las lecciones del bicentenario

ES UNA PUBLICACIÓN NACIONAL DE LA ASOCIACIÓN BANCARIA - Junio 2010 Nº 203
REDACCIÓN: SARMIENTO 341 (A1041AAG) C.A.B.A. TEL. 4341-4413
Nuestras noticias siempre en línea: www.bancaria.com.ar
Para comunicarse con nosotros: [email protected]
UNA HISTORIA MONETARIA Y FINANCIERA
DE LA ARGENTINA
LAS LECCIONES
DEL BICENTENARIO
Por Mario Rapoport
EDICIÓN ESPECIAL XXXVIIº CONGRESO NACIONAL BANCARIO
Serie REFORMA DEL SISTEMA FINANCIERO
UNA HISTORIA MONETARIA Y FINANCIERA DE LA ARGENTINA
LAS LECCIONES DEL BICENTENARIO
Por Mario Rapoport*
1. LAS DIFICULTADES INICIALES PARA
CONSTITUIR UN SISTEMA MONETARIO
/DKLVWRULDGHOGLQHURGHXQSDtVUHÀHMDODHYROXFLyQGH
VXVLQVWLWXFLRQHVSROtWLFDV\HFRQyPLFDV(OFDRVPRQHWDULRUHLQDQWHHQODVHWDSDVSUHYLDVDODXQL¿FDFLyQ
QDFLRQDO IXH OD FRQWUDSDUWLGD GH ODV GL¿FXOWDGHV SDUD
DUULEDUDXQDGLVWULEXFLyQGHOSRGHUSROtWLFR\HFRQyPLFRPiVRPHQRVFRQVHQVXDGDRSRUORPHQRVSDUD
GH¿QLUKHJHPRQtDVFDSDFHVGHHVWDEOHFHU\VRVWHQHUXQ
RUGHQGHKHFKR\GHGHUHFKR
'HVGH DQWHV TXH OD$UJHQWLQD VH LQVHUWDUD FRPSOHWDPHQWHHQHOPHUFDGRPXQGLDO\VHFRQVROLGDUDHO(VWDGR1DFLRQDOHOVLVWHPDPRQHWDULRHVWDEDHVWUHFKDPHQWH YLQFXODGR DO FRPHUFLR H[WHULRU OD IXHQWH SULQFLSDO
GHORVÀXMRVGHGLYLVDV+DVWDODGpFDGDGHVyOR
H[FHSFLRQDOPHQWHORVÀXMRVGHFDSLWDOHVWXYLHURQXQD
LQÀXHQFLD LPSRUWDQWH FRPR FXDQGR HQ HO HPSUpVWLWR Baring LQ\HFWy WHPSRUDOPHQWH GLYLVDV HQ OD
SOD]D¿QDQFLHUDORFDODXQTXHpVWDVQRVHXVDURQSDUD
ORV¿QHVVROLFLWDGRV
3RU HQWRQFHV ORV PHGLRV GH FDPELR HVWDEDQ FRQIRUPDGRVSRURURSODWD\PRQHGDVH[WUDQMHUDVGHFXUVR
OHJDOTXHVHUHFLEtDQSRUODVH[SRUWDFLRQHV\ELOOHWHV
HPLWLGRVSRUOD2¿FLQDGH&DPELRHO%DQFR1DFLRQDO
HO %DQFR 3URYLQFLD \ ORV EDQFRV SULYDGRV TXH HQ VX
PD\RUtDQRHUDQFRQYHUWLEOHV
'HVSXpV GH OD LQGHSHQGHQFLD DO QR H[LVWLU HQWLGDGHVEDQFDULDVTXHSXGLHVHQHPLWLUSDSHOPRQHGDORV
SUREOHPDV GH LOLTXLGH] IXHURQ UHFXUUHQWHV SRUTXH HO
PHWiOLFRHVFDVHDED(VDHVFDVH]VHLQWHQWyVXSOLUPHGLDQWHODXWLOL]DFLyQGHRWURVPHGLRVGHSDJRVFRPR
ORVWtWXORVGHHPSUpVWLWRV\ORVFHUWL¿FDGRVGHOD&DMD
1DFLRQDOGH)RQGRV&1)(VWD&DMDVHFUHyHQ
\FDSWyPHGLDQWHHOSDJRGHHOHYDGRVLQWHUHVHVGHSyVLWRVGHYDORUHVGHGLVWLQWRWLSR(QUHVSDOGRGHOGHSyVLWR OD &DMD HPLWtD FHUWL¿FDGRV HQGRVDEOHV TXH VH
LQFRUSRUDEDQ D OD FLUFXODFLyQ 3HUR OD &1) QR WXYR
PXFKDYLGD\HQGHELyGHYROYHUORVGHSyVLWRV\
FHUUDUVXVSXHUWDV
'HVGH HVD pSRFD KXER QXPHURVRV LQWHQWRV GH FUHDU
EDQFRV SULYDGRV \ S~EOLFRV TXH SXGLHUDQ HPLWLU ELOOHWHV$VtHQORVSULPHURVDxRVGHHVWHODUJRSHUtRGR
PDUFDGR SRU ODV JXHUUDV FLYLOHV VH FUHy HO %DQFR GH
'HVFXHQWRVRGH%XHQRV$LUHVHQXQDHQWLGDG
SULYDGDTXHFXPSOtDIXQFLRQHVS~EOLFDV\FX\RVELOOHWHVSHUPLWLHURQGDULPSXOVRDODHFRQRPtD\UHGXFLUODV
WDVDVGHLQWHUpV/DFRUWDYLGDGHOEDQFRIXHXQHMHPSOR
GHORVDYDWDUHVPRQHWDULRVGHODpSRFD6XQDFLPLHQWR
VHSURGXMRHQXQPRPHQWRGHIXHUWHLOLTXLGH]\ODVSUL-
PHUDVHPLVLRQHVDXQVLQFRQWDUFRQUHVSDOGRGHQLQJ~QWLSROXEULFDURQORVFLUFXLWRVHFRQyPLFRVLQWHUQRV
FRUUHVSRQGLHQGR D XQD GHPDQGD LQVDWLVIHFKD GH PHGLRVGHSDJR(OLQJUHVRGHORVIRQGRVGHOHPSUpVWLWR
Baring SHUPLWLy HVWLUDU EUHYHPHQWH OD HWDSD GH DXJH
SHUR\DKDFLD¿QHVGHVHREVHUYyXQDVDWXUDFLyQ
GHOPHUFDGRPRQHWDULRTXHVHDJUDYyFXDQGRHOGp¿FLWFRPHUFLDO\ORVVHUYLFLRVGHODGHXGDFRQWUDMHURQOD
GLVSRQLELOLGDGGHPHWiOLFR
(VWHSUpVWDPRTXHIXHDSUREDGRSRUHOJRELHUQRGHOD
3URYLQFLDGH%XHQRV$LUHVHQQRYLHPEUHGHHQ
FXPSOLPLHQWRGHORVREMHWLYRVGHXQDOH\GHDJRVWRGH
SUHDQXQFLDED WRGRV ORV YLFLRV TXH FDUDFWHUL]DUtDQDORVSURFHVRVGHHQGHXGDPLHQWRIXWXURVVREUHWDVDVFRUUXSFLyQFRQGLFLRQDPLHQWRVH[WHUQRVVREUHOD
SROtWLFDLQWHUQDGHVYtRGHIRQGRVSRFDFODULGDGHQHO
XVRGHORVUHFXUVRVHWF
(O ƒ GH MXOLR GH VH ¿UPy HO GRFXPHQWR TXH
FRPSURPHWtDDOD3URYLQFLDFRQODEDQFDBaring Brothers GH /RQGUHV SRU GH OLEUDV HVWHUOLQDV 6X SURSyVLWR HUD OD SURYLVLyQ GH IRQGRV SDUD OD
FRQVWUXFFLyQGHXQSXHUWR\ODLQVWDODFLyQGHXQDUHG
GH DJXD FRUULHQWH HQ OD FLXGDG GH %XHQRV$LUHV DVt
FRPRODIXQGDFLyQGHWUHVFLXGDGHVHQHOLQWHULRUGH
ODSURYLQFLDREUDVFRQVLGHUDGDVGHYLWDOLPSRUWDQFLD
/DRSHUDFLyQFRQWHPSODEDXQDWDVDGHLQWHUpVGHO
DQXDOPiVXQGHVHPEROVRDGLFLRQDOGHOHQFRQFHSWRGHDPRUWL]DFLyQORTXHUHSUHVHQWDEDDSUR[LPDGDPHQWHHOGHORVLQJUHVRVSURYLQFLDOHVWRPDQGR
FRPRSDUiPHWUR(OHPSUpVWLWRHUDJDUDQWL]DGR
SRUODVWLHUUDVS~EOLFDVFX\DYHQWDVHSURKLEtDH[SUHVDPHQWHPRWLYRSRUHOFXDOHQVHVDQFLRQDUtDOD
OH\ GH HQ¿WHXVLV TXH UHSDUWLy HQ DOTXLOHU KHFWiUHDVDHQ¿WHXWDV
(OSUpVWDPRGLRSLHDXQDDPDOJDPDGHHVSHFXODFLyQ
LPSRUWDFLyQ\IXJDGHFDSLWDOHVHQXQDHFRQRPtDFRQ
XQD EDVH SURGXFWLYD GpELO LQLFLDQGR XQ PRYLPLHQWR
FtFOLFRDVRFLDGRDOLQJUHVRGHFDSLWDOHV(QHVHVHQWLGRHODXJHLQLFLDOQRFRQVWLWXLUtDXQIHQyPHQRH[FHSFLRQDOGHQXHVWUDKLVWRULDFRPRWDPSRFRODGHSUHVLyQ
LQPHGLDWDPHQWHSRVWHULRU3RUHOFRQWUDULRHVWRVIHQyPHQRVGHH[SDQVLyQ\FRQWUDFFLyQHFRQyPLFDDVRFLDGRVDOLQJUHVR\SDJRGHFUpGLWRVVHUtDXQDFRQVWDQWHHQ
FDGDQXHYRSHUtRGRGHHQGHXGDPLHQWR
/DVFRQGLFLRQHVGHOSUpVWDPRHQFXHVWLyQSHUPLWHQGXGDU GH VX UHDO QHFHVLGDG$XWRUHV FRPR )HUQV SRQHQ
pQIDVLVHQODVGL¿FXOWDGHVHFRQyPLFDVLQWHUQDVVRVWH-
'LUHFWRUGHO,QVWLWXWRGH(VWXGLRV+LVWyULFRV(FRQyPLFRV6RFLDOHVH,QWHUQDFLRQDOHV,'(+(6,GHO&RQLFHW8%$,QYHVWLJDGRU
6XSHULRUGHO&RQLFHW3URIHVRU7LWXODU&RQVXOWRGHOD8QLYHUVLGDGGH%XHQRV$LUHV$JUDGHFHPRVHVSHFLDOPHQWHODFRODERUDFLyQGH
$QGUpV0XVDFFKLR
&I0LURQ%XUJLQ$VSHFWRVHFRQyPLFRVGHOIHGHUDOLVPRDUJHQWLQR%XHQRV$LUHV6RODU+DFKHWWHSS5D~O6FDODEULQL2UWL]3ROtWLFDEULWiQLFDHQHO5tRGHOD3ODWD%XHQRV$LUHV3OXV8OWUDSS\+6)HUQV*UDQ%UHWDxD\
$UJHQWLQDHQHOVLJOR;,;%XHQRV$LUHV6RODU+DFKHWWHFDS
&I5D~O3UHELVFK³+LVWRULDPRQHWDULDGHOD$UJHQWLQDDQRWDFLRQHVVREUHQXHVWURPHGLRFLUFXODQWH´WUDEDMRUHSURGXFLGRHQ
0DULR5DSRSRUWFRPS(FRQRPtDH+LVWRULD&RQWULEXFLRQHVDODKLVWRULDHFRQyPLFDDUJHQWLQD7HVLV%XHQRV$LUHV
&I$QGUpV0XVDFFKLR³(OHQGHXGDPLHQWRH[WHUQRGH$UJHQWLQDDOJXQDVUHJXODULGDGHVKLVWyULFDV´HQ,QGLFDGRUHV(FRQyPLFRV
)((9QƒGLFLHPEUHGH
+6)HUQVRSFLWSS
2
QLHQGRWDPELpQTXHHOIUDFDVRGHOHPSUpVWLWRVHGHELy
DODIDOWDGHFDSDFLGDGGHUHSDJRGHOJRELHUQRERQDHUHQVH 3HUR RWURV FRPR 6FDODEULQL 2UWL] VHxDODQ
TXH³/RVDxRVTXHWUDQVFXUULHURQGHVGHKDVWD
HQTXHHOSDtVYLYLySURJUHVyVRVWXYRHMpUFLWRV
HQOD%DQGD2ULHQWDOUHVLVWLyODUJRVEORTXHRV\KDVWD
FRPEDWLyFRQWUD)UDQFLDH,QJODWHUUDGHPXHVWUDQTXH
HOHPSUpVWLWRGHQRHUDQHFHVDULR\TXHVXFRQFHUWDFLyQIXHXQDPDQLREUDFRHUFLWLYDGHODGLSORPDFLD
LQJOHVD´(ORWRUJDPLHQWRGHOFUpGLWRHQVtIXH\DXQ
GHVSRMRSRUTXHDOSDtVOOHJySRFRPiVGHODPLWDGHO
UHVWRTXHGyHQ,QJODWHUUDSRUDPRUWL]DFLRQHVLQWHUHVHV
DGHODQWDGRV\RWURVGHVFXHQWRV\HQSHVRVSDSHODWUDYpVGHOHWUDVHQWUHJDGDVDORVFRPHUFLDQWHVEULWiQLFRV
HQSOD]D
FUHFLHQWHVÀXMRVGHLQYHUVLRQHVH[WUDQMHUDV+DVWDHVH
PRPHQWR ORV LQWHQWRV GH ¿MDU XQ YDORU D OD PRQHGD
KDEtDQIUDFDVDGRFRPRFRQVHFXHQFLDGHODHVFDVH]GH
DKRUURLQWHUQR'XUDQWHHVHSHUtRGRWDPELpQVHUHIXQGy
HO%DQFR1DFLRQDOGHFDUiFWHUPL[WR\VHFUHyHO%DQFR+LSRWHFDULRGHOD3URYLQFLD/RVEDQFRVSULYDGRV
FRPHQ]DURQDHVWDEOHFHUVHGHVGHODGpFDGDGH\
HQHVSHFLDOHQODGHFXDQGRVHIXHURQLQVWDODQGRQXPHURVDVHQWLGDGHVGHFDSLWDOHVH[WUDQMHURV(QWUH
HOODV VH GHVWDFDEDQ HO %DQFR GH /RQGUHV \ 5tR GH OD
3ODWDIXQGDGRHQSRUFRPHUFLDQWHV\EDQTXHURV
LQJOHVHVFX\RVFUpGLWRVVHGLULJLHURQHVSHFLDOPHQWHDO
FRPHUFLRH[WHULRUPDQWHQLHQGRDOWRVQLYHOHVGHHQFDMH\HO%DQFRGH,WDOLD\HO5tRGHOD3ODWDTXHHVWDEDQ
YLQFXODGRVDODFROHFWLYLGDGLWDOLDQD1XPHURVDVFDVDV
PHUFDQWLOHV \ GH FRPLVLyQ GH FDUiFWHU SULYDGR TXH
7DO YH] HO LQWHUURJDQWH SULQFLSDO VHD HO GH FRQVLGHUDU OXHJR VH IXHURQ WUDQVIRUPDQGR HQ EDQFRV DVXPLHURQ
FXiQWRIDYRUHFLyHOFUpGLWRDODH[SDQVLyQGHODVFRQ- WDPELpQGHVGHXQSULQFLSLROD¿QDQFLDFLyQGHOVHFWRU
GLFLRQHV SURGXFWLYDV (Q HVWH VHQWLGR VL VH WRPD HQ FRPHUFLDOFRPRHO%DQFR&DUDEDVVDHOPiVLPSRUWDQFXHQWDTXHORVUHFXUVRVHIHFWLYDPHQWHUHFLELGRVQRWX- WHGHWRGRVTXHIXQFLRQyKDVWDODFULVLVGH
YLHURQODPDJQLWXGHVSHUDGD\TXHVXGHVWLQRHIHFWLYR
QRIXHHOSUHYLVWRQLVLUYLySDUDHVWLPXODURWUDVDFWLYL- 'H WRGRV PRGRV OD SULPHUD FULVLV JHQHUDO GHO FDSLGDGHV~WLOHVDOSDtVSXHGHFRQFOXLUVHTXHHOHPSUpVWL- WDOLVPR TXH JROSHy D (XURSD HQ WXYR VHYHUDV
WRQRWXYRHIHFWRVSRVLWLYRV$SHVDUGHHOOROXHJRGH FRQVHFXHQFLDV HFRQyPLFDV SDUD OD$UJHQWLQD VLHQGR
YDULDVVXVSHQVLRQHVGHSDJRWHUPLQyGHDERQDUVHFRQ SUHVLGHQWH GH OD 1DFLyQ 1LFROiV $YHOODQHGD /RV
ORVUHFDUJRVFRQVLJXLHQWHVDSULQFLSLRVGHOVLJOR;; SUpVWDPRVGHOH[WHULRUVHLQWHUUXPSLHURQ\HOSDtVVH
6HJ~Q3HGUR$JRWHVHGHYROYLHURQ¿QDOPHQWHOLEUDV YLRHQ¿JXULOODVSDUDSDJDUORVVDOGRVGH¿FLWDULRVGH
SRUFDGDOLEUDSUHVWDGD
ODEDODQ]DFRPHUFLDOGHELGRDOJUDQLQFUHPHQWRGHODV
LPSRUWDFLRQHV\DORVFXDQWLRVRVVHUYLFLRVGHODGHXGD
(Q DQWH HO GUHQDMH FRQWLQXR GH GHSyVLWRV \ UH- H[WHUQDTXHYHQtDFUHFLHQGRGHVGHODGpFDGDDQWHULRU
VHUYDVHO%DQFRGH'HVFXHQWRVIXHDEVRUELGRSRUXQD 3DUD KDFHU IUHQWH D HVWDV REOLJDFLRQHV ODV UHVHUYDV
QXHYD HQWLGDG HO %DQFR 1DFLRQDO TXH WXYR WDPELpQ PHWiOLFDVDFXPXODGDVHQDxRVDQWHULRUHVFRPHQ]DURQ
GL¿FXOWDGHV LQPHGLDWDV &RQVWLWXLGR FRQ SRFR FDSLWDO DH[SRUWDUVH
QXQFD VH FRPSOHWy HO FDSLWDO HVWDEOHFLGR SRU OH\ \
VLHQGRLQFRQYHUWLEOHHOSDSHOPRQHGDHPLWLGRHOEDQ- $VLPLVPR VH SURGXMR OD FDtGD GH GLYHUVRV YDORUHV
FRLQFUHPHQWyUiSLGDPHQWHODHPLVLyQDQWHODVQHFHVL- FRPRODSURSLHGDGUDt]TXHVHGHSUHFLyDODPLWDG/DV
GDGHV¿VFDOHVGHOJRELHUQRGHVYDORUL]DQGRGHPDQHUD PHUFDGHUtDV VH YHQGtDQ D SUHFLRV LUULVRULRV PLHQWUDV
FRQWLQXD OD FRWL]DFLyQ GHO ELOOHWH (Q FRUULy OD TXHVHPXOWLSOLFDEDQODVTXLHEUDVFRPHUFLDOHVDQWHODV
PLVPD VXHUWH TXH VX DQWHFHVRU \ IXH GLVXHOWR (Q HO GL¿FXOWDGHV SDUD FRORFDU ORV SURGXFWRV /D VDOLGD GHO
IRQGRODVGL¿FXOWDGHVSDUDFRQVWLWXLUXQVLVWHPDEDQ- RUROOHYyDTXHORVFDSLWDOHVHVFDVHDUDQ\DXQDXPHQWR
FDULRVyOLGRUHÀHMDEDQHOSUREOHPDHVHQFLDOGHDTXHOOD GHODVWDVDVGHGHVFXHQWR3RU~OWLPRSDUDVDOYDUODV
pSRFDODIDOWDGHFDSLWDOLQWHUQR
PDJUDVUHVHUYDVPHWiOLFDVHQPD\RGHVHVXVSHQGLyODFRQYHUVLyQDRURGHORVELOOHWHVGHO%DQFRGH
&UHDGD SRU 5RVDV HQ OD &DVD GH OD 0RQHGD OD3URYLQFLD'HLQPHGLDWRHOSHVRIXHUWHH[SHULPHQWy
DGRSWyODIXQFLyQGHHPLWLUELOOHWHVSRUPDQGDWRGHOD XQDDEUXSWDGHYDOXDFLyQ
OHJLVODWXUD \ UHDOL]DU DFWLYLGDGHV EDQFDULDV WUDQVIRUPiQGRVHHQHQHO%DQFRGHOD3URYLQFLDGH%XH- (OFRPHUFLRH[WHULRUVXIULyWDPELpQXQDPHUPDHQWUH
QRV$LUHV'HDHOWRWDOGHSDSHOPRQHGD \ORTXHGL¿FXOWyHO¿QDQFLDPLHQWRGHO(VFRUULHQWHHPLWLGDIXHGHDOUHGHGRUGHPLOORQHV WDGRGHELGRDVXGHSHQGHQFLDGHODVUHQWDVDGXDQHUDV
GHORVFXDOHVTXHGDEDQHQFLUFXODFLyQPLOORQHV $VXYH]ODFDtGDGHOSUHFLRLQWHUQDFLRQDOGHODODQD
GHSHVRVLQFRQYHUWLEOHV
SULQFLSDOSURGXFWRGHOFRPHUFLRLQWHUQDFLRQDODUJHQWLQRGHWHUPLQyHOGHFOLYHGHODVH[SRUWDFLRQHV
“Creada por Rosas en 1836, la Casa de )UHQWHDODFULVLVHOJRELHUQRGH$YHOODQHGDWRPyVHla Moneda, adoptó la función de emitir YHUDVPHGLGDVGHDXVWHULGDG¿VFDO5HGXMRORVJDVWRV
billetes por mandato de la legislatura, SDUD HTXLOLEUDUORV FRQ ODV UHQWDV EDMy ORV VXHOGRV GH
y realizar actividades bancarias, trans- ORVHPSOHDGRVGHODDGPLQLVWUDFLyQS~EOLFDUHGXMRHO
formándose, en 1863, en el Banco de SODQWHO\GHFLGLyQRUHFXUULUDOFUpGLWR(QSDUD
la Provincia de Buenos Aires”.
