Abstract

GARCIA ZANOTTIR, Gustavo. The Impact of Public-Private Financing on Development: The Experiences of YPF and Tecpetrol in Vaca Muerta (2014-2020). Ens. Econ. [online]. 2022, vol.32, n.60, pp.112-135.  Epub July 28, 2022. ISSN 0121-117X.  https://doi.org/10.15446/ede.v32n60.93276.

The article will discuss the impact of public-private financing on the development of productive projects in the unconventional formation of Vaca Muerta through the analysis of the two companies with the biggest investment in it: YPF (with Chevron) and Tecpetrol. The energy sector is essential for the functioning and reproduction of the economy as a whole. For this reason, the State is interested in its development. The State aims to attract private investment through incentives and contributes to its financing. The private sector has invested through intra-firm loans from related companies abroad. However, the sustainability of the financing will be determined in terms of the availability of foreign currency. Developing countries like Argentina have severe external restrictions, as well as difficulties in retaining capital. In this sense, the repayments of these loans will mean the repatriation of capital and will put pressure on foreign exchange liquidity. In addition, the sector will constantly demand investment and financing because of the short useful life that unconventional wells usually have.

JEL: 013; 012; 020; 023.

Keywords : financing for development; stimulus policies; intra-firm loans; external restriction; Vaca Muerta.

        · abstract in Spanish     · text in Spanish     · Spanish ( pdf )