LA ORIENTACIÓN DEL CRÉDITO EN LA POST CONVERTIBILIDAD (2003–2012)

Abstract

156 ABSTRACT The financial liberalization and deregulation, carried out in 1977, was far from reaching its proclaimed aims. Instead, it turned out into an unstable system that favored financial valoriza- tion. The currency board consolidated some of the transformations of the capital accumulation process implemented in the 1970’s. At the same time, through the Reform of the Central Bank of Argentina’s Organic Law, it reinforced the country’s market insertion depending on the international financial system. The chief argument made aga- inst state intervention was based on the price distortion led by intervention and its subsequent permanent state of underdevelopment. What we are interested in here is the implication of this argument: the negative characterization of credit aiming as well as the setting of interest rates and barriers on foreign direct investment. Thus, the relationship between the financial system and the economic model becomes evident. The purpose of this article is to analyze the features and dynamics of credit granted to productive sectors of economy and to observe whether the transformations occurred in the economic model after currency board are reflected in evolution and distribution of financial resources. KEY