DXPHQWDUORVUHFXUVRV¿VFDOHVVHVDQFLRQyOD/H\GH
$GXDQDVLQFUHPHQWDQGRHOQLYHODUDQFHODULR)UHQWHD
(Q VH FUHy OD R¿FLQD GH FDPELRV GHO %DQFR GH ORVDFUHHGRUHVH[WHUQRVVHFRPSURPHWLyDFXPSOLUFRQ
OD 3URYLQFLD \ VH LQVWDXUy XQ UpJLPHQ GH FRQYHUWLEL- ORVSDJRVGHODGHXGDDKRUUDQGR³VREUHHOKDPEUH\OD
OLGDG GHO SDSHO PRQHGD SRU PHWDO DO FRPSiV GH ORV VHGGHORVDUJHQWLQRV´
56FDODEULQL2UWL]RSFLWS
0LURQ%XUJLQ$VSHFWRVHFRQyPLFRVGHOIHGHUDOLVPRDUJHQWLQRFDS%XHQRV$LUHV6RODU+DFKHWWH
5DIDHO2ODUUD-LPpQH](YROXFLyQ0RQHWDULD$UJHQWLQD(8'(%$%XHQRV$LUHV
3
“Frente a la crisis, el gobierno de Avellaneda tomó severas medidas de austeridad fiscal. Redujo los gastos para
equilibrarlos con las rentas, bajó los
sueldos de los empleados de la administración pública, redujo el plantel y
decidió no recurrir al crédito”.
GDGHFRQyPLFDLQWHUQD3RUHOFRQWUDULRXQDO]DGHODV
WDVDVGHLQWHUpVHQHO%DQFRGH,QJODWHUUDSRUHMHPSOR
SRUXQDEDMDGHVXVUHVHUYDVLQWHUQDFLRQDOHVKDFtDTXH
HVRVFDSLWDOHVVHUHWLUDVHQEUXVFDPHQWHGHODVSOD]DVORFDOHVKHFKRTXHSUHFLSLWDEDDSDtVHVFRPROD$UJHQWLQD
HQSURIXQGDVFULVLV/DVQDFLRQHVSHULIpULFDVHQFDPELRQRSRGtDQFRPSHWLUFRQHOPHUFDGR¿QDQFLHURGH
OD&LW\SDUDDWUDHUIRQGRV/DH[LVWHQFLDGHODV&DMDV
(QOXHJRGHHVWDSULPHUDFULVLV¿QDQFLHUDGHHQ- GH&RQYHUVLyQFRQVXPHFDQLVPRDXWRPiWLFRIDFLOLGHXGDPLHQWRH[WHUQR\SDUDWHUPLQDUFRQHOSUREOHPD WDEDHVWHSURFHVRSRUHVRGXUDEDQHOWLHPSRQHFHVDULR
GHODIDOWDGHXQDPRQHGDXQLIRUPHHOSUHVLGHQWH$YH- SDUDIDYRUHFHUORVLQWHUHVHVEULWiQLFRVHQODPHGLGDHQ
OODQHGDFUHyXQDXQLGDGPRQHWDULDGHRUROODPDGD³SHVR TXHIXHUDSRVLEOHVRVWHQHUODVLQWHUQDPHQWHORTXHQR
IXHUWH´3HURODIDOWDGHPHWiOLFRLPSLGLyTXHHVWDPHGL- VLHPSUHHUDHOFDVR
GDSXGLHUDFRQFUHWDUVH\PHQRVGHXQDxRPiVWDUGHVH
GHFODUDEDQGHFXUVROHJDOYDULDVPRQHGDVH[WUDQMHUDV
“Una de las características más impor-
tantes del patrón oro en la época del
apogeo británico es que su mecanismo
2. EL MODELO AGROEXPORTADOR: ENTRE dependía de los ciclos económicos de
LA BONANZA Y LAS CRISIS RECURRENTES
la metrópoli imperial”.
¡Viva la República Argentina! ¡Viva el Banco de
Londres y Río de la Plata!
8Q HFRQRPLVWD GH OD 8QLYHUVLGDG GH /HLFHVWHU $OHF
)RUG HVWXGLD HO FRPSRUWDPLHQWR GHO SDWUyQ RUR \ VX
([FODPDFLyQFRQMXQWDGHORVSUHVLGHQWHVGHOD%ROVDGH%XH- FDSDFLGDGSDUDPDQWHQHUODFRQYHUWLELOLGDGPRQHWDULD
QRV$LUHV\GHOPHQFLRQDGR%DQFRDO¿QDOL]DUXQGtDGHSiQLFR WDQWRSDUD*UDQ%UHWDxDFRPRSDtVKHJHPyQLFRGHOSH¿QDQFLHURHQ$QpFGRWDUHFRJLGDSRUHOGLDULR/D1DFLyQ UtRGRFRPRSDUDOD$UJHQWLQDHQVXFDUiFWHUGHLPSRUGHOGHHQHURGH
WDQWHHFRQRPtDSHULIpULFDHQWUHORVDxRV\
*UDQ%UHWDxDKDEtDHVWDEOHFLGRXQDHTXLYDOHQFLDHQWUH
HORUR\ODOLEUDHVWHUOLQDHQ(QHVWHVLVWHPDORV
SDtVHVPDQWHQtDQ¿MRHOYDORUGHVXVPRQHGDVFRQHO
YDORU GHO RUR DO HVWDU GLVSXHVWDV D FRPSUDU R YHQGHU
RUR D SUHFLRV GHWHUPLQDGRV R FRQVWDQWHV WHQLHQGR OD
FLUFXODFLyQPRQHWDULDLQWHUQDXQDUHODFLyQWDPELpQ¿MD
FRQODVUHVHUYDVGHRUR(OPHFDQLVPRGHDMXVWHHUDHO
VLJXLHQWHXQGp¿FLWFRPHUFLDOWUDtDFRPRFRQVHFXHQFLD H[SRUWDFLRQHV GH RUR D FRUWR SOD]R UHGXFLHQGR OD
FDQWLGDG GH GLQHUR H[LVWHQWH HQ HO SDtV \ SURYRFDQGR
XQDFDtGDGHORVSUHFLRV(VWRSURGXFtDFRQHOWLHPSR
XQDXPHQWRGHODVH[SRUWDFLRQHVSXHVORVH[WUDQMHURV
FRPSUDEDQ HQ HVWH PHUFDGR D SUHFLRV PiV EDMRV TXH
HQ HO VX\R$VLPLVPR GLVPLQXtDQ ODV LPSRUWDFLRQHV
\D TXH ORV FRQVXPLGRUHV QDFLRQDOHV VH DEVWHQtDQ GH
FRPSUDUORVDUWtFXORVH[WUDQMHURVDKRUDPiVFDURV(O
SURFHVR LQYHUVR WDPELpQ VH YHUL¿FDED 'H HVH PRGR
HOPRYLPLHQWRGHRURDPRQHGDGRRHQOLQJRWHVGDED
FRPR UHVXOWDGR HO DMXVWH HQ OD SRVLFLyQ LQWHUQDFLRQDO
GHXQSDtV\GHOPHUFDGRGHGLYLVDVUHVSHFWRDODVRWUDV
QDFLRQHVTXHKDEtDQDGRSWDGRHOPLVPRVLVWHPD/DV
SROtWLFDV PRQHWDULDV LPSOHPHQWDGDV SRU pVWDV DVHJXUDEDQ OD OLEUH FRQYHUWLELOLGDG GH VXV PRQHGDV FRQ HO
RUR\ODH[SRUWDFLyQRLPSRUWDFLyQGHOPHWDOVLQQLQJ~QWLSRGHLPSHGLPHQWRV
8QDGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVGHOSDWUyQ
RURHQODpSRFDGHODSRJHREULWiQLFRHVTXHVXPHFDQLVPRGHSHQGtDGHORVFLFORVHFRQyPLFRVGHODPHWUySROLLPSHULDO&XDQGR*UDQ%UHWDxDQHFHVLWDEDFRORFDU
VXVFDSLWDOHVSRUTXHVXHFRQRPtDVHHQFRQWUDEDHQXQ
SURFHVRGHSUHVLYRHORURVDOtDGHOSDtVDXPHQWDQGRVXV
LPSRUWDFLRQHVGHELHQHV\VXVH[SRUWDFLRQHVGHFDSLWDO
HQODSHULIHULDDEDMDVWDVDVGHLQWHUpVORTXHDVXYH]
LQFUHPHQWDEDODVH[SRUWDFLRQHVGHELHQHV\ODDFWLYL-
/RPiVLPSRUWDQWHSDUD)RUGVLQHPEDUJRHVTXHHQ
HOFDVRDUJHQWLQRODLQWHUUXSFLyQHQORVSUpVWDPRVH[WHUQRVVHSURGXFtDHQPRPHQWRVHQTXHWRGDYtDQRVH
KDEtDQUHFRJLGRORVIUXWRVGHODVLQYHUVLRQHVSURGXFWLYDV\HOYDORUGHODVH[SRUWDFLRQHVQRKDEtDFUHFLGROR
VX¿FLHQWH FRPR SDUD FRPSHQVDU ODV LPSRUWDFLRQHV \
ORVVHUYLFLRVGHODGHXGD(VHQLYHOGHHQGHXGDPLHQWR DWHPRUL]DED D ORV DFUHHGRUHV H[WHUQRV \ IUHQDED
ODV FRUULHQWHV GH FDSLWDO /D LPSUXGHQWH SROtWLFD PDFURHFRQyPLFDGHORVDxRVRFKHQWDIDFLOLWyXQDH[SDQVLyQGHVPHGLGDGHOFUpGLWRDQWHVGHTXHPDGXUDUDQODV
LQYHUVLRQHVHQHOVHFWRUDJURH[SRUWDGRUTXHQRIXHVX¿FLHQWHSDUDFXEULUORVQHFHVDULRVSDJRVH[WHUQRV/RV
WpUPLQRV GHO LQWHUFDPELR SRU OD FDtGD GH ORV SUHFLRV
LQWHUQDFLRQDOHVGHODVPDWHULDVSULPDVDJUtFRODVVHVXPDURQSDUDKDFHULQHYLWDEOHODFULVLV
/DFRQYHUWLELOLGDGHUDSRVLEOHVLODVH[SRUWDFLRQHVGHMDEDQXQH[FHGHQWHWDOTXHSHUPLWLHUDFXEULUODVLPSRUWDFLRQHV\ORVVHUYLFLRVGHODGHXGDORTXHVyORVHSURGXMRHQODSULPHUDGpFDGDGHOVLJORPiVHVSHFLDOPHQWH
HQWUH\
(Q OD$UJHQWLQD ORV LQWHQWRV SRU HVWDEOHFHU XQ VLVWHPD PRQHWDULR QDFLRQDO SXGLHURQ SODVPDUVH UHFLpQ HQ
XQDYH]FRQVROLGDGRHOSDtVSROtWLFDPHQWHEDMR
HOJRELHUQRGH5RFD(QHVHPRPHQWRVHGLFWyODOH\
TXH ¿My XQ SDWUyQ ELPHWiOLFR HO SHVR RUR GH
JUDPRV FRQ XQ ¿QR GH \ HO SHVR SODWD GH
JUDPRVFRQXQ¿QRGHHVGHFLUFRQXQDUHODFLyQHQWUHDPERVGH/DLQWHQFLyQGHHVWDOH\HUD
SURSRUFLRQDU XQD PRQHGD QDFLRQDO TXH FLUFXODUD SRU
WRGRHOSDtV&RQWDOREMHWRVHSURKLEtDODFLUFXODFLyQ
GH PRQHGDV H[WUDQMHUDV \ VH GHWHUPLQDEDQ ORV DOFDQFHVGHODHPLVLyQGHPRQHGDVGHRUR\SODWD$¿QHV
&I5D~O3UHELVFK³/DUHODFLyQHQWUHHOFLFORDUJHQWLQR\HOFLFORPRQHWDULRLQWHUQDFLRQDO´HQ2EUDV9RO,,,SS
)XQGDFLyQ3UHELVFK%XHQRV$LUHV
&I$OHF*)RUG(OSDWUyQRUR,QJODWHUUD\$UJHQWLQD%XHQRV$LUHV$)RUG
³&RPHUFLRH[WHULRUHLQYHUVLRQHVH[WUDQMHUDV´HQ*)HUUDUL*\(*DOORFRPS/D$UJHQWLQDGHODOFHQWHQDULR
%XHQRV$LUHVSS
4
GHVHLPSOHPHQWyGH¿QLWLYDPHQWHHOSDWUyQRUR
DEDQGRQiQGRVHODSODWD\VHDVHJXUyHOUHHPSOD]RGH
ORVELOOHWHVSDSHOHQFLUFXODFLyQSRUORVQXHYRVELOOHWHV
DODSDUFRQHORUR
QDPHQWH\HORURROLEUDHVWHUOLQDTXHVHDSOLFDEDDODV
WUDQVDFFLRQHV LQWHUQDFLRQDOHV$TXHO DFXHUGR \ OD WRGDYtDFUHFLHQWHQHFHVLGDGGHODHFRQRPtDEULWiQLFDHQ
FRORFDUVXVFDSLWDOHVSRUTXHVXIUtDODVFRQVHFXHQFLDV
GHOD*UDQ'HSUHVLyQ\GHODFRPSHWHQFLD
HQ ORV PHUFDGRV PXQGLDOHV GH SRWHQFLDV FDSLWDOLVWDV
HPHUJHQWHVFRPR((88\$OHPDQLDH[SOLFDQODUD]yQSRUODFXDOD~QFRQHODEDQGRQRGHODFRQYHUWLELOLGDGORVLQJOHVHVVLJXLHUDQLQYLUWLHQGRHQOD$UJHQWLQD
3HURODSULPHUDSUHVLGHQFLDGH5RFDVHHQIUHQWySURQWR
FRQXQDVHYHUDFULVLVTXHREOLJyDSRQHU¿QDOHQVD\R
GHFRQYHUWLELOLGDG(OIXHUWHHQGHXGDPLHQWRH[WHUQRVH
KDEtDWUDGXFLGRHQXQFUHFLHQWHSDJRGHVHUYLFLRVHQ
HOGHVHTXLOLEULRHQODEDODQ]DGHSDJRV\HQHOIUDFDVR
JXEHUQDPHQWDOHQFRORFDUGRVHPSUpVWLWRVSDUDREUDV 'HVGH KXER D VX YH] XQD IXHQWH GH H[SDQVLyQ
SRUWXDULDV\VDQLWDULDV
GHOFLUFXODQWHGHELGRDODVDQFLyQSRUHOJRELHUQRGH
-XiUH] &HOPDQ GH OD /H\ GH %DQFRV *DUDQWLGRV TXH
(QRFWXEUHGHODVLWXDFLyQIXHFRQMXUDGDPHGLDQ- LQFUHPHQWy HO HQGHXGDPLHQWR $O SUHVLGHQWH OH LQWHWHXQFXDQWLRVRHPSUpVWLWRH[WHUQRORJUDGRSRU&DUORV UHVDEDPiVODFRQWLQXLGDG\HOp[LWRGHOSURJUDPDGH
3HOOHJULQL HQ QHJRFLDFLRQHV FRQ EDQTXHURV HXURSHRV LQYHUVLRQHVH[WUDQMHUDVTXHODHVWDELOLGDGPRQHWDULDR
3DUDFRQFUHWDUHVDRSHUDFLyQODFRORFDFLyQVHKL]RDO FDPELDULD/DQXHYDOH\HVWDEOHFtDTXHFXDOTXLHUEDQ\IXHURQDIHFWDGDVODVUHQWDVDGXDQHUDVHQXQQH- FRDOHVWLORGHVLVWHPDGHIUHHEDQNLQJQRUWHDPHULFDJRFLRTXHPXFKRVFRQVLGHUDURQUXLQRVR
QRHVWDEDDXWRUL]DGRDHPLWLUELOOHWHVFRQODFRQGLFLyQ
$XQTXHODFRQ¿DQ]DVHUHVWDEOHFLyODFRQYHUVLyQVH GH UHDOL]DU XQ GHSyVLWR HQ RUR HQ ODV DUFDV GHO7HVRVXVSHQGLySRUODFDUHQFLDGHPHWiOLFRHOGHRFWXEUH UR 1DFLRQDO D FDPELR GHO FXDO UHFLELUtD XQD FDQWLGDG
