Cyclical crisis of capitalist development in the periphery. A reading from Argentina

Autores
Féliz, Mariano; Chena, Pablo
Año de publicación
2005
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
Explaining the recurrence of crisis in Argentina under the form of balance of payment difficulties requires an answer to the question of why the real exchange rate does not tend to correct the external imbalances as should happen according to the neoclassical explanation. That is, why does the real exchange rate tend to move, systematically, towards values that make the result of the current account of the balance of payments unsustainable? In synthesis, why does the real exchange rate in Argentina tends to over-value in relation to the 'needs' of the balance of payments, if over-valuation expresses the impossibility of equilibrating it? In this article we will show that it is Argentina's economic structure that generates this behavior. We will do so by combining three tools of analysis: the concept of 'des-equilibrated productive structure'; a model of 'structural' real exchange rate determination; and the effects of existence of rent from natural resources (typical of semi-industrialized Latin-American economies). With these ideas in mind we will show how structural forces act in the short- and long-run, emphasizing the fact that the effects of devaluation in peripheric economies are of a different qualitative nature as those in developed (center) economies. We will end our presentation with a few reflections on the contradictions and policy decisions that this economic structures pose
Fil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Chena, Pablo. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fuente
10th LACEA; Paris, Francia, 27-29 de octubre de 2005
Materia
Economía
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-nd/4.0/
Repositorio
Memoria Académica (UNLP-FAHCE)
Institución
Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
OAI Identificador
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spelling Cyclical crisis of capitalist development in the periphery. A reading from ArgentinaFéliz, MarianoChena, PabloEconomíaExplaining the recurrence of crisis in Argentina under the form of balance of payment difficulties requires an answer to the question of why the real exchange rate does not tend to correct the external imbalances as should happen according to the neoclassical explanation. That is, why does the real exchange rate tend to move, systematically, towards values that make the result of the current account of the balance of payments unsustainable? In synthesis, why does the real exchange rate in Argentina tends to over-value in relation to the 'needs' of the balance of payments, if over-valuation expresses the impossibility of equilibrating it? In this article we will show that it is Argentina's economic structure that generates this behavior. We will do so by combining three tools of analysis: the concept of 'des-equilibrated productive structure'; a model of 'structural' real exchange rate determination; and the effects of existence of rent from natural resources (typical of semi-industrialized Latin-American economies). With these ideas in mind we will show how structural forces act in the short- and long-run, emphasizing the fact that the effects of devaluation in peripheric economies are of a different qualitative nature as those in developed (center) economies. We will end our presentation with a few reflections on the contradictions and policy decisions that this economic structures poseFil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.Fil: Chena, Pablo. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.2005info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttps://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10578/ev.10578.pdf10th LACEA; Paris, Francia, 27-29 de octubre de 2005reponame:Memoria Académica (UNLP-FAHCE)instname:Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educacióninstacron:UNLPenginfo:eu-repo/semantics/altIdentifier/hdl/10915/111443info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-nd/4.0/2025-09-29T11:55:30Zoai:memoria.fahce.unlp.edu.ar:snrd:Jev10578Institucionalhttps://www.memoria.fahce.unlp.edu.ar/Universidad públicahttps://www.fahce.unlp.edu.ar/https://www.memoria.fahce.unlp.edu.ar/oaiserver.cgimemoria@fahce.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13412025-09-29 11:55:30.899Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educaciónfalse
dc.title.none.fl_str_mv Cyclical crisis of capitalist development in the periphery. A reading from Argentina
title Cyclical crisis of capitalist development in the periphery. A reading from Argentina
spellingShingle Cyclical crisis of capitalist development in the periphery. A reading from Argentina
Féliz, Mariano
Economía
title_short Cyclical crisis of capitalist development in the periphery. A reading from Argentina
title_full Cyclical crisis of capitalist development in the periphery. A reading from Argentina
title_fullStr Cyclical crisis of capitalist development in the periphery. A reading from Argentina
title_full_unstemmed Cyclical crisis of capitalist development in the periphery. A reading from Argentina
title_sort Cyclical crisis of capitalist development in the periphery. A reading from Argentina
dc.creator.none.fl_str_mv Féliz, Mariano
Chena, Pablo
author Féliz, Mariano
author_facet Féliz, Mariano
Chena, Pablo
author_role author
author2 Chena, Pablo
author2_role author
dc.subject.none.fl_str_mv Economía
topic Economía
dc.description.none.fl_txt_mv Explaining the recurrence of crisis in Argentina under the form of balance of payment difficulties requires an answer to the question of why the real exchange rate does not tend to correct the external imbalances as should happen according to the neoclassical explanation. That is, why does the real exchange rate tend to move, systematically, towards values that make the result of the current account of the balance of payments unsustainable? In synthesis, why does the real exchange rate in Argentina tends to over-value in relation to the 'needs' of the balance of payments, if over-valuation expresses the impossibility of equilibrating it? In this article we will show that it is Argentina's economic structure that generates this behavior. We will do so by combining three tools of analysis: the concept of 'des-equilibrated productive structure'; a model of 'structural' real exchange rate determination; and the effects of existence of rent from natural resources (typical of semi-industrialized Latin-American economies). With these ideas in mind we will show how structural forces act in the short- and long-run, emphasizing the fact that the effects of devaluation in peripheric economies are of a different qualitative nature as those in developed (center) economies. We will end our presentation with a few reflections on the contradictions and policy decisions that this economic structures pose
Fil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Chena, Pablo. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
description Explaining the recurrence of crisis in Argentina under the form of balance of payment difficulties requires an answer to the question of why the real exchange rate does not tend to correct the external imbalances as should happen according to the neoclassical explanation. That is, why does the real exchange rate tend to move, systematically, towards values that make the result of the current account of the balance of payments unsustainable? In synthesis, why does the real exchange rate in Argentina tends to over-value in relation to the 'needs' of the balance of payments, if over-valuation expresses the impossibility of equilibrating it? In this article we will show that it is Argentina's economic structure that generates this behavior. We will do so by combining three tools of analysis: the concept of 'des-equilibrated productive structure'; a model of 'structural' real exchange rate determination; and the effects of existence of rent from natural resources (typical of semi-industrialized Latin-American economies). With these ideas in mind we will show how structural forces act in the short- and long-run, emphasizing the fact that the effects of devaluation in peripheric economies are of a different qualitative nature as those in developed (center) economies. We will end our presentation with a few reflections on the contradictions and policy decisions that this economic structures pose
publishDate 2005
dc.date.none.fl_str_mv 2005
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info:eu-repo/semantics/publishedVersion
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dc.identifier.none.fl_str_mv https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10578/ev.10578.pdf
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dc.language.none.fl_str_mv eng
language eng
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dc.source.none.fl_str_mv 10th LACEA; Paris, Francia, 27-29 de octubre de 2005
reponame:Memoria Académica (UNLP-FAHCE)
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reponame_str Memoria Académica (UNLP-FAHCE)
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instname_str Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
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repository.name.fl_str_mv Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
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