Abstract

ZEOLLA, Nicolas Hernán  and  MEDICI, Florencia. Deregulation, foreign debt and balance of Payments Financial Fragility: A Minskian Approach to Understanding theCrisis in Argentina During 2018-2019. Ens. Econ. [online]. 2022, vol.32, n.60, pp.66-90.  Epub July 28, 2022. ISSN 0121-117X.  https://doi.org/10.15446/ede.v32n60.100376.

In the period from 2015 to 2019, Argentina's economy underwent major transformations in the regulations of its financial market that ended up in generating one of the largest external crises in the region in the last 20 years. Despite the fact that the economy faced problems related to the historical balance-of-payment constraints, both exchange rate and financial liberalization increased external financial fragility. From a Minskian framework for open economies, the aim of this paper is to analyze the gestation of the last Argentinian financial crisis, the sequence of the crisis and, finally, the outflow of capital. We focus on the deregulatory dimension and the dynamics of financial instability produced by LEBACs investment, persistence of dollar outflows and the failure of the IMF agreement to stabilize the economy.

Keywords : Argentina; financial crisis; Minsky; external debt; IMF.

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