GH\QRYROYHUtDDUHDQXGDUVHSRUXQDGpFDGD\ GHERQRVS~EOLFRVTXHFRQVWLWXLUtDQHOUHVSDOGRGHVX
PHGLD6HDXWRUL]yDO%DQFR1DFLRQDO\OXHJRDO%DQ- HPLVLyQ'HHVWDIRUPDVHSURFXUDEDWHQHUODVX¿FLHQWH
FRGHOD3URYLQFLD\DEDQFRVSULYDGRVDHPLWLUELOOHWHV FDQWLGDGGHRURSDUDKDFHUIUHQWHDORVSDJRVGHODFUHGHFXUVROHJDOVLQREOLJDFLyQGHFRQYHUWLUORV$SDUWLU FLHQWHGHXGDH[WHUQD
GHYDQDH[LVWLUHQOD$UJHQWLQDGRVVLVWHPDVPR- /DOH\WDPELpQHVWDEDGHVWLQDGDDUHVROYHUHOSUREOHQHWDULRVHOSDSHOPRQHGDQDFLRQDOTXHVHXVDEDLQWHU- PDGHLOLTXLGH]PRQHWDULDH[LVWHQWHHQODVSURYLQFLDV
Cuadro 1. Bancos estatales o semi-estatales incorporados al sistema (1887-1889)
%DQFRV
%DQFR
1DFLRQDO
3URYLQFLDGH
%XHQRV$LUHV
3URYLQFLDGH
&yUGRED
3URYLQFLDOGH
6DQWD)H
3URYLQFLDOGH
6DOWD
3URYLQFLDOGH
(QWUH5tRV
3URYLQFLDOGH
0HQGR]D
3URYLQFLDOGH
6DQ-XDQ
3URYLQFLDOGH
7XFXPiQ
3URYLQFLDO
6DQWLDJRGHO
3URYLQFLDOGH
/D5LRMD
3URYLQFLDOGH
6DQ/XLV
3URYLQFLDOGH
&RUULHQWHV
3URYLQFLDOGH
&DWDPDUFD
7RWDOHV
&UHDFLyQ
&DSLWDO
(PLVLyQ
(QF0HWiOLFR
)3~EOLFRV
3DJDRUR
)XHQWH:HFHVODR3DFKHFR%DQFRVGH(PLVLyQ\+DFLHQGD3~EOLFD0HPRULDVGHOD&DMDGH&RQYHUVLyQDxRV\
(Q0DUWt*RSFLWS
*HUDUGR00DUWt³(OVLVWHPDEDQFDULRHQYtVSHUDVGHODFULVLVGH8QDUHYLVLyQFUtWLFDGHVXLQFLGHQFLDHQODSROtWLFDHFRQyPLFDGH-XiUH]&HOPDQ´HQ&LFORVHQODKLVWRULDODHFRQRPtD\ODVRFLHGDG1ž%XHQRV$LUHVS
5
GDGRHOSUHGRPLQLRGHO%DQFR1DFLRQDOVREUHODVHPLVLRQHV SURYLQFLDOHV /RV ELOOHWHV GHO %DQFR 1DFLRQDO
OOHJDURQ D FRWL]DU SRU HVWD UD]yQ KDVWD HO HQFLPD GH VX YDORU GL¿FXOWDQGR HO DFFHVR DO FUpGLWR \ HO
FRPHUFLR /RV SULPHURV EDQFRV HQ DGKHULUVH IXHURQ
ORVEDQFRVHVWDWDOHV\SURYLQFLDOHVPiVDQWLJXRV+DVWD
HVHPRPHQWRHO%DQFR1DFLRQDO\HO%DQFR3URYLQFLD FRQVWLWXtDQ OD JUDQ PD\RUtD GH OD HPLVLyQ VREUH
XQ WRWDO GH GH SHVRV HO SULPHUR WHQtD HO
\HOVHJXQGRXQVHJXLGRVSRURWURVEDQFRVSURYLQFLDOHVPiVSHTXHxRV(O%DQFRGH6DQWD)H
SRVHtDHOGHODFLUFXODFLyQ\ORVGH(QWUH5tRV\
7XFXPiQHOFDGDXQR 3RVWHULRUPHQWHVHIXHURQLQFRUSRUDQGR\FUHDQGRRWURVEDQFRVSURYLQFLDOHV
\HQODWRWDOLGDGGHORVEDQFRVS~EOLFRV\VHPLS~EOLFRV\DVHKDEtDLQFRUSRUDGRDOVLVWHPDGH%DQFRV
*DUDQWLGRV (VWDV HQWLGDGHV GLHURQ XQ IXHUWH LPSXOVR
D ODV HFRQRPtDV SURYLQFLDOHV TXH GLVSRQtDQ DKRUD GH
PD\RUOLTXLGH]\DFFHVRDOFUpGLWR(QFDPELRHOUHVWR
GHODVPLVPDVQRWXYLHURQHOPLVPRQLYHOGHDGKHVLyQ
\UHFLpQFRPHQ]DURQDLQFRUSRUDUVHHQ/RVELOOHWHVTXHHPLWtDQODVHQWLGDGHV¿QDQFLHUDVWHQtDQLPSUHVRHOQRPEUHGHFDGDXQRGHHOORVORTXHFRQWULEXtDDO
GHVRUGHQ¿QDQFLHUR
3HURODPHGLGDVHUHYHOyVREUHWRGRSHOLJURVD\GLR
OXJDU D XQD JUDQ ¿HEUH HVSHFXODWLYD SRUTXH ORV EDQFRVQRGLVSRQtDQGHRUR\FRPHQ]DURQDYHQGHUERQRV
SURSLRV HQ HO H[WHULRU SDUD REWHQHUOR \ SRGHU HPLWLU
(VGHFLUTXHPLHQWUDVHOJRELHUQRUHFLEtDRURGHOVLVWHPDEDQFDULRSDUDSDJDUODGHXGDH[WHUQDORVEDQFRV
VHHQGHXGDEDQHQHOH[WHULRUORVYLHMRVHPSUpVWLWRVVH
SDJDEDQFRQRWURVQXHYRV
(QWUH \ OD$UJHQWLQD WRPy SUHVWDGR FDVL
PLOORQHVGHSHVRVRUR\HOWRWDOGHVXSDVLYRLQFOX\HQGRODVLQYHUVLRQHVGHHPSUHVDVSULYDGDVDOFDQ]DED
HQPiVGHPLOORQHVGHSHVRVRUR/DFDXVD
GHWHUPLQDQWHGHOGHVFRQWUROPRQHWDULR\¿QDQFLHURVH
RULJLQDEDDVtHQHOHQGHXGDPLHQWRFRQHOH[WHULRU
“Una de las características más importantes del patrón oro en la época del
apogeo británico es que su mecanismo
dependía de los ciclos económicos de
la metrópoli imperial”.
(VWDVLWXDFLyQLEDDSURGXFLUXQDGHODVFULVLVHFRQyPLFDV\¿QDQFLHUDVPiVVHYHUDVGHODKLVWRULDDUJHQWLQD
TXHHQHVWHFDVRVHYLRDFRPSDxDGDSRUXQDUHYROXFLyQ
SROtWLFD±HOGHMXOLRGHTXHSURGXMRODFDtGD
GHO SUHVLGHQWH -XiUH] &HOPDQ \ VX UHHPSOD]R SRU HO
YLFHSUHVLGHQWH&DUORV3HOOHJULQL
(QDEULOGHDTXHODxRHOSUHPLRGHORURGLFKRHQWpUPLQRVLQYHUVRVDODGHYDOXDFLyQGHOSHVROOHJyDO
DORTXHGHEHDJUHJDUVHHOVLJQRQHJDWLYRGHOFRPHUFLR
H[WHULRUTXHHVHDxRGHMyXQGp¿FLWGHPLOORQHVGH
SHVRVRUR6HJ~QHOHFRQRPLVWDQRUWHDPHULFDQR-RKQ
:LOOLDPV D SHVDU GHO LQFUHPHQWR GHO FLUFXODQWH H[LVWtDXQDJUDQLOLTXLGH]/DFULVLVHVWDOOyFXDQGRQRVH
SXGRKDFHUIUHQWHDORVVHUYLFLRVGHODGHXGD\HOÀXMR
GHSUpVWDPRVH[WHUQRVVHLQWHUUXPSLy7XYRSRURWUD
SDUWH VHULDV UHSHUFXVLRQHV HQ OD &LW\ GRQGH OD &DVD
%DULQJ DJHQWH ¿QDQFLHUD GHO JRELHUQR DUJHQWLQR HVWXYRDSXQWRGHTXHEUDU(OSDtVKDEtDHQWUDGRHQXQD
QXHYDFHVDFLyQGHSDJRV
/XHJRGHDUGXDVQHJRFLDFLRQHVHQODVTXHLQWHUYLQLHURQHO%DQFRGH,QJODWHUUD\XQFRPLWpSUHVLGLGRSRU
/RUG5RWKVFKLOGVHFRQFUHWyXQDUH¿QDQFLDFLyQGHODV
GHXGDV VDOYiQGRVH LQ H[WUHPLV D OD %DULQJ %URWKHUV
FRUUHVSRQVDEOH GH OD FULVLV SXHV DGHPiV GH DSR\DU
PDQLREUDV HVSHFXODWLYDV HUD SURSLHWDULD GH HPSUHVDV
HQEDQFDUURWDFRPRODTXHSURYHtDDJXDSRWDEOHDOD
FLXGDG GH %XHQRV$LUHV FX\D TXLHEUD IXH XQD GH ODV
FDXVDVGHOHVWDOOLGR
&RPR UHVXOWDGR GH HVWD VLWXDFLyQ PXFKRV EDQFRV
FHUUDURQ VXV SXHUWDV PLHQWUDV HO JRELHUQR QDFLRQDO
UHDOL]DED XQ SURIXQGR DMXVWH HQ VXV FXHQWDV ¿VFDOHV
\FUHDEDHO%DQFRGHOD1DFLyQ$UJHQWLQDTXHVHLED
DWUDQVIRUPDUHQODSULQFLSDOLQVWLWXFLyQ¿QDQFLHUDGHO
SDtV DXQTXH UHFLpQ D SDUWLU GH OD SULPHUD GpFDGD GHO
QXHYRVLJORVXSHUDGRVORVHIHFWRVGHODFULVLVFRPHQ]DUiDUHDOL]DUXQDDPSOLDSROtWLFDFUHGLWLFLDGHIRPHQWR D OD DJULFXOWXUD OD JDQDGHUtD \ ODV DFWLYLGDGHV FRPHUFLDOHVHLQGXVWULDOHV
(VGHGHVWDFDUTXHODFULVLVQRVyORWXYRUHODFLyQFRQ
FXHVWLRQHV ¿VFDOHV R FRQ OD FRQGXFWD GH LQYHUVRUHV
H[WUDQMHURVVLQRTXHVHQXWULyGHXQDLUUHIUHQDEOHFRUULHQWH HVSHFXODWLYD VREUH WRGR FRQ OD FRPSUDYHQWD
GHWLHUUDVHLQFOX\yODVREUHH[SDQVLyQGHOVLVWHPDGH
FpGXODVKLSRWHFDULDVTXHFRQYLUWLHURQDO(VWDGRHQJDUDQWHHQ~OWLPDLQVWDQFLDGHPDQLREUDVSULYDGDV
(OPHFDQLVPRGHODVFpGXODVHUDHOVLJXLHQWHORVEDQFRV
RWRUJDEDQFUpGLWRVKLSRWHFDULRVDDOOHJDGRVDOJRELHUQR
\JUDQGHVSURSLHWDULRVUXUDOHVSDUDVHJXLUPDQWHQLHQGRRFRPSUDUWHUUHQRVVREUHYDOXDQGRVXVYDORUHVD¿Q
GHMXVWL¿FDUSUpVWDPRVPD\RUHV/RVGHXGRUHVWHQtDQ
FXRWDV¿MDVHQSHVRV\VREUHHVRVFUpGLWRVVHHPLWtDQ
FpGXODVTXHIXQFLRQDEDQFRPRERQRVDOSRUWDGRUFRQ
JDUDQWtDGHO(VWDGRTXHFRWL]DEDQHQ/RQGUHV&RQVWLWX\HURQXQRGHORVLQVWUXPHQWRVGHHVSHFXODFLyQPiV
LPSRUWDQWHV GH OD pSRFD DXQTXH OD RSHUDWRULD HVWDED
¿MDGD HQ SHVRV GH PRGR TXH FXDOTXLHU GHYDOXDFLyQ
DIHFWDEDDVXVWHQHGRUHVHQJUDQSDUWHH[WUDQMHURV
'HWRGRVPRGRVHOPHMRUDPLHQWRGHOLQWHUFDPELRFRPHUFLDOFRQODJHQHUDFLyQGHVDOGRVIDYRUDEOHVGHELGRV DO ERRP DJURH[SRUWDGRU \ D OD UHVWULFFLyQ GH ODV
LPSRUWDFLRQHV \ OD UH¿QDQFLDFLyQ GHO VHUYLFLR GH OD
GHXGD H[WHUQD SURYRFDURQ GHVGH XQD GHFOLQDFLyQGHOSUHPLRGHORURVLQTXHGLVPLQX\HUDODFDQWLGDGGHSDSHOPRQHGDHQFLUFXODFLyQ6HLQLFLyDVtXQ
SURFHVR GH DSUHFLDFLyQ GHO SHVR TXH VH IUHQy FRQ OD
/H\GH&RQYHUVLyQGH
2FXUULy TXH OD DSUHFLDFLyQ GHO SHVR SDSHO RULJLQDED
XQDWUDQVIHUHQFLDGHLQJUHVRVDIDYRUGHORVTXHUHFLEtDQLQJUHVRV¿MRVHQSDSHOPRQHGD\HQFRQWUDGHORV
SURGXFWRUHV \ FRPHUFLDQWHV OLJDGRV D OD H[SRUWDFLyQ
TXHWHQtDQVXVFRVWRVHQGLQHURORFDO\YHQGtDQVXVSURGXFWRVHQRUR3RUHVDUD]yQHVWRV~OWLPRVFRPHQ]DURQ
DGHVDUUROODUXQDFDPSDxDSDUDGHWHQHUODYDORUL]DFLyQ
,GHPS
&I-RKQ+:LOOLDPV$UJHQWLQD,QWHUQDWLRQDO7UDGHXQGHULQFRQYHUWLEOH3DSHU0RQH\+DUYDUG
+6)HUQV³7KH%DULQJ&ULVLV5HYLVLWHG´HQ-RXUQDORI/DWLQ$PHULFDQ6WXGLHV9ROXPH3DUW0D\RGHSS
6
GHO SHVR KDFLHQGR YDOHU VX FRQVLGHUDEOH LQÀXHQFLD
SROtWLFD \ HFRQyPLFD UHFODPDQGR OD LQWHUYHQFLyQ GHO
(VWDGRHQHOPHUFDGRFDPELDULR$WHQGLHQGRDODVSUHVLRQHVHQDJRVWRGHHO3RGHU(MHFXWLYRHQYLyDO
&RQJUHVRXQSUR\HFWRGHFRQYHUVLyQGHODPRQHGDTXH
VHWUDQVIRUPyHQOH\GHVSXpVGHDJLWDGRVGHEDWHVSDUODPHQWDULRV3RUHVWDOH\VHDFWLYDEDOD&DMDGH&RQYHUVLyQ±FUHDGDSRU3HOOHJULQLHQTXHWHQtDSRU
IXQFLyQ FRQYHUWLU HO SDSHO PRQHGD HQ RUR DO FDPELR
GHSHVRVPRQHGDQDFLRQDOSRUSHVRRURRVHD
GHRURVHOODGRSRUSHVRSDSHO3DUDVHUYLUGHJD-
DJURH[SRUWDGRU¿QDOL]yHQ$SDUWLUGHHQWRQFHV
ODV HQWUDGDV GH FDSLWDO GLVPLQX\HURQ DEUXSWDPHQWH \
HOSDJRGHOVHUYLFLRGHODGHXGDVHYLRGL¿FXOWDGRSRU
ORTXHHQPD\RGHHVHDxRVHLQLFLyXQFLFORUHFHVLYR
FDUDFWHUL]DGRSRUHOLQFUHPHQWRGHOPRQWRGHODVTXLHEUDVTXHGXSOLFyDOGH\WULSOLFyDOGH
3RUVXSDUWHODVH[SRUWDFLRQHV\ORVPDJURVLQJUHVRV
GH FDSLWDO UHVXOWDURQ LQVX¿FLHQWHV SDUD KDFHU IUHQWH D
ODVLPSRUWDFLRQHV\DORVUXEURVLQYLVLEOHVLQYLUWLpQGRVHHOVLJQRGHOVHFWRUH[WHUQR/DGHWHQFLyQGHOÀXMRGH
Cuadro 2.
