Hamid <https://nulan.mdp.edu.ar/view/creators/Raza=3AHamid=3A=3A.html> y Olesen, Finn <https://nulan.mdp.edu.ar/view/creators/Olesen=3AFinn=3A=3A.html> (Eds.), Macroeconomic modelling, economic policy and methodology. Economics at the edge (pp. 143-158). New York: Routledge (Routledge Frontiers of Political Economy). ISBN 978-1-003-25345-7. 10.4324/9781003253457-11 <https://doi.org/10.4324/9781003253457-11> Argentina info:eu-repo/semantics/altIdentifier/doi/10.4324/9781003253457-11 info:eu-repo/semantics/bookPart info:ar-repo/semantics/parte de libro info:eu-repo/semantics/publishedVersion Fil: Valdecantos, Sebastián. Aalborg University Business School; Denmark. Macroeconomía Modelo de Flujos y Stocks Consistentes info:eu-repo/semantics/closedAccess https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
institution Universidad Nacional de Mar del Plata (UNMdP)
institution_str I-29
repository_str R-135
collection Nulan - Fac.Cs.Económicas (UNMdP)
language Inglés
orig_language_str_mv eng
topic Macroeconomía
Modelo de Flujos y Stocks Consistentes
spellingShingle Macroeconomía
Modelo de Flujos y Stocks Consistentes
Valdecantos, Sebastián
The long decay of Argentina. Could the 2010s have been different?
topic_facet Macroeconomía
Modelo de Flujos y Stocks Consistentes
description A notorious thinker of the 19th century once said that "history repeats it- self, first as tragedy, second as farce". The 2010s were, for the Argentinean economy, a new lost decade. But unlike the 1980s, where the country had to go through a debt crisis, a ridiculous war and two stabilization plans (one of them including a substitution of the national currency, which only lasted six years) that ended in hyperinflation and massive social unrest, the high macroeconomic instability of the 2010s did not end in a major social crisis. After the peak registered in 2011, the per capita GDP has oscillated with a decreasing trend, being 10% lower in 2019 than it was ten years before. In line with the literature describing the contractionary effect of devaluations (Díaz-Alejandro 1963; Krugman and Taylor 1978), this downward trend of income seems to have been driven by the exchange rate devaluations that took place in 2014, 2016, 2018 and 2019. In parallel, the rate of inflation ex- hibited an accelerating trend that could only be contained when the nominal exchange rate was kept under control. This weak macroeconomic perfor- mance coincided with two antagonistic political regimes: while the second presidency of Cristina Fernández de Kirchner (2012–2015) attempted to establish a "social Keynesian" wage-led regime of accumulation, the admin- istration of Mauricio Macri (2016-2019) intended to lay the foundations of a finance-dominated accumulation regime similar to the ones observed in the Pacific countries of the region, with Chile as the role model.
format Parte de libro
Parte de libro
publishedVersion
author Valdecantos, Sebastián
author_facet Valdecantos, Sebastián
author_sort Valdecantos, Sebastián
title The long decay of Argentina. Could the 2010s have been different?
title_short The long decay of Argentina. Could the 2010s have been different?
title_full The long decay of Argentina. Could the 2010s have been different?
title_fullStr The long decay of Argentina. Could the 2010s have been different?
title_full_unstemmed The long decay of Argentina. Could the 2010s have been different?
title_sort long decay of argentina. could the 2010s have been different?
publisher Routledge
publishDate 2023
url https://nulan.mdp.edu.ar/id/eprint/3947/
https://nulan.mdp.edu.ar/id/eprint/3947/1/valdecantos-2023.pdf
work_keys_str_mv AT valdecantossebastian thelongdecayofargentinacouldthe2010shavebeendifferent
AT valdecantossebastian longdecayofargentinacouldthe2010shavebeendifferent
_version_ 1807948278281535488

Ejemplares similares