Importaciones y exportaciones de oro, existencias en la Caja de Conversión
y emisión de billetes (1900-1914)
HQPLOORQHVGHSHVRVRUR
$xR
,PSRUWD ([SRUWD ,PSRUWD ([LVWHQFLD
(PLVLyQ (PLVLyQ
FLRQHVGH FLRQHVGH FLRQHVGH HQ&DMDGH *DUDQWtD
de
potenoro
oro
oro neta
billetes
FLDO
&RQYHU
/HJDO
VLyQDOUR
0LOORQHVGHSHVRV
0LOORQHVGHSHVRVRUR
GHGLF
papel
—
—
—
—
—
—
(PLVLyQUHDO
SRWHQFLDO
(Q5DSRSRUW)XHQWH)RUG$OHF*(OSDWUyQRUR,QJODWHUUD\$UJHQWLQD%XHQRV$LUHV&RPLWp
*HRJUi¿FR$UJHQWLQR
UDQWtD D OD FRQYHUVLyQ GHO SDSHO PRQHGD VH IRUPDUtD
XQDUHVHUYDPHWiOLFDOODPDGD³IRQGRGHFRQYHUVLyQ´
LQWHJUDGDSRUUHFXUVRVS~EOLFRVGHGLIHUHQWHRULJHQ/D
&DMDFRPHQ]yDIXQFLRQDUFRPSOHWDPHQWHHQORVSULPHURVDxRVGHOQXHYRVLJORFXDQGRODVH[SRUWDFLRQHV
DUJHQWLQDVGLHURQXQVDOWRFXDQWLWDWLYRIRUPLGDEOHTXH
SHUPLWLyMXQWRFRQODVLQYHUVLRQHVH[WUDQMHUDVJHQHUDU
XQDHQWUDGDQHWDSRVLWLYDGHRUR/DHPLVLyQJHQHUDGD IXH PHQRU D OD SRWHQFLDO \ SHUPLWLy D ORV EDQFRV
LQFUHPHQWDUVXVUHVHUYDVHQRUR\VXVSUpVWDPRV6LQ
HPEDUJRXQKLVWRULDGRUEULWiQLFRFDOL¿FyDOD&DMDODSLGDULDPHQWH\FRQFLHUWRKXPRU³>HUD@XQVLVWHPDXOWUDFRQVHUYDGRUGHJHVWLyQPRQHWDULD\¿QDQFLHUDPiV
EULWiQLFRTXHHOEULWiQLFR´
$SDUWLUGHHOLQJUHVRGHRURSRUVXSHUiYLWV
FRPHUFLDOHV\SRUHOÀXMRGHFDSLWDOH[WHUQRFRQWULEX\y
DXQDPD\RUHPLVLyQFRQODFRQVLJXLHQWHH[SDQVLyQGH
ORV QHJRFLRV \ GH ODV DFWLYLGDGHV HVSHFXODWLYDV (VWH
SHUtRGRGHSURVSHULGDGHOPiVSURORQJDGRGHOPRGHOR
FDSLWDOHVH[WHUQRV\ODIXJDGHORVTXHKDEtDQOOHJDGR
D FRUWR SOD]R REOLJy DO JRELHUQR HQ DXQ DQWHV
GHDJRWDUVHODVUHVHUYDVDVXVSHQGHUODFRQYHUWLELOLGDG
YLJHQWH GHVGH 'LVWLQWDV FDXVDV RULJLQDURQ HVD
QXHYDFULVLVHQWUHODVTXHVHGHVWDFDHOLQFUHPHQWRGH
ORVWLSRVGHLQWHUpVGHO%DQFRGH,QJODWHUUDTXHUHYLUWLyHOVLJQRGHOÀXMRGHFDSLWDOHV/D3ULPHUD*XHUUD
0XQGLDODFHOHUyVLQGXGDORVWLHPSRVDOSURYRFDUHQ
XQSULQFLSLRODKXtGDUiSLGDGHOFDSLWDOSHURODFULVLV
HVWDED\DLQVWDODGD\QRGHSHQGLyH[FOXVLYDPHQWHGHO
HVWDOOLGRGHOFRQÀLFWR
(QVtQWHVLVODVFRQWLQXDVÀXFWXDFLRQHVGHODPRQHGD
FX\RUHVSDOGRFUHFtDFRQODHQWUDGDGHRUR\VHGLOXtD
FRQ OD IXJD GH pO SRFR WHQtDQ TXH YHU FRQ HO FUHFLPLHQWRRQRGHODHFRQRPtDPLHQWUDVVHDGYHUWtDXQD
LQHVWDELOLGDGHFRQyPLFD\¿QDQFLHUDTXHVHKL]RFUyQLFD6LQXQRUJDQLVPRUHJXODGRUGHOVLVWHPDPRQHWDULR
ORVFLFORVH[WHUQRVLQÀXtDQHQIRUPDGHWHUPLQDQWHHQ
HO FLFOR HFRQyPLFR LQWHUQR PHGLDGR SRU OD FDQWLGDG
&KDUOHV$-RQHV³%ULWLVK&DSLWDOLQ$UJHQWLQD+LVWRU\6WUXFWXUHV5KHWRULFDQG&KDQJHVHQ$+HQQHVV\\-.LQJ7KH
/DQGWKDW(QJODG/RVW%ULWLVK$FDGHPLF3UHVVS
7
GH GLQHUR \ VX YDORU 'H HVWD IRUPD OD FRQYHUWLELOLGDGVHLQWHUUXPStDFDGDYH]TXHODHQWUDGDGHFDSLWDOHV
H[WHUQRVPHQJXDEDUHVXOWDQGRHQXQDFULVLVGHVHFWRU
H[WHUQR VDOYR GXUDQWH OD SULPHUD GpFDGD GHO VLJOR \
HQ SDUWH GH ORV DxRV ¶ SRU ORV LPSRUWDQWHV VDOGRV
SRVLWLYRV GHO FRPHUFLR H[WHULRU DXQTXH HO VHUYLFLR
GH OD GHXGD UHSUHVHQWDED XQD SDUWH LPSRUWDQWH GH ODV
H[SRUWDFLRQHV3HURQRSXGLHURQHYLWDUVHODVFULVLVGH
\ /D UHGXFFLyQ GH UHVHUYDVGHPHWDO\PRQHGDH[WUDQMHUDLPSLGLyHQWRGRV
HVRVFDVRVPDQWHQHUODFRQYHUWLELOLGDG/DGHYDOXDFLyQ
SURYRFDEDHQIRUPDLQPHGLDWDXQDJXGRDXPHQWRGH
SUHFLRVDYLYDGRSRUODHPLVLyQGHORVEDQFRV\GHO(VWDGRFX\RVLQJUHVRV¿VFDOHVVHUHGXFtDQEUXVFDPHQWH
DOHVWDUDWDGRVDODVWUDQVDFFLRQHVFRQHOH[WHULRU$Vt
SRUHMHPSORGHDODFLUFXODFLyQPRQHWDULD
VHPXOWLSOLFySRU
+XERSHUtRGRVGHDOWRFUHFLPLHQWRHFRQyPLFRSHURFRQ
XQOLPLWDGRKRUL]RQWHSURGXFWLYRXQFRPHUFLRH[WHULRU
FLUFXQVFULSWRDODH[SRUWDFLyQGHSURGXFWRVSULPDULRV
\ODLPSRUWDFLyQGHELHQHVPDQXIDFWXUDGRV\XQDJUDQ
FRQFHQWUDFLyQGHODULTXH]D([LVWHXQPLWRGHTXHOD
$UJHQWLQDHVWXYRDOJXQDYH]HQWUHODVSULQFLSDOHVHFRQRPtDVGHOPXQGRDOJRTXHQRSXHGHGHPRVWUDUVHIHKDFLHQWHPHQWHSRUPHGLRGHFLIUDVSRUTXHHQHVDpSRFD
QRH[LVWtDQFiOFXORVGHOSURGXFWR\GHOLQJUHVRQDFLRQDO3HURD~QUHFRQRFLHQGRHVHFUHFLPLHQWRHFRQyPLFRVHH[SHULPHQWyXQDFDVLSHUPDQHQWHLQHVWDELOLGDG¿QDQFLHUDFRQFULVLVIUHFXHQWHV\GHSHQGHQFLDGH
IDFWRUHV\FR\XQWXUDVH[WHUQDV
“Existe un mito de que la Argentina estuvo
alguna vez entre las principales economías
del mundo, algo que no puede demostrarse fehacientemente por medio de cifras
porque en esa época no existían cálculos
del producto y del ingreso nacional”.
3. LOS AÑOS ‘20 Y EL BREVE LAPSO DE CONVERTIBILIDAD
'XUDQWHODGpFDGDGHOYHLQWHODEDODQ]DGHSDJRVHYLGHQFLy DOJXQDV GH ODV FDUDFWHUtVWLFDV GH ORV SULPHURV
DxRV GHO VLJOR HO VDOGR FRPHUFLDO IDYRUDEOH IXH FRQWUDUUHVWDGRSRUORVDPSOLRVVDOGRVQHJDWLYRVGHORVVHUYLFLRV¿QDQFLHURVTXHIXHURQ¿QDQFLDGRVSRUQXHYDV
LPSRUWDFLRQHVGHFDSLWDO/DDOWDYRODWLOLGDGGHODFR\XQWXUDLQWHUQDFLRQDOHQPDWHULDGHÀXMRVGHFDSLWDO\
GHSUHFLRVGLROXJDUHQOD$UJHQWLQDDLQWHQVDVÀXFWXDFLRQHV(QFDPELRHOVLVWHPDPRQHWDULR\EDQFDULRDUJHQWLQRPRVWUDEDXQDH[WUDRUGLQDULDULJLGH]8QVDOGR
SRVLWLYRVHSRGtDWUDQVIRUPDUHQXQDXPHQWRHQODFDSDFLGDGGHFRPSUDSHURXQRQHJDWLYRQRLPSOLFDEDOD
UHWLUDGDGHFDSLWDOHVDGTXLULGRVHQODFXDQWtDDGHFXDGD
SXHVODLQH[LVWHQFLDGHXQ%DQFR&HQWUDOSHUPLWtDDODV
LQVWLWXFLRQHV EDQFDULDV FRQWLQXDU OD H[SDQVLyQ GH ORV
FUpGLWRVKDVWDVLWXDFLRQHVLQWROHUDEOHV
/DUHFXSHUDFLyQGHODHFRQRPtDGHORVSDtVHVHXURSHRV
HQODSRVJXHUUD\HOFUHFLPLHQWRGHOVHUYLFLRGHODGHXGDKL]RTXHHQHOSHUtRGRODEDODQ]DGHSDJRVVHPDQWXYLHUDDGYHUVD\HOSHVRVHGHSUHFLDUD
Cuadro 3: existencias de oro y billetes en circulación, 1914-1933
$xR
&DMDGH
%LOOHWHVHQ
&RQYHUVLyQ FLUFXODFLyQ
0LOORUR 0LOOPQ 0LOORUR
7LSRGH&DPELR
0LOORUR
PQOLEUD
PQ86
(ODERUDFLyQSURSLD)XHQWH&RPLWp1DFLRQDOGH*HRJUDItD$QXDULR*HRJUi¿FR$UJHQWLQR
8
3HURKDFLDVHSURGXMRXQQXHYRÀXMRGHFDSLWDOHV
H[WUDQMHURV VREUH WRGR QRUWHDPHULFDQRV DWUDtGRV HQ
HVWHFDVRSRUHOVHFWRULQGXVWULDO\ODVSRVLELOLGDGHVGH
DPSOLDFLyQGHOPHUFDGRLQWHUQRORFDO'HHVHPRGRXQ
DxRPiVWDUGHODVH[LVWHQFLDVGHRURDXPHQWDURQPiV
GH PLOORQHV GH SHVRV RUR OR TXH SHUPLWLy HPLWLU
PLOORQHVGHSHVRVPRQHGDQDFLRQDOSUHFLSLWDQGROD
GHFLVLyQGHOJRELHUQRGRQGHSUHGRPLQDEDQODVLGHDV
OLEHUDOHVGHYROYHUDODFRQYHUVLyQHOGHDJRVWRD
XQDWDVDVLPLODUDODGHYLQFXODQGRQXHYDPHQWH
OD HPLVLyQ PRQHWDULD D ODV UHVHUYDV GH RUR \ GLYLVDV
HQHOPDUFRGHXQDXPHQWRGHODVH[SRUWDFLRQHV\GH
HQWUDGDGHFDSLWDOHVH[WUDQMHURV(OSDtVVHVXPDEDDXQ
HVFHQDULR LQWHUQDFLRQDO GRQGH OD YXHOWD DO SDWUyQ RUR
SDVDED D VHU HO GHQRPLQDGRU FRP~Q HQWUH ODV HFRQRPtDVPiVGHVDUUROODGDV
HVWDEDEDVDGRHQXQQH[RGHPDVLDGRDXWRPiWLFRHQWUH
ODHQWUDGDRODVDOLGDGHORURSRUXQDSDUWH\ODFLUFXODFLyQPRQHWDULDSRUODRWUD(VDVtTXHORVPRYLPLHQWRV
HQODEDODQ]DGHSDJRVRULJLQDEDQXQSURFHVRFtFOLFR
/D IDVH DVFHQGHQWH VH FDUDFWHUL]DED SRU HO LQFUHPHQWR GH ODV H[SRUWDFLRQHV \ OD HQWUDGD GH FDSLWDOHV H[WUDQMHURV $XPHQWDEDQ ODV WHQHQFLDV GH RUR FUHFtDQ
ORVHIHFWLYRVGHORVEDQFRV\VHDFUHFHQWDEDHOSRGHU
GH FRPSUD GH OD SREODFLyQ (VWH IHQyPHQR HVWLPXODED FRUUHODWLYDPHQWH OD GHPDQGD WDQWR GH DUWtFXORV \
VHUYLFLRV QDFLRQDOHV FRPR GH DUWtFXORV LPSRUWDGRV
3RUHOFRQWUDULRODIDVHGHVFHQGHQWHVHLQLFLDEDFXDQGRVHDJRWDEDHOLPSXOVRDVFHQGHQWHSRUTXHGLVPLQXtD
ODGHPDQGDPXQGLDORVHGHELOLWDEDODFRUULHQWHGHLQYHUVLRQHVRDPEDVFRVDVVLPXOWiQHDPHQWHUHÀHMDQGR
ODV GL¿FXOWDGHV HFRQyPLFDV GH ODV JUDQGHV SRWHQFLDV
/DFRQYHUWLELOLGDGIXHGHWRGRVPRGRVDSR\DGDPLHQ- (QWRQFHVGLVPLQXtDHOSRGHUGHFRPSUDGHODSREODWUDV ODV FXHQWDV H[WHUQDV VLJXLHURQ HYROXFLRQDQGR ID- FLyQ\ODGHPDQGDGHDUWtFXORV\VHUYLFLRVQDFLRQDOHV
YRUDEOHPHQWH\HOVXSHUiYLWOOHJyDLJXDODUODVREOLJD- HLPSRUWDGRV0LHQWUDVVHOOHJDEDDXQQXHYRSXQWRGH
FLRQHVQHWDVGHODFXHQWDFRUULHQWHFRQHOH[WHULRUFRQ HTXLOLEULRHQHOEDODQFHGHSDJRVVHJXtDQVDOLHQGRHO
ORFXDOVHFUH\yDOFDQ]DGRHODQVLDGRHTXLOLEULR3HUR RUR\ODVGLYLVDVGHODVUHVHUYDVPRQHWDULDV
HVWDVLWXDFLyQFDPELyUiSLGDPHQWHHQ
(QHVWHSURFHVRORVSDtVHVGHOFHQWUR\GHODSHULIHULD
(QUHDOLGDGHOUpJLPHQGHFRQYHUVLyQVyORIXQFLRQDED QRVXIUtDQODVPLVPDVFRQVHFXHQFLDV3XHVHO%DQFRGH
HQSHUtRGRVGHERQDQ]DDOHQWUDUHOPHWiOLFRSHUPLWtDHO ,QJODWHUUDFRPR\DKHPRVVHxDODGRSRGtDVXELHQGRR
DXPHQWRGHOFLUFXODQWHDWUDYpVGHODHPLVLyQPRQHWDULD GLVPLQX\HQGRODVWDVDVGHLQWHUpVPDQHMDUORVFLFORVD
\ODH[WHQVLyQGHOFUpGLWRSHURFXDQGRHORURYROYtDD VXIDYRU+DFLD³ORVHIHFWRVGHODHOHYDFLyQGHOD
VDOLUSURYRFDEDDODUPDV\FUtWLFDVSRUODGLVPLQXFLyQ WDVDGHLQWHUpVHQORV(VWDGRV8QLGRVVREUHOD5HS~EOLGHOQXPHUDULRORTXHREOLJDEDDVXVSHQGHUODFRQYHU- FD$UJHQWLQD´HUDQSDUD3UHELVFK³ODUHSHWLFLyQGH
VLyQFRPRSDVyHQSDUDODSULPHUDH[SHULHQFLD XQ YLHMR IHQyPHQR´ TXH FDUDFWHUL]DED HO GHVDUUROOR
\FRPRVXFHGHUtDHQSDUDODVHJXQGD GHOVLVWHPDHQVXFRQMXQWR(VWRPLVPRLEDDVXFHGHU
FLQFXHQWDDxRVPiVWDUGHKDFLDSURGXFLHQGROD
'XUDQWH ORV ~OWLPRV PHVHV GH OD VLWXDFLyQ KD- FULVLVGHODGHXGDHQ$PpULFD/DWLQD
EtDFRPHQ]DGRDDOWHUDUVH/RVSUHFLRVGHORVSURGXFWRVH[SRUWDEOHVHPSH]DURQDGHVFHQGHUUiSLGDPHQWH 3HURODFULVLVPXQGLDOLPSOLFDUtDODUXSWXUDGHOSDWUyQ
PLHQWUDV TXH ORV SUHFLRV GH LPSRUWDFLyQ QR YDULDURQ RUR\GHOYLHMRVLVWHPDLQWHUQDFLRQDOGHFRPHUFLR\SDHQ OD PLVPD PHGLGD /D FRQVHFXHQFLD IXH TXH ORV JRV SURGXFLHQGR HVWD YH] VHYHUDV FRQVHFXHQFLDV HQ
WpUPLQRV GHO LQWHUFDPELR UHODFLyQ HQWUH ORV SUHFLRV ORVPLVPRVSDtVHVFHQWUDOHV$OWHUySURIXQGDPHQWHOD
GH H[SRUWDFLyQ H LPSRUWDFLyQ VH KLFLHURQ PX\ GHV- HFRQRPtDQDFLRQDO\REOLJyDXQUHSODQWHRLQWHJUDOGH
IDYRUDEOHV SDUD HO SDtV 3RU RWUD SDUWH ORV FDSLWDOHV OD LQVHUFLyQ LQWHUQDFLRQDO \ GH ODV SROtWLFDV LQWHUQDV
H[WHUQRVHQHVSHFLDOORVGHFRUWRSOD]RFRPHQ]DURQD 'H HVH PRGR FRPHQ]y D SHU¿ODUVH HO PRGHOR GH LQHPLJUDUUiSLGDPHQWHSRUHODO]DGHODVWDVDVGHLQWHUpV GXVWULDOL]DFLyQ SRU VXVWLWXFLyQ GH LPSRUWDFLRQHV TXH
HQ(VWDGRV8QLGRVORTXHLEDDFRQVWLWXLUXQSUROHJy- VXVWLWX\yHOSHUtRGRDJURH[SRUWDGRU
PHQRGHODFULVLVTXHVHDYHFLQDED$YDQ]DQGROD
EDODQ]DGHSDJRVUHÀHMDEDHOGHWHULRURGHODVLWXDFLyQ )UHQWHDOGHUUXPEHGHODHFRQRPtDPXQGLDOHQORVDxRV
HFRQyPLFD/D&DMDGH&RQYHUVLyQQRSXGRIUHQDUHO ¶\ODQHFHVLGDGGHVDOYDJXDUGDUVXVSURSLRVLQWHUHGUHQDMHGHGLYLVDVSURYRFDGRSRUODKXtGDGHFDSLWD- VHVODHOLWHROLJiUTXLFDTXHUHWRPyHOSRGHUSROtWLFR
OHV DFHQWXDGD SRU HO GHVHQFDGHQDPLHQWR GH OD FULVLV WUDV GHUULEDU DO JRELHUQR FRQVWLWXFLRQDO GH +LSyOLWR
PXQGLDOGHRFWXEUHGHHVHDxRORTXHOOHYyDODVXV- <ULJR\HQWXYRSRUHMHFRQWUDVXVSURSLRVSRVWXODGRV
SHQVLyQGHODFRQYHUVLyQHOGHGLFLHPEUH³&RQVL- OLEHUDOHVXQDSROtWLFDGHLQWHUYHQFLyQGHO(VWDGRHQOD
GHUDQGR±GHFtDHOGHFUHWRGHO3RGHU(MHFXWLYRTXHHO HFRQRPtD$VtSXGRFUHFHUHOVHFWRULQGXVWULDOEDVDGR
HVWDGRGHLQVHJXULGDGHQODHVWDELOLGDG\UHJXODULGDG HQXQPD\RUSURWHFFLRQLVPR\FRQWUROHVFDPELDULRV
GH OD PRQHGD SRUTXH DWUDYLHVDQ ORV SULQFLSDOHV FHQ- $OPLVPRWLHPSRHOSDtVWHQtDXQDPD\RUDXWRQRPtD
WURV ¿QDQFLHURV GHO PXQGR LQÀX\H DGYHUVDPHQWH HQ UHODWLYDGHORVSRGHUHVH[WHUQRV\GHVXVIXHQWHVWUDGLHOQXHVWURPRWLYDQGRODVDOLGDGHPHWiOLFRVLQFDXVDV FLRQDOHVGH¿QDQFLDPLHQWRDXQTXHHOJRELHUQRLQWHQWyFRQVHUYDUDWRGDFRVWDORVPHUFDGRVH[LVWHQWHVSDUD
YHUGDGHUDPHQWHMXVWL¿FDGDV´
ODFRORFDFLyQGHORVSURGXFWRVDJUDULRV/DH[SUHVLyQ
/D H[FHVLYD ULJLGH] GHO SDWUyQ RUR H[SRQtD DO PHFD- SULQFLSDO GH HVWR ~OWLPR LED D VHU OD ¿UPD GHO 3DFWR
QLVPRDXQDIiFLOURWXUDGHVXVHQJUDQDMHV(OVLVWHPD 5RFD5XQFLPDQHQPD\RGHTXHKDFtDIXHUWHV
5HFLpQHQORVDxRV¶FRPHQ]DURQDFDOFXODUVHFLIUDVGHOSURGXFWRQDFLRQDOSRUSDUWHGHO%DQFR&HQWUDO/DVTXHVHPDQHMDQHQ
ORVOLEURVVRQFiOFXORVUHWURVSHFWLYRVRVLPSOHVHVWLPDFLRQHV05DSRSRUW+LVWRULDHFRQyPLFDSROtWLFD\VRFLDOGHOD$UJHQWLQD
(PHFp%XHQRV$LUHVSS
:%HYHUDJJL$OOHQGH(OVHUYLFLRGHOFDSLWDOH[WUDQMHUR\HOFRQWUROGHFDPELRV)&(0p[LFRS
-RVp3DQHWWLHUL'HYDOXDFLRQHVGHODPRQHGD%XHQRV$LUHVS
53UHELVFK2EUDV7RPR,,S
9
FRQFHVLRQHV D ORV LQWHUHVHV EULWiQLFRV D ¿Q GH SRGHU URQRWURVSUR\HFWRVFRPRHOGHFUHDFLyQGHXQ%DQFR
PDQWHQHU XQD FXRWD GH H[SRUWDFLyQ GH FDUQHV HQ HO $JUDULRHOGHLPSOHPHQWDFLyQGHXQLPSXHVWRDORV
5HLQR8QLGR
UpGLWRV\HOGHDSOLFDFLyQGHGHUHFKRVDODH[SRUWDFLyQ
3DUDSRQHU¿QDHVWDVLWXDFLyQHOSUHVLGHQWH<ULJR\HQ
/D ODUJD FULVLV GHVDWDGD FRQ HO FUDFN GH OD %ROVD GH UHPLWLy GRV DxRV PiV WDUGH HO GH VHSWLHPEUH GH
1XHYD<RUN HQ SXVR WDPELpQ VREUH HO WDSHWH OD XQ SUR\HFWR GH OH\ TXH IUHQWH D ODV GLYHUJHQQHFHVLGDG LPSRVWHUJDEOH GH UHDOL]DU XQD UHIRUPD GH FLDV HQWUH HO &RQJUHVR \ HO 3RGHU (MHFXWLYR VRPHWtD
(VWDGR QR VyOR HQ HO SODQR ¿VFDO \ DUDQFHODULR VLQR D OD &RUWH 6XSUHPD HO SURQXQFLDPLHQWR VREUH HVWDV
WDPELpQ HQ HO PRQHWDULR$Vt VH FUHy HO %DQFR &HQ- FXHVWLRQHV /D IDFXOWDG GHO &RQJUHVR SDUD DSUREDU HO
WUDOGHOD5HS~EOLFD$UJHQWLQD%&5$HQXQD SUR\HFWRVHIXQGDPHQWDEDHQHODUWtFXORLQFLVR
VRFLHGDGPL[WDFRQHOREMHWLYRGH³UHJXODUODFDQWLGDG GHOD&RQVWLWXFLyQ1DFLRQDOTXHDXWRUL]DED³DO3RGHU
GHFUpGLWR\GHORVPHGLRVGHSDJRDGDSWiQGRORVDODV (MHFXWLYRDGLFWDUWRGDVODVOH\HVFRQYHQLHQWHVSDUDSRQHFHVLGDGHVGHORVQHJRFLRV´/DQHFHVLGDGGHIRUWD- QHUHQHMHUFLFLRORVSRGHUHVFRQFHGLGRVDOJRELHUQRGH
OHFHUORVLQVWUXPHQWRVGHODSROtWLFDPRQHWDULDDSDUH- OD1DFLyQ´3RUVXVXSXHVWRODPD\RUtDRSRVLWRUDYRWy
FLyFRPRXQUHVXOWDGRGHODFULVLVPXQGLDO6LQHPEDU- SRUODQHJDWLYD
JR XQ IDFWRU GHWHUPLQDQWH TXH DSXUy OD FUHDFLyQ GHO (OVLVWHPDGHOD&DMDGH&RQYHUVLyQVHKDEtDUHYHODGR
%DQFR&HQWUDOIXHODXUJHQFLDGHXQVDQHDPLHQWRGHO LQVX¿FLHQWHSDUDHYLWDUODIXJDGHRURRODGHYDOXDFLyQ
VLVWHPD ¿QDQFLHUR$~Q VXSHUDGDV ODV LQVWDQFLDV PiV GXUDQWHODVFULVLV\VXLQQHJDEOHULJLGH]HQpSRFDVGH
JUDYHV GH OD FULVLV HFRQyPLFD OD FDSDFLGDG GH SDJR FRQYHUWLELOLGDGLPSHGtDHOPDQHMRGHODSROtWLFDPRQHGH ORV GHXGRUHV VH HQFRQWUDED VRFDYDGD \ OD FDUWHUD WDULD PLHQWUDV HQ PRPHQWRV GH LQFRQYHUWLELOLGDG IRGHORVEDQFRVDFXPXODEDXQDFUHFLHQWHSRUFLyQGHFUp- PHQWDEDHOHPLVLRQLVPRLQFRQWURODGR
GLWRVLQFREUDEOHV/DV¿QDQ]DVS~EOLFDVSRUVXSDUWH (VSHFLDOLVWDVQRUWHDPHULFDQRV\EULWiQLFRV\DHVWDEDQ
WDPELpQHVWDEDQDJRELDGDVSRUODFULVLV\ODVFDUJDVGH DVHVRUDQGR GHVGH FRPLHQ]RV GH OD GpFDGD GH D
ODGHXGD(VWHFXDGURKDFtDHYLGHQWHODSRVLELOLGDGGH ORV SDtVHV GHO FRQWLQHQWH HQ HVWD GLUHFFLyQ FRPR HO
XQDFRUULGDHQODVHQWLGDGHVPiVFRPSURPHWLGDVTXH SUR\HFWR TXH XQ H[SHUWR LQJOpV 6LU 2WWR 1LHPH\HU
SRGUtDH[SDQGLUVHKDFLDHOFRQMXQWRGHOVLVWHPDEDQFD- KDEtDUHDOL]DGRSDUDHO%UDVLORORVHODERUDGRVSRUHO
ULRODLQFDSDFLGDGGHORVEDQFRVGHUHVSRQGHUDOUHWLUR HVWDGRXQLGHQVH.HPPHUHUSDUDYDULRVSDtVHVDQGLQRV
PDVLYRGHGHSyVLWRVSRGtDOOHYDUDOFRODSVR
1RHVFDVXDOHQWRQFHVTXHVHLQYLWDUDDOPLVPR1LH“La larga crisis desatada con el crack de PH\HUDYHQLUDOD$UJHQWLQDHQSDUDUHDOL]DUXQD
la Bolsa de Nueva York en 1929 puso HYDOXDFLyQGHOVLVWHPD¿QDQFLHUR\DFRQVHMDUXQDVHULH
también sobre el tapete la necesidad im- GH PHGLGDV QHFHVDULDV SDUD VX PHMRU IXQFLRQDPLHQWR
postergable de realizar una reforma de HODERUDQGR HQ XQ LQIRUPH GRQGH GLVHxDED ORV
Estado, no sólo en el plano fiscal y aran- PHFDQLVPRV GHO IXWXUR %DQFR &HQWUDO )LQDOPHQWH HO
celario sino también en el monetario”.
JRELHUQRDLQVWDQFLDVGHOPLQLVWUR3LQHGRTXHDQWHVGH
VXOOHJDGDDOPLQLVWHULRGH+DFLHQGDKDEtDVLGRUHWLFHQWHDODFUHDFLyQGHO%DQFRDSUREyHQPD\RGH
4. LA CRISIS MUNDIAL Y LA CREACIÓN DEL SRU/H\1ƒXQSUR\HFWRTXHHQVXFRQFHSFLyQ
BANCO CENTRAL
GHODSROtWLFDEDQFDULDGLIHUtDGHODVSURSXHVWDVGH1LHPH\HU\IXHGLVFXWLGRDUGRURVDPHQWHHQHO&RQJUHVR
/DLGHDGHODFUHDFLyQGHXQ%DQFR&HQWUDOYHQtDPDGXUDQGRGHVGHKDFtDYDULRVDxRV<DHQHOSUHVL- /DSULQFLSDOIXQFLyQGHOQXHYREDQFRHUDODGHPDQWHGHQWH<ULJR\HQDWUDYpVGHVXPLQLVWURGH+DFLHQGD QHUHOYDORUGHODPRQHGDSDUDORFXDOGHEHUtD³FRQ3HGUR6DODEHUU\SURSXVRODFUHDFLyQGHXQ%DQFRGH FHQWUDU UHVHUYDV VX¿FLHQWHV SDUD PRGHUDU ODV FRQVHOD 5HS~EOLFD VREUH OD EDVH GH FDSLWDOHV HVWDWDOHV \ OD FXHQFLDV GH OD ÀXFWXDFLyQ HQ ODV H[SRUWDFLRQHV \ ODV
JDUDQWtDSRUSDUWHGHOD1DFLyQGHVXVRSHUDFLRQHV(O LQYHUVLRQHVGHFDSLWDOHVH[WUDQMHURVVREUHODPRQHGD
%DQFR WHQGUtD FRPR IXQFLRQHV HPLWLU PRQHGD ERQRV HO FUpGLWR \ ODV DFWLYLGDGHV FRPHUFLDOHV´$VLPLVPR
\ WtWXORV IRPHQWDU HO FUpGLWR FRPHUFLDO LQGXVWULDO \ VHGHWHUPLQDEDTXHODVUHVHUYDVLQWHUQDFLRQDOHVGHEtDQ
DJUDULRFRQWURODUORVFDPELRVLQWHUQDFLRQDOHVUHJXODU DOFDQ]DUDOPHQRVHOGHORVELOOHWHVHQFLUFXODFLyQ
ODVWDVDVGHLQWHUpV\HOFOHDULQJEDQFDULRUHDOL]DUGHV- \REOLJDFLRQHVDODYLVWDXQDGLVSRVLFLyQSUHFDXWRULD
FXHQWRV\UHGHVFXHQWRVGHOHWUDV\SDJDUpVTXHHUDOD TXHVHIXQGDPHQWDEDHQODQHFHVLGDGGHEULQGDUXQUHVIRUPDXVXDOGHOFUpGLWRHQDTXHOODpSRFD$VtSRGUtD SDOGRDODPRQHGDQDFLRQDODVHJXUDUODVWUDQVDFFLRQHV
UHJXODU OD FDQWLGDG GH GLQHUR \ FUpGLWR SURYH\HQGR FRQHOH[WHULRU\HVWDEOHFHUXQOtPLWHDODFDSDFLGDGGH
OLTXLGH] HQ pSRFDV GH UHFHVLyQ SDUD VXDYL]DU OR PiV HPLVLyQ3RURWUDSDUWHVHHVWDEOHFLHURQGLVSRVLFLRQHV
iOJLGR GHO FLFOR HFRQyPLFR (O 6HQDGR GHOD1DFLyQ SDUDIDFLOLWDUODDPRUWLJXDFLyQGHORVPRYLPLHQWRVHQ
GHPD\RUtDRSRVLWRUDJLUyHVWHDYDQ]DGRLQVWUXPHQWR HO VHFWRU H[WHUQR GH OD HFRQRPtD HQ SDUWLFXODU SDUD
GHSROtWLFDPRQHWDULDDOD&RPLVLyQGH+DFLHQGDTXH FRQWUDUUHVWDUODYRODWLOLGDGGHODVLQYHUVLRQHVH[WHUQDV
QXQFD OR WUDWy 3UHVHQWDGR QXHYDPHQWH HQ FRQ \VXLPSDFWRVREUHODVYDULDEOHVPRQHWDULDV&RQXQD
DOJXQDV PRGL¿FDFLRQHV TXH VXEVDQDEDQ REMHFLRQHV WHPSUDQDFRQFHSFLyQDQWLFtFOLFDGHODSROtWLFDPRQHWDSUHYLDV FRUULy LJXDO VXHUWH (O PLVPR GHVWLQR WXYLH- ULDVHSUHYHtDTXHHOHIHFWLYRDEVRUELGRSRUHO%DQFR
52ODUUD-LPpQH]RSFLWS
+LSyOLWR<ULJR\HQ0HQVDMHDO&RQJUHVRGHOGHMXQLRGH9HUWDPELpQ³5REHUWR(WFKHSDUHERUGD³<ULJR\HQ\HO&RQJUHVR´HQ+LSyOLWR<ULJR\HQ3XHEOR\*RELHUQR,90HQVDMHVLQDXJXUDOHVGHO&RQJUHVRGHOD1DFLyQ(G5DLJDO%XHQRV$LUHV
SS
9HU-RUJH/RUHQ]XWWL'LQHURSROtWLFD\EDQFRV+LVWRULDGHO%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD%XHQRV$LUHV
$OGR$UQDXGR&LQFXHQWDDxRVGHSROtWLFD¿QDQFLHUDDUJHQWLQD(O$WHQHR%XHQRV$LUHV
52ODUUD-LPpQH]RSFLWS
10
&HQWUDO HQ XQD IDVH H[SDQVLYD SRGUtD VHU GHYXHOWR D
ODFLUFXODFLyQFXDQGRODHFRQRPtDHQWUDUDHQXQDIDVH
FRQWUDFWLYD(QWUHORVLQVWUXPHQWRVGHSROtWLFDPRQHWDULDTXHDORODUJRGHVXKLVWRULDHO%&5$GLVSRQGUtD
GHEHQPHQFLRQDUVHODVRSHUDFLRQHVGHPHUFDGRDELHUWR
FRPSUD\YHQWDGHYDORUHVOD¿MDFLyQGHPiUJHQHV\
WDVDVGHUHGHVFXHQWRODPRGL¿FDFLyQGHORVHIHFWLYRV
PtQLPRVGHORVEDQFRV\HOFRQWUROGHOFUpGLWR7RGRV
HVWRVDVSHFWRVORGLIHUHQFLDEDQHVHQFLDOPHQWHGHOIXQFLRQDPLHQWRGHOD&DMDGH&RQYHUVLyQ
*Ui¿FR
1935: Creación del Banco Central
“Regular la cantidad de crédito y de los medios
de pago, adaptándolos a las necesidades de
los negocios”
3UHYDOHFtDHOFULWHULRGHTXHODLQWHUYHQFLyQGHOVHFWRU
SULYDGRHQHOPDQHMRGHODHQWLGDGJDUDQWL]DEDODLQGHSHQGHQFLDGHODPLVPDFRQUHVSHFWRDOJRELHUQR/R
FLHUWRHVTXHODGLVWULEXFLyQGHORVYRWRVHQOD$VDPEOHD WHUPLQy EULQGDQGR XQ SHVR GHVSURSRUFLRQDGR D
ODEDQFDSULYDGD\HQSDUWLFXODUDODH[WUDQMHUD\OD
SpUGLGDGHVREHUDQtDGHO(VWDGRQDFLRQDOLPSOLFDEDXQ
GLVHxRLQVWLWXFLRQDOTXHSURYRFyHOUHFKD]RGHVHFWRUHV
SROtWLFRVGHODRSRVLFLyQ
“Prevalecía el criterio de que la intervención del sector privado en el manejo de la entidad garantizaba la independencia de la misma con respecto
al gobierno”.
(O%&5$VLJXLyKDVWDHOHVWDOOLGRGHODJXHUUDXQDSROtWLFDPDUFDGDPHQWHDQWLFtFOLFD(QVXVSULPHURVDxRV
)XQFLRQHV
ODPHMRUtDGHODVFRQGLFLRQHVHFRQyPLFDVFRQUHVSHFWR
- Detentar el privilegio de la emisión de
DOSLFRGHODFULVLVGLROXJDUDXQFLFORDVFHQGHQWHTXH
billetes en el territorio nacional.
IXHPRULJHUDGRSRUXQDSROtWLFDPRQHWDULDFRQWUDFWLYD
0DQWHQHUXQDUHVHUYDVX¿FLHQWHSDUD
(VWRSHUPLWLyVXSHUDUHQSDUWHODIDOWDGHGLYLVDVFDUDFasegurar el valor del peso, ya sea en oro,
WHUtVWLFDGHOSHUtRGRDOFRPSUDUXQDLPSRUdivisas o cambio extranjero.
WDQWHFDQWLGDGGHPRQHGDH[WUDQMHUDORTXHVXSRQtDLQ- Regular la cantidad de crédito y de los me\HFWDUGLQHURORFDOHQHOPHUFDGR3RUHVRSDUDHYLWDU
dios de pago adaptándolos al volumen real
SRVLEOHVWHQVLRQHVLQÀDFLRQDULDVODQ]yWtWXORVS~EOLFRV
de los negocios.
SDUDYROYHUDVDFDUGHOPHUFDGRSDUWHGHHVHGLQHUR
&RQXQDSRUFLyQGHODVGLYLVDVDVXYH]VHFDQFHODURQ
Llevó adelante políticas anticíclicas
GHXGDVFRQHOH[WHULRUTXHUHGXMHURQODFDUJDIXWXUDGH
LQWHUHVHV&XDQGRODVFRQGLFLRQHVHFRQyPLFDVVHYROYLHURQDGHWHULRUDUHQHO%DQFR&HQWUDODGRSWy
6LQHPEDUJRGHVGHXQSULQFLSLRVHWUDQVJUHGLHURQDO- XQDSRVLFLyQPiVOD[DLQWHQWDQGRPRULJHUDUHOLPSDFWR
JXQDV UHJODV LQLFLDOHV FRQ SROtWLFDV KHWHURGR[DV$Vt GHODQXHYDFULVLVVREUHODVDFWLYLGDGHVSURGXFWLYDV
SRUHMHPSORHOHPSOHRGHODVUHVHUYDVSDUDHOSDJRGH
ODGHXGDH[WHUQDHQOXJDUGHUHFXUULUDQXHYRVHQGHX- 2WUD GH ODV LQVWLWXFLRQHV FRQWURYHUWLGDV FUHDGDV HQ
GDPLHQWRV FRQVWLWX\y XQ UHFXUVR TXH IXH XWLOL]DGR D HVRV DxRV IXH HO ,QVWLWXWR 0RYLOL]DGRU GH ,QYHUVLRSRFRGHFUHDUVHHOQXHYREDQFR+DFLHQGRXQEDODQFH QHV%DQFDULDV3DUDVXIXQFLRQDPLHQWRVHGHVWLQDURQ
GHHOSUHVLGHQWH-XVWRGHFtD³&RQUHFXUVRVQD- PLOORQHV GH SHVRV UHVXOWDQWHV GH OD UHYDOXDFLyQ
FLRQDOHVKDQVLGRUHVFDWDGRVHQ(VWDGRV8QLGRVWtWXORV GHORURWUDQVIHULGRGHOD&DMDGH&RQYHUVLyQDO%DQFR
SRUXQWRWDOGHPLOORQHVGHGyODUHV(VVDWLVIDF- &HQWUDO 3DUD H[SOLFDU OD QDWXUDOH]D GH HVWH RUJDQLVWRULRFRQVLJQDUTXHHOSDtVGLVSRQHKR\GHORVUHFXUVRV PRHOPLQLVWUR3LQHGRGLRFRPRUHIHUHQFLDHMHPSORV
QHFHVDULRVSDUDUHDOL]DURSHUDFLRQHVGHWDQWDPDJQLWXG VLPLODUHV HQ ,WDOLD 6XHFLD SDtV JREHUQDGR HQ HVRV
HQHOH[WUDQMHUR(O*RELHUQR>«@SDUDOOHYDUODVDFDER PRPHQWRVSRUORVVRFLDOLVWDV,QJODWHUUD$OHPDQLD
KDPRYLOL]DGRWUDQVLWRULDPHQWHHOIRQGRGHGLYLVDVSUH- \ORV(VWDGRV8QLGRV
YLVRUDPHQWH DFXPXODGR´ 0HQVDMH DQWH HO &RQJUHVR
(O,QVWLWXWRVHIXQGySDUDKDFHUVHFDUJRGHORVFUpGLWRV
1DFLRQDOSiJ
TXHDOJXQRVEDQFRVQRSRGtDQFREUDUGHELGRDODFULVLV
/DGHXGDH[WHUQDVHJXtDSHVDQGRVREUHHOVLVWHPDPR- \TXHORVSRGtDDUUDVWUDUDODTXLHEUD(VRVFUpGLWRVQR
QHWDULR\SRQLHQGRHQFXHVWLyQODVFRQFHSFLRQHVOLEH- FREUDEOHV HQ IRUPD LQPHGLDWD \ ORV ELHQHV QR UHDOL]DUDOHV\PRQHWDULVWDVSUHGRPLQDQWHVTXHUHFRQRFtDQHO EOHVUiSLGDPHQWHVLQJUDQGHVTXHEUDQWRVFDtDQEDMROD
XVRGHODVUHVHUYDVFRQXQVROR¿QUHVSDOGDUHOYDORU GHQRPLQDFLyQGHDFWLYRVFRQJHODGRVGHORVEDQFRVSRU
RSRVLFLyQDORVDFWLYRVOLTXLGDEOHV(O,QVWLWXWRSURFXUDGHODPRQHGD
EDVREUHWRGRDX[LOLDUDO%DQFRGHOD1DFLyQ\DRWURV
$VLPLVPRODLGHDGHTXHHO%DQFR&HQWUDOIXHVHXQD EDQFRVFRPHUFLDOHVTXHVHKDOODEDQHQGL¿FXOWDGHVSRU
HQWLGDGFRPSOHWDPHQWHSULYDGDQRSURVSHUy(O(VWD- FRQVLGHUDUTXHHOORDIHFWDEDHOLQWHUpVS~EOLFR
GR WHUPLQy DSRUWDQGR HO GHO FDSLWDO DFFLRQDULR
DXQTXHHO3UHVLGHQWHGHO%&5$VHUtDGHVLJQDGRSRUHO 8QRGHORVEDQFRVFRPHUFLDOHVPDVDIHFWDGRVHO%DQFR
3RGHU(MHFXWLYRDSDUWLUGHXQDWHUQDSUHVHQWDGDSRUOD 7RUQTXLVWKDEtDVLGRXQDGHODVPiVSUHVWLJLRVDVFDVDV
$VDPEOHDGH$FFLRQLVWDVHQODTXHHO(VWDGRQRWHQtD ¿QDQFLHUDVDUJHQWLQDVGHVGH¿QHVGHOVLJOR;,;$UDt]
SDUWLFLSDFLyQODH[FHSFLyQIXHODSULPHUDDXWRULGDGGH GHORFXDQWLRVRGHORVVDOYDWDMHV¿QDQFLHURVODRSRVLFLyQ
ODLQVWLWXFLyQ(QULTXH%RVFKGLUHFWDPHQWHQRPEUDGR FXHVWLRQyDODVDXWRULGDGHVQRKDEHUGDGRXQDLQIRUPDSRUHOJHQHUDO-XVWR5D~O3UHELVFKVHKL]RFDUJRDVX FLyQDPSOLDDFHUFDGHORVEDQFRVDVLVWLGRVQLGHOHVWDGR
GHVXVFXHQWDV\PHQRVD~QGHVXVFOLHQWHVPRURVRV
YH]GHODJHUHQFLDJHQHUDOGHO%DQFR
1*RQ]iOH]\'3ROORN³'HORUWRGR[RDOFRQVHUYDGRULOXVWUDGR5D~O3UHELVFKHQOD$UJHQWLQD´HQ'HVDUUROOR
HFRQyPLFR1ƒ%XHQRV$LUHVSS
11
(O JRELHUQR SHURQLVWD TXH YHQGUtD D FRQWLQXDFLyQ
RSWDUtDSRUXQSDtVLQGXVWULDOL]DGR\XQDFRQFHSFLyQ
PRQHWDULDGLIHUHQWHFRQWRGDVODVUHVWULFFLRQHVTXHHQ
DTXHOPRPHQWRHVDGHFLVLyQLPSOLFDEDGHVFDSLWDOL]DFLyQSRUODGHSUHVLyQ\ODJXHUUDSUREOHPDVGHDFFHVRDELHQHVGHFDSLWDO\PDWHULDVSULPDVLQGXVWULDOHV
HWF(UDSUHFLVRVXSHUDUODVOLPLWDFLRQHV\DQRWRULDV
GHO PRGHOR DJURH[SRUWDGRU TXH VH KDEtDQ H[SUHVDGR
HQODFULVLVGHORVDxRV¶
“El gobierno peronista, que vendría a
continuación, optaría por un país industrializado, y una concepción monetaria diferente, con todas las restricciones que en aquel momento esa
decisión implicaba”.
“Era preciso superar las limitaciones
ya notorias del modelo agroexportador, que se habían expresado en la
crisis de los años ’30”.
5. EL PERONISMO, LA INDUSTRIALIZACIÓN
Y LOS CAMBIOS EN EL SISTEMA MONETARIO Y FINANCIERO
/DQXHYDKLVWRULDFRPHQ]yHOGHMXQLRGHGtD
HQTXHVHSURGXMRXQOHYDQWDPLHQWRPLOLWDUTXHGHSXVRDOSUHVLGHQWH&DVWLOOR/DSUHVLGHQFLDUHFD\yGHVSXpVGHXQEUHYHODSVRGHLQFHUWLGXPEUHHQHOJHQHUDO
3HGUR3DEOR5DPtUH]TXLHQIXHFRQVLGHUDGRHOMHIHGH
ODVXEOHYDFLyQ
OHVGDGRHOJUDGRGHREVROHVFHQFLDGHORVH[LVWHQWHV(Q
HVWD YLVLyQ LQÀXtD OD FUHFLHQWH FRQFLHQFLD HQ DOJXQRV
VHFWRUHVGHOHMpUFLWRFRPRHOTXHH[SUHVDEDHOJHQHUDO
6DOYLRGHODQHFHVLGDGGHSURPRYHULQGXVWULDVEiVLFDV
FRPRODVLGHUXUJLD7DPELpQVHWHQtDXQDFUHFLHQWHSUHRFXSDFLyQDFHUFDGHOSRVLEOHGHVPDQWHODPLHQWRGHVHFWRUHVLQGXVWULDOHVTXHDEVRUEtDQPXFKDPDQRGHREUD
ORTXHSRGUtDSURGXFLUDOWRVQLYHOHVGHGHVRFXSDFLyQ
'HULYDGRGHHVWDFRQFHSFLyQXQRGHORVDVSHFWRVGHVWDFDGRV GH OD SROtWLFD HFRQyPLFD IXH OD FUHDFLyQ GHO
%DQFR GH &UpGLWR ,QGXVWULDO $UJHQWLQR %&,$ HQ
GXUDQWHODDGPLQLVWUDFLyQGHOSUHVLGHQWH)DUUHOO
TXHVXFHGLyD5DPtUH]+DFLDHO%&,$HUDUHVSRQVDEOH GH XQ GHO ¿QDQFLDPLHQWR EDQFDULR DO
VHFWRU LQGXVWULDO SDUWLFLSDFLyQ TXH VH LQFUHPHQWy HQ
DxRVSRVWHULRUHVOOHJDQGRDDSRUWDUKDFLDFDVLHO
GHOFUpGLWRWRWDOFRQFHGLGRDODV¿UPDVGHOVHFWRU
/XHJRHVDSDUWLFLSDFLyQGHFD\yDOHQORV~OWLPRV
DxRVGHOJRELHUQRSHURQLVWD
(QHVWHFRQWH[WR\GHDFXHUGRDORVSURSyVLWRVLQLFLDOHVGHODLQVWLWXFLyQODVSHTXHxDV\PHGLDQDVHPSUHVDV IXHURQ IDYRUHFLGDV FRQ FUpGLWRV EDUDWRV SDUD GLVWLQWRV ¿QHV PHQRUHV HQ SURSRUFLyQ SHUR LPSRUWDQWHV
HQUHODFLyQDVXVSRVLELOLGDGHV3HURHO%&,$¿QDQFLy
WDPELpQ D JUDQGHV HPSUHVDV \ D GLYHUVDV FRPSDxtDV
HVWDWDOHVTXHDEVRUELHURQGXUDQWHWRGRHOSHUtRGRXQD
DOWD SURSRUFLyQ GH VXV FUpGLWRV (QWUH ODV SULQFLSDOHV
LQVWLWXFLRQHV EHQH¿FLDGDV VH HQFRQWUDEDQ HO ,QVWLWXWR
$UJHQWLQR GH 3URPRFLyQ GHO ,QWHUFDPELR ,$3, OD
&RPSDxtD$UJHQWLQDGH(OHFWULFLGDG&$'(/D)RUHVWDO $UJHQWLQD $FLQGDU 6LDP 'L 7HOOD /WGD \ ORV
LQJHQLRV D]XFDUHURV DGHPiV GH HPSUHVDV GH FRQVWUXFFLyQ LQWHJUDGDV DO JUXSR HVWDWDO ',1,( *(23(
*UXHQ\%LO¿QJHU:D\V\)UH\WDJ
6LQHPEDUJRGHWUiVGH5DPtUH]VHFRQVWDWyODH[LVWHQFLD GH XQD ORJLD PLOLWDU HO *28 *UXSR GH 2¿FLDOHV
8QLGRVHQWUHORVFXDOHVVHHQFRQWUDEDHOHQWRQFHVFDVL
6LQHPEDUJRFRPRUHPDUFDQ.DW]\.RVDNRII³DSHVDU
GHVFRQRFLGRFRURQHO-XDQ'RPLQJR3HUyQ
GHWHQHUXQDFDUWHUDGHFRUWRSOD]R\GHKDEHUFRQFHGLGR
$O IUHQWH GHO 'HSDUWDPHQWR GH7UDEDMR WUDQVIRUPDGR JUDQFDQWLGDGGHFUpGLWRVIXHUDGHOiUHDLQGXVWULDOHQHVSURQWR HQ 6HFUHWDUtD GH 7UDEDMR \ 3UHYLVLyQ 3HUyQ SHFLDOGLULJLGRVDO,$3,\DOD&RUSRUDFLyQGH7UDQVSRUFRPHQ]yDYLQFXODUVHFRQVHFWRUHVVLQGLFDOHV\ORJUy WHVGHOD&LXGDGGH%XHQRV$LUHVHVWRVSULPHURVDxRV
OD VDQFLyQ GH OH\HV ODERUDOHV \ VRFLDOHV TXH OH JDQD- GHO %DQFR ,QGXVWULDO VH FDUDFWHUL]DQ SRU HO DSR\R \ HO
URQODDGKHVLyQGHORVWUDEDMDGRUHV3HURMXQWRDHOOR IRPHQWRDODSHTXHxD\PHGLDQDHPSUHVD´
OD FUHDFLyQ GHO &RQVHMR 1DFLRQDO GH 3RVJXHUUD HO GH DJRVWR GH SUHVLGLGR SRU HO PLVPR 3HUyQ HQ (V GH GHVWDFDU TXH H[LVWLy XQ VXEVLGLR HQFXELHUWR HQ
HOFXDOVHHQFRQWUDEDQUHSUHVHQWDGRVGLVWLQWRVVHFWRUHV ODFRQFHVLyQGHFUpGLWRVDODV¿UPDVWRPDGRUDVGHELGR
GHODRSLQLyQS~EOLFD\JUXSRVGHLQWHUpVUHVSRQGtDD DODVWDVDVGHLQWHUpVQHJDWLYDVSURGXFWRGHOSURFHVR
RWUDVSUHRFXSDFLRQHVPDQWHQHU\GHVDUUROODUHODSDUDWR LQÀDFLRQDULR GHO SHUtRGR /D WDVD GH LQWHUpV DSOLFDGD
LQGXVWULDO\HOSOHQRHPSOHR3RUXQODGRH[LVWtDODFHU- YDULy PX\ SRFR HQ OD HWDSD SRU OR TXH ODV HPSUHVDV
WLGXPEUHGHTXHHOPRGHORDJURH[SRUWDGRUEDVDGRHQ DPRUWL]DEDQ VXPDV LQIHULRUHV D ODV REWHQLGDV HQ HO
HOLQWHUFDPELRHQWUHSURGXFWRVPDQXIDFWXUDGRVSURYH- FDVRGHORVSUpVWDPRVDPHGLDQR\ODUJRSOD]RHO
QLHQWHVGHOH[WHULRU\SURGXFWRVSULPDULRVDUJHQWLQRVVH GHODDPRUWL]DFLyQVHUHDOL]DEDHQHO~OWLPRDxR
KDEtDDJRWDGRFRPRIyUPXODSULQFLSDOGHOFUHFLPLHQWR
HFRQyPLFRGHOSDtV3RURWURVHFRQVWDWDEDTXHHOGHVD- &RQ3HUyQHOHJLGRSUHVLGHQWHFDUJRTXHDVXPLyHQMXrrollo industrial no podía detenerse aunque presentara QLRGHODSROtWLFDHFRQyPLFDPDQWXYRXQDRULHQGL¿FXOWDGHVFUHFLHQWHV6HUHFRQRFtDDVtSRUHMHPSOR WDFLyQLQGXVWULDOL]DGRUD\GHUHGLVWULEXFLyQGHLQJUHVRV
TXHODPD\RUtDGHODVLQGXVWULDVHVWDEOHFLGDVFRQODGH- HQIXQFLyQGHODFXDOODVLQVWLWXFLRQHVPRQHWDULDVVXIULHSUHVLyQPXQGLDO\ODJXHUUDHVWDEDQHVSHFLDOL]DGDVHQ URQLPSRUWDQWHVFDPELRV(QHVWHVHQWLGRXQDPHGLGD
ODSURGXFFLyQGHELHQHVGHFRQVXPR¿QDOORTXHKDFtD FODYHIXHODQDFLRQDOL]DFLyQGHO%DQFR&HQWUDOWRGDYtD
QHFHVDULRLPSRUWDUJUDQFDQWLGDGGHHTXLSRV\PDWHULD- EDMRODSUHVLGHQFLDGH)DUUHOOHQPDU]RGHDTXHODxR
1RHPt*LUEDO%ODFKD³'LFKRV\KHFKRVGHOJRELHUQRSHURQLVWD/RIiFWLFR\ORVLPEyOLFRHQHODQiOLVLVKLVWyULFR´
(QWUHSDVDGRV1ƒ0DUFHOR5RXJLHU(O%DQFRGH&UpGLWR,QGXVWULDO\OD3ROtWLFD(FRQyPLFD3HURQLVWD7HVLVGH0DHVWUtD
HQ+LVWRULD(FRQyPLFD\GHODV3ROtWLFDV(FRQyPLFDV)DFXOWDGGH&LHQFLDV(FRQyPLFDV8%$
-.DW]\%.RVDFRII(OSURFHVRGHLQGXVWULDOL]DFLyQHQOD$UJHQWLQDHYROXFLyQUHWURFHVR\SHUVSHFWLYD%XHQRV$LUHV
SS
12
$SDUWLUGHHVWDGHFLVLyQVHDGRSWDURQXQDVHULHGHGLVSRVLFLRQHVHQPDUFDGDVHQHOGHFUHWR\GLULJLGDVDFDQDOL]DUSUpVWDPRVDWUDYpVGHEDQFRVHVSHFLDOL]DGRVFRPRHO\DPHQFLRQDGRGHFUpGLWRLQGXVWULDO
KDFLDODLQGXVWULD\ODPLQHUtDHO%DQFRGHOD1DFLyQ
$UJHQWLQDKDFLDDFWLYLGDGHVDJUDULDV\FRPHUFLDOHV\
HO%DQFR+LSRWHFDULR1DFLRQDOFX\RREMHWLYRSULQFLSDO
HUDLPSXOVDUODFRQVWUXFFLyQGHYLYLHQGDV/D&DMD1DFLRQDOGH$KRUUR3RVWDOSRUVXSDUWHSURFXUDUtDFDSWDU
HOSHTXHxRDKRUURHQWRGDVVXVIRUPDVRWRUJDQGRVREUHWRGRSUpVWDPRVGHFRQVXPR(O,$3,MXJDEDDVX
YH]XQUROPX\LPSRUWDQWHFDSWDQGRGLYLVDVGHOFRPHUFLR H[WHULRU SURYHQLHQWHV VREUH WRGR GHO VHFWRU DJURSHFXDULRDSUHFLRVPiVUHGXFLGRVTXHORVQRUPDOHV\
WUDQV¿ULpQGRODVDOVHFWRULQGXVWULDO\DRWUDVUDPDVGH
ODHFRQRPtD
“Con Perón elegido presidente, la política económica mantuvo una orientación industrializadora y de redistribución de ingresos, en función de la cual
las instituciones monetarias sufrieron
importantes cambios”.
(OGHFUHWRQDFLRQDOL]DEDWDPELpQORVGHSyVLWRVUHDOL]DGRVHQORVEDQFRVSULYDGRV&RQHVWHSURFHGLPLHQWRVH
EXVFDEDSRQHUEDMRFRQWUROGHO(VWDGRWRGDVODVIXHQWHV
GHODFUHDFLyQGHGLQHURGHOVLVWHPD'HDOOtTXHVLORV
EDQFRVSULYDGRVSRGtDQFRQWLQXDUFDSWDQGRGHSyVLWRV
ODGHFLVLyQVREUHHORWRUJDPLHQWRGHFUpGLWRVHUDWRPDGDHQ~OWLPDLQVWDQFLDSRUODVDXWRULGDGHVPRQHWDULDV
\HVDVHQWLGDGHVVyORSRGtDQSUHVWDUORVIRQGRVTXHHO
(VWDGRSXVLHUDDVXGLVSRVLFLyQ
6HHVWDEOHFLyODJDUDQWtDGHO(VWDGRGHWRGRVORVGHSyVLWRVHIHFWXDGRVWDQWRHQEDQFRVR¿FLDOHVFRPRSULYDGRV
&RQHOORVHSHUVHJXtDEULQGDUXQDJDUDQWtDDEVROXWDD
ORVGHSRVLWDQWHVRULHQWDUODSROtWLFDFUHGLWLFLDKDFLDODV
DFWLYLGDGHVMX]JDGDVSRUHOJRELHUQRFRPRSULRULWDULDV
\UHGXFLUHOFRVWRGHOGLQHURPHGLDQWHODGLVPLQXFLyQ
GHODVWDVDVGHLQWHUpV/RVUHVXOWDGRVIXHURQHQSULQFLSLREDVWDQWHDXVSLFLRVRVORJUiQGRVHXQFRQWUROH¿FD]
GHOGHVWLQRGHOFUpGLWR\VXDVLJQDFLyQDORVVHFWRUHV
HVFRJLGRVSRUODHVWUDWHJLDJXEHUQDPHQWDO
“Una política monetaria flexible y selectiva en favor de la nacionalización
de la economía favoreció el financiamiento bancario a rubros como los
transportes, la construcción y la producción de caucho y de metales”.
8QDSROtWLFDPRQHWDULDÀH[LEOH\VHOHFWLYDHQIDYRUGH
ODQDFLRQDOL]DFLyQGHODHFRQRPtDIDYRUHFLyHO¿QDQFLDPLHQWR EDQFDULR D UXEURV FRPR ORV WUDQVSRUWHV OD
FRQVWUXFFLyQ\ODSURGXFFLyQGHFDXFKR\GHPHWDOHV
(O VHFWRU LQGXVWULDO TXH HQ REWHQtD XQD WHUFHUD
SDUWHGHORVFUpGLWRVWRWDOHVUHFLELyFXDWURDxRVPiV
WDUGH OD PLWDG GHO DSR\R FUHGLWLFLR EDQFDULR 3HUR D
SDUWLUGHFRPRFRQVHFXHQFLDGHXQDQXHYDRULHQWDFLyQHQODSROtWLFDHFRQyPLFDGHVSXpVGHODFULVLVGH
EDODQ]DGHSDJRVGH\GRVVHTXtDVFRQVHFXWLYDVWDPELpQHOVHFWRUDJURSHFXDULRFRPHQ]yDJR]DU
GHPD\RUIDFLOLGDGHQHODFFHVRDOFUpGLWR
*Ui¿FR
Dto. 11.554 Nacionalización del BCRA
- Nacionalizaba también los depósitos realizados en los bancos privados.
- La garantía del Estado de todos los depóVLWRVHIHFWXDGRVWDQWRHQEDQFRVR¿FLDOHV
como privados.
(O(VWDGRHUDTXLHQGHFLGtDHOGHVWLQR¿QDO
GHORVFUpGLWRVWHQtDDVLPLVPRXQDLQÀXHQFLD
GHFLVLYDHQOD¿MDFLyQGHODWDVDGHLQWHUpV
cuyos valores diferían según el destino de los
préstamos
8QDSROtWLFDPRQHWDULDÀH[LEOH\VHOHFWLYDIDYRUHFLyHO¿QDQFLDPLHQWREDQFDULRDUXEURVFRPR
los transportes, la construcción y la producción
de caucho y metales
A partir de 1952, con la nueva orientación de la política económica, también el
sector agropecuario comenzó a gozar de
mayor facilidad en el acceso al crédito.
Cuadro 4: Creación de medios de pago y precios minoristas, 1945-1955
$xR
2UR\
GLYLVDV
6HFWRU
R¿FLDO
6HFWRU
SULYDGR
7RWDO
7DVDGHYDULDFLyQ
3UHFLRVPLQRULVWDV
9DU
3%,
9DU
—
—
—
(ODERUDFLyQSURSLD)XHQWH%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD(Q5DSRSRUW0
13
(QODPHGLGDHQTXHHO(VWDGRHUDTXLHQGHFLGtDHOGHVWLQR¿QDOGHORVFUpGLWRVWHQtDDVLPLVPRXQDLQÀXHQFLDGHFLVLYDHQOD¿MDFLyQGHODWDVDGHLQWHUpVFX\RV
YDORUHVGLIHUtDQVHJ~QHOGHVWLQRGHORVSUpVWDPRV(Q
HVHSXQWRODLQGXVWULDUHFLELyXQDSR\RSDUWLFXODUEHQH¿FLiQGRVHFRQWDVDVGHLQWHUpVLQIHULRUHVDODWDVDGH
LQÀDFLyQKHFKRTXHHQFXEUtDXQVXEVLGLRDHVHVHFWRU
(QJHQHUDOGXUDQWHODJHVWLyQSHURQLVWDVHUHJLVWUDURQ
WDVDVGHLQWHUpVUHDOHVQHJDWLYDVKHFKRTXHIDYRUHFtD
ODDFWLYLGDGSURGXFWLYDGHVGHGRVSXQWRVGHYLVWD
6RVWHQtD 3UHELVFK TXH ³OD$UJHQWLQD DWUDYLHVD SRU OD
FULVLVPiVDJXGDGHVXGHVDUUROORHFRQyPLFRPiVTXH
DTXpOODTXHHOSUHVLGHQWH$YHOODQHGDKXERGHFRQMXUDU
³DKRUUDQGRVREUHHOKDPEUH\ODVHG´\PiVTXHODGHO
µ\TXHODGHKDFHXQFXDUWRGHVLJORHQSOHQDGHSUHVLyQPXQGLDO´3DUDVXVWHQWDUWDOD¿UPDFLyQQRGXGDEDHQUHFXUULUDGDWRVFRQWURYHUWLGRVFRPRD¿UPDU
TXHHQWUH\HOSURGXFWRSRUKDELWDQWHKDEtD
FUHFLGRVyORXQDXQTXHHQWUDEDMRVSRVWHULRUHV
GHOD&(3$/RUJDQLVPRTXHHOPLVPRGLULJtDFRPR
(O GHVDUUROOR HFRQyPLFR GH OD$UJHQWLQD GH HO
3RU XQ ODGR VH HVWLPXODED OD WRPD GH FUpGLWRV 3RU SURGXFWR SHU FiSLWD GHO SHUtRGR HQ FXHVWLyQ UHÀHMDED
HO RWUR VH UHGXFtD HO FRVWR GH RSRUWXQLGDG GH GLFKDV XQDWDVDGHFUHFLPLHQWRGHO
DFWLYLGDGHVIUHQWHDODDOWHUQDWLYDGHODVFRORFDFLRQHV
¿QDQFLHUDV/DFLHQFLDHFRQyPLFDKDUHVDOWDGRSHUPD- /D SROtWLFD HFRQyPLFD GH OD 5HYROXFLyQ /LEHUWDGRUD
QHQWHPHQWHODUHODFLyQLQYHUVDHQWUHODWDVDGHLQYHU- LQWHQWySURPRYHUODH[SDQVLyQHFRQyPLFDFRQHVWDELVLyQ\ODWDVDGHLQWHUpV
OLGDG(OIHQyPHQRLQÀDFLRQDULRHYDOXDGRFRPRXQD
GHODVKHUHQFLDVPiVSHVDGDVTXHGHMDEDHOSHURQLVPR
(QWUH\HOSHVRGHODGHPDQGDGHOVHFWRU HUD DWULEXLGR D GRV IDFWRUHV OD FUHDFLyQ H[FHVLYD GH
S~EOLFRHO¿QDQFLDPLHQWRGHOVHFWRULQGXVWULDO\HOUHV- PHGLRVGHSDJRHVGHFLUODHPLVLyQPRQHWDULD\ORV
FDWHGHODGHXGDH[WHUQDVXPDGDVDODLQÀDFLyQGHSRV- DXPHQWRVPDVLYRVGHSUHFLRV\VDODULRV
JXHUUDTXHYLYtDODHFRQRPtDPXQGLDOFRQVWLWX\HURQHO
SULQFLSDOIDFWRUGHLQFUHPHQWRGHODFLUFXODFLyQPRQH- 'H KHFKR ODV FDXVDV GH OD LQÀDFLyQ GHEtDQ EXVFDUVH
WDULD$ODYH]HQHOSHUtRGRVHREVHUYDQ WDPELpQ HQ OD HVWUXFWXUD SURGXFWLYD /D EDMD WDVD UHLPSRUWDQWHVFDPELRVTXHVHFRUUHVSRQGHQDODVWUDQV- ODWLYDGHUHQRYDFLyQGHORVELHQHVGHFDSLWDO\VXSURIRUPDFLRQHV GH OD SROtWLFD HFRQyPLFD LPSOHPHQWDGD JUHVLYDREVROHVFHQFLDHODJRWDPLHQWRGHORVUHFXUVRV
FRQHOGHVDUUROORGHODFULVLV(OHUDULRS~EOLFRUHGXMR QDWXUDOHVHOGHWHULRURGHORVWpUPLQRVGHOLQWHUFDPELR
QRWRULDPHQWHOD¿QDQFLDFLyQFRQHPLVLyQGHGLQHUR\ \ODVDFFLRQHVGHORVPRQRSROLRVGDEDQRULJHQDXQD
OD GHPDQGD GH FUpGLWRV GHO VHFWRU SULYDGR SDVy D VHU LQÀDFLyQHVWUXFWXUDOTXHVHPDQLIHVWDEDRUDFRPRLQHOSULQFLSDOIDFWRUGHODH[SDQVLyQDSXQWRWDOTXHHO ÀDFLyQGHGHPDQGDRUDFRPRLQÀDFLyQGHFRVWRVSHUR
YROXPHQGHFUpGLWRVVXSHUDEDDOGHORVGHSyVLWRV'H TXHSRQtDHQHYLGHQFLDHOFDUiFWHUVXEGHVDUUROODGRGH
PRGRWDOTXHHOFLUFXODQWHFUHFLyDXQDWDVDPX\LQIH- ODHFRQRPtDORFDO
ULRUDOLQFUHPHQWRGHORVSUHFLRV
$VtODWDUHDHVSHFt¿FDGHOJRELHUQRGHOD5HYROXFLyQ
(QODVUHVWULFFLRQHVHQPDWHULDPRQHWDULDVHUHOD- /LEHUWDGRUDVHFRQGLFLRQDEDDOORJURGHODHVWDELOLGDG
FLRQDURQFRQXQGHVFHQVRGHODWDVDGHLQÀDFLyQ\XQD GH SUHFLRV \ OD VXSHUDFLyQ GH ORV GHVHTXLOLEULRV GHO
FDtGD PRGHUDGD GHO VHFWRU SURGXFWLYR 6H VLJXLy XQD VHFWRU H[WHUQR HQ HO FRUWR SOD]R 3DUD HOOR GHEtD DOSROtWLFDPXFKRPiVFRQWURODGDTXHHQORVDxRVLQLFLD- FDQ]DUVH XQD PRQHGD VDQD FRQ XQ VHYHUR FRQWURO HQ
OHVDSHVDUGHTXHQXHYDPHQWHHOJDVWRS~EOLFRJDQy ODHYROXFLyQGHODFDQWLGDGGHGLQHURODUHGXFFLyQGHO
HQLPSRUWDQFLDFRPRIDFWRUGHFUHDFLyQGHPHGLRVGH HPSOHRHQHOVHFWRUS~EOLFRXQDPD\RUUDFLRQDOLGDGHQ
SDJR3HURHOSURFHVRLQÀDFLRQDULRHQ\VH ODVHPSUHVDVGHO(VWDGR\HQWpUPLQRVPiVJHQHUDOHV
UHGXMRGHPDQHUDQRWDEOH
XQDGLVPLQXFLyQGHOJDVWRS~EOLFR
(OSURJUDPDVHLQLFLyFRQXQDIXHUWHGHYDOXDFLyQTXH
3RFRWLHPSRDQWHVGHVXGHUURFDPLHQWR3HUyQKDEtD OOHYyDOGyODUGH\GXUDQWHHOSHURQLVLQWHQWDGRFRQWDUFRQHODVHVRUDPLHQWRHFRQyPLFRGH PRH[LVWtDXQUpJLPHQGHWLSRVGHFDPELRP~OWLSOHVD
5D~O3UHELVFKSRUHQWRQFHVIXQFLRQDULRGHOD&(3$/ XQWLSRGHFDPELR~QLFRR¿FLDOGH3DUDOHODPHQWH
TXLHQ GHFOLQy DFHSWDU HO RIUHFLPLHQWR /DV QXHYDV VHYROYLyDLQVWDXUDUXQPHUFDGROLEUHHQHOTXHHOGyDXWRULGDGHV UHTXLULHURQ GH QXHYR VX FRODERUDFLyQ ODUOOHJyDFRWL]DUVHFHUFDGHORV
ORJUDQGR DKRUD XQD UHVSXHVWD D¿UPDWLYD 3DUDGRMDOPHQWH 3UHELVFK TXH FRQWy FRQ HO DVHVRUDPLHQWR GH (QHOVHFWRUPRQHWDULRVHSUDFWLFyXQDSURIXQGDUHGLYHUVRV HFRQRPLVWDV GHO HVWDEOLVKPHQW OLEHUDO GH OD HVWUXFWXUDFLyQ GH OD EDQFD /RV GHSyVLWRV VH GHVHVpSRFD HODERUy WUHV LQIRUPHV VXFHVLYRV SUHVHQWDGRV WDWL]DURQPLHQWUDVVHGHFUHWyODDXWDUTXtDGHO%DQFR
HQWUH\\WLWXODGRV,QIRUPHSUHOLPLQDUDFHU- &HQWUDO FX\DV DXWRULGDGHV GXUDUtDQ VLHWH DxRV HQ HO
FDGHODVLWXDFLyQHFRQyPLFD0RQHGDVDQDRLQÀDFLyQ FDUJR \ GHEtDQ VHJXLU ORV OLQHDPLHQWRV JHQHUDOHV GH
LQFRQWHQLEOH \ 3ODQ GH UHVWDEOHFLPLHQWR HFRQyPLFR SROtWLFD HFRQyPLFD GHO 3RGHU (MHFXWLYR DXQTXH VH
UHVSHFWLYDPHQWHPXFKDVGHFX\DVLGHDVVHFRQWUDGH- EXVFDED DSDUWDU VX DFFLyQ GH ODV SUHVLRQHV SROtWLFDV
/RVOLQHDPLHQWRVPRQHWDULRVGHOJRELHUQRDSXQWDEDQ
FtDQFRQVXSUpGLFDFHSDOLQD
DGHWHQHUODH[SDQVLyQPRQHWDULDDSDUWLUGHXQDUH(Q HO SULPHU LQIRUPH VH WUD]DED XQ GHVFDUQDGR FXD- GXFFLyQGHOJDVWRS~EOLFR'HHVDPDQHUDVHORJUDUtD
GURGHVLWXDFLyQGHODHFRQRPtDDUJHQWLQDTXHSRQtD ODHVWDELOL]DFLyQ
GHPDQL¿HVWRODSURIXQGDDQWLSDWtDGH3UHELVFKSRUHO
UpJLPHQ SHURQLVWD D SHVDU GH VX SURSyVLWR LQLFLDO GH /RVSUHFLRVVHOLEHUDURQPLHQWUDVWUDWDEDGHPDQWHQHULPSDUFLDOLGDG'HDOOtVXUJtDQODVP~OWLSOHVFRQWUDGLF- VHHOFRQWUROGHOFUHFLPLHQWRGHORVVDODULRV/DVGL¿FLRQHV HQPDUFDGDV HQ XQ GLDJQyVWLFR PX\ SHVLPLVWD FXOWDGHVHQHVWHWHUUHQROOHYDURQOXHJRDODVDQFLyQGHO
53UHELVFK,QIRUPHV(FRQyPLFRV3UHVLGHQFLDGHOD1DFLyQ%XHQRV$LUHV
&I3DEOR.DQGHO&ODYHVGHODHFRQRPtDDUJHQWLQD%XHQRV$LUHVS
14
GHFUHWROH\TXHHVWDEOHFtDXQUtJLGRFRQWURO
GH SUHFLRV 6LQ HPEDUJR HO HUURU GH FiOFXOR FRQ UHVSHFWRDOLPSDFWRGHODGHYDOXDFLyQVREUHORVSUHFLRV
ODUHDSHUWXUDGHODSXMDHQODGLVWULEXFLyQGHOLQJUHVR\
ODLPSRVLELOLGDGGHFRQWURODUH¿FD]PHQWHHOJDVWRS~EOLFR\ODH[SDQVLyQPRQHWDULDHPSXMDURQGHPDQHUD
SURJUHVLYDODWDVDGHLQÀDFLyQKDFLDDUULED
/DDSHUWXUDKDFLDHOFRPHUFLRLQWHUQDFLRQDO\ODE~VTXHGDGHPD\RUSDUWLFLSDFLyQHQORVPHUFDGRVGHFDSLWDOHVOOHYDURQFRQIRUPHDORHVWDEOHFLGRHQHOGHFUHWR
GHOGHDJRVWRGHDTXHOD$UJHQWLQD¿UPDUDORVDFXHUGRVGH%UHWWRQ:RRGVLQFRUSRUiQGRVH
DVtDORVRUJDQLVPRV¿QDQFLHURVLQWHUQDFLRQDOHVFRPR
HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO )0, \ HO %DQFR
0XQGLDO%06HHVWDEOHFLyDOOtTXHODFXRWDTXHGHEtDDSRUWDUVHUtDGHPLOORQHVGHGyODUHVVLPLODUD
ODGHO%UDVLOGHORVFXDOHVXQVHUtDHQRUR\HO
UHVWRHQSHVRVPRQHGDQDFLRQDO
&RPSOHPHQWDULDPHQWH HO GH MXOLR GH OD$UJHQWLQD DFRUGy FRQ RQFH SDtVHV HXURSHRV UHHPSOD]DU
ORVFRQYHQLRVELODWHUDOHVSRUXQVLVWHPDPXOWLODWHUDOGH
SDJRVTXHFRQVWLWX\HURQHOOODPDGR³&OXEGH3DUtV´
&RQHVWRQXHVWURSDtVSRGtDSDJDUVXVGp¿FLWVFRPHUFLDOHVFRQDOJXQDGHHVDVQDFLRQHVHQPRQHGDGHRWUD
GHHOODVFRQODFXDOWXYLHVHVXSHUiYLW$GHPiVVHFRQVROLGDEDQ\UH¿QDQFLDEDQODVGHXGDVTXHOD$UJHQWLQD
PDQWHQtD FRQ HOODV LQFOX\HQGR DO -DSyQ DXQTXH QR
SDUWLFLSDUDGHO&OXETXHHQHVHPRPHQWRDOFDQ]DEDQ
ORVPLOORQHVGHGyODUHV/D$UJHQWLQDVHFRPSURPHWtDDHIHFWXDUHOSDJRGHHVDVGHXGDVHQHOWUDQVFXUVR
GHXQDGpFDGDHQFXRWDVDQXDOHVTXHVH¿MDEDQHQ
PLOORQHVGHGyODUHVSDUDORVGRVSULPHURVDxRVPLOORQHVSDUDORVGRVVLJXLHQWHVPLOORQHVORVFXDWUR
SRVWHULRUHV\HOVDOGRVHFDQFHODUtDUHSDUWLGRHQWUHORV
GRVDxRVUHVWDQWHV/DVGHXGDVLQFOX\HQGRORVLQWHUHVHV VH GLVFULPLQDEDQ GHO VLJXLHQWH PRGR$OHPDQLD
PLOORQHV,WDOLD*UDQ%UHWDxD-DSyQ)UDQFLD\+RODQGDPLOORQHV
6H¿UPyDGHPiVXQFRQYHQLRFRQHO)RQGR0RQHWDULR
,QWHUQDFLRQDO¿UPDGRHQDEULOGHSRUHOPLQLVWUR
GH+DFLHQGD$GDOEHUW.ULHJHU9DVHQD(QHVHHQWRQFHV ODV FRQGLFLRQDOLGDGHV SDUD DFFHGHU D ORV FUpGLWRV
GHORVGHQRPLQDGRVSODQHVGHHVWDELOL]DFLyQGHO)0,
HUDQ YDULDV XQD GUiVWLFD UHGXFFLyQ GHO Gp¿FLW ¿VFDO
OD GHYDOXDFLyQ PRQHWDULD \ OD ÀRWDFLyQ FDPELDULD OD
OLEHUDFLyQGHWRGRWLSRGHFRQWUROGHSUHFLRVODVUHVWULFFLRQHVSDUDRWRUJDUDXPHQWRVVDODULDOHVHOIRPHQWR
DODLQYHUVLyQH[WUDQMHUD\DOHQGHXGDPLHQWRH[WHUQR\
ODGLVPLQXFLyQGHODSURWHFFLyQDUDQFHODULD\¿VFDO
6. CAMBIOS INSTITUCIONALES EN EL PROCESO DE INDUSTRIALIZACIÓN
&RPRKHPRVYLVWRDQWHVGHODGpFDGDGHO¶QRH[LVWtDXQDYHUGDGHUDSROtWLFDPRQHWDULDHOFLUFXODQWHHVWDEDOLJDGRDOVHFWRUH[WHUQR\DODVQHFHVLGDGHVGH¿QDQFLDPLHQWR S~EOLFR /RV JRELHUQRV SURFXUDURQ UHJXODU
HOVLVWHPDPHGLDQWHOD&DMDGH&RQYHUVLyQOLJDQGRHO
SDSHO PRQHGD XWLOL]DGR HQ HO iPELWR QDFLRQDO FRQ HO
RURUHTXHULGRSDUDODVWUDQVDFFLRQHVLQWHUQDFLRQDOHV
'HVSXpV GHO HVWDOOLGR GH OD FULVLV GXUDQWH ORV SULPHURVDxRVGHODGpFDGDGHOWUHLQWDVHLQWHQWyFRQWURODU
ODRIHUWDPRQHWDULD\ORVSUHFLRVPHGLDQWHORVEDQFRV
HVWDWDOHV HO 1DFLyQ KDVWD TXH HVWD IDFXOWDG SDVy DO
%DQFR&HQWUDOIXQGDGRSDUDWDO¿Q'HWRGDVPDQHUDV
HQVXVLQLFLRVHO%DQFR&HQWUDOWDPELpQIXHREMHWRGH
ODVWUDQVIRUPDFLRQHVGHORVPRGRVGHUHJXODFLyQTXH
FRPHQ]DURQ D LPSRQHUVH HQWUH \ HO ¿QDO GH OD
6HJXQGD*XHUUD0XQGLDO(QVXRULJHQHO%&5$HUD
XQ RUJDQLVPR PL[WR HQ FX\D GLUHFFLyQ SDUWLFLSDEDQ
ORVEDQFRVS~EOLFRVQDFLRQDOHV\SURYLQFLDOHVODEDQFD
SULYDGDQDFLRQDO\ORVEDQFRVH[WUDQMHURVUDGLFDGRVHQ
HOSDtV,QFOXVLYHHVWRV~OWLPRVWHQtDQHQHOGLUHFWRULR
XQ SRUFHQWDMH GH YRWRV PD\RU TXH OD SURSRUFLyQ GHO
FDSLWDOVXVFULSWRHQHOEDQFRSRUORVGHPiVJUXSRV
(QODGpFDGDGHOµODHVWDELOLGDGPRQHWDULDGHMDGH
VHUHOREMHWLYRSULPRUGLDOGHO%&5$TXHGDQGRVXERUGLQDGDDODSROtWLFDHFRQyPLFDLQWHUQD'HVGHHOSXQWR
GHYLVWDLQVWLWXFLRQDOHOEDQFRVHQDFLRQDOL]D\HOJRELHUQRDGTXLHUHDVtHOSOHQRFRQWUROGHVXDFFLRQDU 3HURDGHPiVORVREMHWLYRVJLUDQGHVGHODSROtWLFDGH
UHJXODFLyQGHODFR\XQWXUDDODSURPRFLyQGHODVDFWLYLGDGHVSURGXFWLYDV(QHVWHVHQWLGROD&DUWD2UJiQLFDGHO%DQFR&HQWUDOGHGHFtD³(O%DQFRWLHQH
SRUREMHWRSURPRYHURULHQWDU\UHDOL]DU«ODSROtWLFD
HFRQyPLFD DGHFXDGD SDUD PDQWHQHU XQ DOWR JUDGR GH
DFWLYLGDGTXHSURFXUHHOPi[LPRHPSOHRGHORVUHFXUVRVKXPDQRV\PDWHULDOHVGLVSRQLEOHV\ODH[SDQVLyQ
RUGHQDGD GH OD HFRQRPtD FRQ YLVWDV D TXH HO FUHFLPLHQWRGHODULTXH]DQDFLRQDOSHUPLWDHOHYDUHOQLYHO
GHYLGDGHORVKDELWDQWHVGHOD1DFLyQ´
(OGHDJRVWRGHXQGHFUHWRGHOJRELHUQRGHOJHQHUDO$UDPEXUXGLVSXVRODDXWDUTXtDGHO%&5$\FRPHQ]yHOSURFHVRGHUHIRUPD¿QDQFLHUDFXOPLQDGRHQ
GLFLHPEUHGH(VWDHOLPLQyHOVLVWHPDGHQDFLRQDOL]DFLyQGHGHSyVLWRV\ODDVLJQDFLyQHVWDWDOGHOFUpGLWRDSXQWyDOLEHUDOL]DUHOVLVWHPD¿QDQFLHURDUHVWULQJLUODSDUWLFLSDFLyQGHORVEDQFRVS~EOLFRV\DOLPLWDU
ODH[SDQVLyQPRQHWDULDEDVDGDHQHOFUpGLWRGRPpVWLFR
$VLPLVPRSHUPLWLyXQLQFUHPHQWRVLJQL¿FDWLYRHQHO
Q~PHURGH¿UPDV\VXFXUVDOHVEDQFDULDV
“Se firmó además un convenio con el
Fondo Monetario Internacional firma- “El 2 de agosto de 1956, un decreto del
do en abril de 1957 por el ministro de gobierno del general Aramburu dispuso la autarquía del BCRA y comenzó
Hacienda, Adalbert Krieger Vasena”.
el proceso de reforma financiera cul3HURHOSULPHUDFXHUGR6WDQGE\FRQHVDVFRQGLFLRQD- minado en diciembre de 1957. Esta eliOLGDGHVVHFRQFUHWyUHFLpQHQGLFLHPEUHGHEDMRHO minó el sistema de nacionalización de
depósitos y la asignación estatal del
JRELHUQRGH)URQGL]L
crédito, apuntó a liberalizar el sistema
“Pero el primer acuerdo Stand-by con financiero, a restringir la participación
esas condicionalidades se concretó re- de los bancos públicos, y a limitar la
cién en diciembre de 1958 bajo el go- expansión monetaria basada en el
crédito doméstico”.
bierno de Frondizi”.
52ODUUD-LPpQH]RSFLWS
15
/DUHIRUPDGHVHJ~QVXVFUtWLFRVGHVDUUROOyXQD
HVWUXFWXUD EDQFDULD LQHVWDEOH FRQ QXPHURVDV OLTXLGDFLRQHV DGTXLVLFLRQHV IXVLRQHV \ DOWHUDFLRQHV HQ OD
SDUWLFLSDFLyQ HQ HO PHUFDGR GH ORV GLIHUHQWHV EDQFRV
LQGLYLGXDOHV/RVPRQHWDULVWDVDWULEX\HQHVWHFRPSRUWDPLHQWRDOLPSDFWRGHODVWDVDVGHLQWHUpVQHJDWLYDV±OD
³UHSUHVLyQ¿QDQFLHUD´VREUHODUHQWDELOLGDGGHODRSHUDWRULDEDQFDULDWUDGLFLRQDO3HURRSHUDUFRQXQDWDVD
GHLQWHUpVSRVLWLYDVREUHWRGRVLHVGHPDVLDGRHOHYDGD
FRPROOHJyDVHUORDxRVPiVWDUGHD¿QGHQRGLVWRUVLRQDUODDVLJQDFLyQGHUHFXUVRVUHVXOWDDOWDPHQWHSHUMXGLFLDO SDUD OD DFWLYLGDG SURGXFWLYD IDYRUHFLHQGR DO
VHFWRU¿QDQFLHUR\DODVPDQLREUDVHVSHFXODWLYDV
(Q VH DSUREy HO QXHYR UpJLPHQ RUJiQLFRIXQFLRQDOGHO%DQFR\VHDGRSWyHOHVWDWXWRGHO3HUVRQDO
&LYLOGHOD1DFLyQHQIRUPDSURYLVRULD$SHVDUGHOD
LPSURQWDGHVDUUROOLVWDGHOJRELHUQRGH)URQGL]LODLQÀDFLyQ\OXHJRXQDFULVLVDELHUWDOLPLWDURQVXDFFLRQDU
6HDGRSWyHQWRQFHVXQSODQRUWRGR[RGHHVWDELOL]DFLyQ
\ÈOYDUR$OVRJDUD\RFXSyODFDUWHUDGHHFRQRPtDHQ
MXQLRGH(O%&5$YLUyDVtDXQDRULHQWDFLyQRUWRGR[DTXHVHDFHQWXyFRQODFULVLVGH\HOJRELHUQRGH*XLGRSURGXFWRGHXQJROSHGH(VWDGRTXH
GHUULEy D )URQGL]L (QWRQFHV SDVDURQ DO FRPDQGR GH
ODHFRQRPtDORVSULQFLSDOHVUHIHUHQWHVGHOOLEHUDOLVPR
LQFOXLGR)HGHULFR3LQHGR
3HUR ODV GUiVWLFDV PHGLGDV GH DMXVWH \ ODV IXHUWHV
GHYDOXDFLRQHV GHO SHVR UHVXOWDURQ XQ IUDFDVR \ HO
JRELHUQR SVHXGR PLOLWDU VH YLR REOLJDGR D OODPDU D
HOHFFLRQHVFRQODSURVFULSFLyQGHOSHURQLVPRWULXQIDQGRHOUDGLFDO$UWXUR,OOLD'XUDQWHVXJRELHUQRHQ
HOPDUFRGHXQDSROtWLFDPiVQDFLRQDOLVWDTXHDQXOy
ORVFRQWUDWRVSHWUROHURVFRQ¿UPDVH[WUDQMHUDVUHDOL]DGRVSRU)URQGL]LVHKL]RXQDUHIRUPDGHOD&DUWD
2UJiQLFD GHO %&5$ SHUPLWLpQGROH LQFUHPHQWDU ORV
UHFXUVRVPRQHWDULRVGLVSRQLEOHVSDUDODFRQFHVLyQGH
FUpGLWRVDOVHFWRUSULYDGR
(VWRVHFRPSOHPHQWDEDFRQOtQHDVGHFUpGLWRHVSHFLDOHVSDUDODUHDFWLYDFLyQLQGXVWULDOODFDSLWDOL]DFLyQGHO
DJUR \ OD FRQVWUXFFLyQ GH YLYLHQGDV DELHUWDV SRU HO
%DQFR1DFLyQ\¿QDQFLDGDVWDQWRFRQUHFXUVRVSURSLRV
FRPRFRQXQDOtQHDGHSUpVWDPRVGHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
/DGLFWDGXUDGH2QJDQtDTXHGHUURFyD,OOLDSURGXMR
DOJXQRVKHFKRVVLJQL¿FDWLYRVHQHORUGHQHFRQyPLFR\
PRQHWDULR(OSODQLPSOHPHQWDGRSRUHOPLQLVWUR.ULHJHU9DVHQDDSDUWLUGHHQHURFRQWHQtDXQFRQMXQWR
GHPHGLGDVHQWUHODVTXHVHGHVWDFDEDXQD³VREUHGHYDOXDFLyQFRPSHQVDGD´GHOSHVRGHORUGHQGHOSDUD
DFDEDUFRQODHVSHFXODFLyQUHLQDQWH(VWDGHYDOXDFLyQ
WHQtDSRUREMHWRODDWUDFFLyQGHOFDSLWDOH[WUDQMHURHQ
WDQWRJHQHUDEDXQ³HIHFWRULTXH]D´SDUDORVWHQHGRUHV
GH GLYLVDV TXH WXYLHUDQ OD LQWHQFLyQ GH LQYHUWLU HQ HO
SDtV 7DPELpQ VH GHVWDFDED OD LPSOHPHQWDFLyQ GH XQ
LPSXHVWRDODVH[SRUWDFLRQHVTXHDIHFWDEDVREUHWRGR
D ODV PiV WUDGLFLRQDOHV SURFXUDQGR HYLWDU HQWUH RWUDV
FRVDVTXHVHGLVSDUDUDODLQÀDFLyQ
(QODSUiFWLFDODGHYDOXDFLyQODVUHWHQFLRQHV\ODVPRGL¿FDFLRQHVGHDUDQFHOHVWRPDGDVHQFRQMXQWRWHQtDQ
XQHIHFWRVLPLODUDOGHODLQWURGXFFLyQGHXQGREOHWLSR
GHFDPELR8QRPiVEDMRSDUDODH[SRUWDFLyQGHSURGXFWRVSULPDULRV\ODLPSRUWDFLyQGHPDWHULDVSULPDV
\ RWUR PiV DOWR SDUD OD H[SRUWDFLyQ GH SURGXFWRV LQGXVWULDOHVODLPSRUWDFLyQGHELHQHVGHFRQVXPR¿QDO\
ODVWUDQVDFFLRQHV¿QDQFLHUDV/RVLQYHUVRUHVH[WHUQRV
VHYHtDQEHQH¿FLDGRVDGHPiVSRUODOLEHUDOL]DFLyQGHO
PHUFDGRGHFDPELRVTXHHOLPLQDEDWRGRVORVUHTXLVLWRVSDUDORVPRYLPLHQWRVGHIRQGRVFRQHOH[WHULRU
'HVGHHOSXQWRGHYLVWDGHOVHFWRUEDQFDULR\¿QDQFLHUR
KXERHQHVWHSHUtRGRDOJXQRVKHFKRVVLJQL¿FDWLYRV(Q
VH VDQFLRQy XQD QXHYD OH\ GH HQWLGDGHV ¿QDQFLHUDV 6LJXLHQGR XQD WHQGHQFLD TXH \D H[LVWtD HQ HO
RUGHQ PXQGLDO VH SHUPLWtD OD H[LVWHQFLD MXQWR D ORV
WUDGLFLRQDOHV EDQFRV FRPHUFLDOHV H KLSRWHFDULRV GH
HQWLGDGHVPiVHVSHFLDOL]DGDV(OQ~PHURGHHPSUHVDV
¿QDQFLHUDVQREDQFDULDVVHHOHYyDVtUiSLGDPHQWH8Q
UXEURDSHWHFLGRSRUORVFDSLWDOHVH[WUDQMHURVDKRUDIDYRUHFLGRVIXHURQODVLQVWLWXFLRQHVEDQFDULDV(Q
ODV TXH SHUWHQHFtDQ D EDQFRV GHO H[WHULRU GLVSRQtDQ
FRQWDELOL]DQGR VXFXUVDOHV HVWDEOHFLPLHQWRV SHUR
FRQODQXHYDOH\HQVHKDEtDQHOHYDGRDFRQ
HVSHFLDOORFDOL]DFLyQHQODVSULQFLSDOHVSOD]DVGHOSDtV
PLHQWUDVTXHODVHQWLGDGHVR¿FLDOHV\PL[WDVSDVDURQ
GHD
$O PLVPR WLHPSR XQR GH ORV REMHWLYRV GHO JRELHUQR
PLOLWDUIXHHOGHGHWHQHUHOFUHFLPLHQWRGHOVLVWHPDGH
FRRSHUDWLYDVGHFUpGLWRTXHVHUYtDVREUHWRGRSDUD¿QDQFLDUDODVSHTXHxDV\PHGLDQDVHPSUHVDV\FRPSHWtDFRQODRSHUDWRULDGHORVEDQFRV'HODVPLOFRRSHUDWLYDVGHHVWHWLSRH[LVWHQWHVHQFHUFDGHTXH
SXGLHURQ VREUHYLYLU VH WUDQVIRUPDURQ IXVLRQiQGRVH
HQEDQFRVFRRSHUDWLYRVGHVSXpVGHODLPSOHPHQWDFLyQGHODOH\GHHQWLGDGHV¿QDQFLHUDVGH0DUWtQH]GH
+R]HQ
“Uno de los objetivos del gobierno militar fue el de detener el crecimiento del
sistema de cooperativas de crédito. ”.
“De las mil cooperativas de este tipo
existentes en 1966, cerca de 200 que
pudieron sobrevivir se transformaron,
fusionándose, en 77 bancos cooperativos después de la implementación de
la ley de entidades financieras de Martínez de Hoz, en 1977”.
2WURDFRQWHFLPLHQWRGHDTXHOODpSRFDLEDDWHQHUWDPELpQFLHUWDUHSHUFXVLyQHQHOIXWXUR&RQOD³5HYROXFLyQ /LEHUWDGRUD´ HO %DQFR GH &UpGLWR ,QGXVWULDO VH
WUDQVIRUPyHQ%DQFR,QGXVWULDOGHOD5HS~EOLFD$UJHQWLQD%,5$\VXSDUWLFLSDFLyQHQHOVLVWHPDEDQFDULR
GHFUHFLyQRWRULDPHQWHKDVWDHOSXQWRTXHHQVX
FDSLWDO\UHVHUYDVVHDJRWDURQSHVHDTXHORVGLIHUHQWHV
JRELHUQRV SODQWHDEDQ FRQYHUWLUOR HQ XQ EDQFR GH IRPHQWR \ GHVDUUROOR /D FRQVROLGDFLyQ GH XQ PHUFDGR
2VFDU%UDXQ(OFDSLWDOLVPRDUJHQWLQRHQFULVLV%XHQRV$LUHVS
6REUHHOSODQYHUHVSHFLDOPHQWHSRUHMHPSOR53HULQD2QJDQtD/HYLQJVWRQ/DQXVVH/RVPLOLWDUHVHQODSROtWLFD$UJHQWLQD
%XHQRV$LUHV
9HU$UFKLYRKLVWyULFRGHOFRRSHUDWLYLVPRGHFUpGLWR3iJLQDGH,QWHUQHW
16
GHFDSLWDOHVGHODUJRSOD]RQRHUDXQDWDUHDVHQFLOODHQ
ORVSDtVHVVXEGHVDUUROODGRVVHJ~QORKDEtDGHPRVWUDGRHOIUDFDVRGHYDULRVLQWHQWRVS~EOLFRVGHVWLQDGRVD
ORJUDUHVHREMHWLYR/DDOWHUQDWLYDPiVYLDEOHJLUDEDHQ
WRUQRDUHYDORUL]DUHOSDSHOGHODVLQVWLWXFLRQHV¿QDQFLHUDVGHGHVDUUROORHQODJHQHUDFLyQGHDKRUURV\VX
FDQDOL]DFLyQKDFLDODLQYHUVLyQSURGXFWLYD
DVDODULDGRVHQODGLVWULEXFLyQGHOLQJUHVRKDVWDHO
SDUWLHQGRGHXQ3RURWUDSDUWHVHHVWDEOHFLyXQ
SURJUDPDGHHVWDELOL]DFLyQGHSUHFLRV\VHHVWLSXOyXQ
LPSRUWDQWHSODQGHLQWHUYHQFLyQHVWDWDOHQORUHIHULGR
DODFRQVWUXFFLyQGHYLYLHQGDVODRIHUWDGHHGXFDFLyQ
VDOXG \ VHUYLFLRV GH DVLVWHQFLD VRFLDO FRQ HO REMHWLYR
GHFRPEDWLUODH[FOXVLyQVRFLDO\HOGHWHULRURJHQHUDGRHQORVVHFWRUHVPiVSREUHVGHOSDtVSRUHOFUHFLHQWH
(VH URO GHEtD VHU RFXSDGR SRU HO %,5$ LQVWLWXFLyQ GHVHPSOHR)LQDOPHQWHHOSODQHQIDWL]DEDHOSURSyVLWR
VREUHFX\DEDVHVHIXQGyHQHO%DQFR1DFLR- GHFRPEDWLUODVGHVLJXDOGDGHVUHJLRQDOHVDORODUJRGHO
QDO GH 'HVDUUROOR %$1$'( /D LGHD FRQVLVWtD HQ WHUULWRULRQDFLRQDODVtFRPRODQHFHVLGDGGHFRQWURODU
ORJUDU XQD YLJRURVD FRQFHQWUDFLyQ GH ORV UHFXUVRV ODIXJDGHFDSLWDOHV
SURYHQLHQWHVGHODKRUURQDFLRQDOFRQHO¿QGHPDQWHQHUHQHOSDtVODFDSDFLGDGGHGHFLVLyQHQVHFWRUHV (QORUHIHULGRDODSROtWLFDFDPELDULDHOHTXLSRHFRQyGLQiPLFRVGHODHFRQRPtDQDFLRQDO\UHVROYHUHOSUR- PLFRFRQGXFLGRSRU*HOEDUGSURSXVRDOSULQFLSLRHVEOHPDGHOD¿QDQFLDFLyQDPHGLDQR\ODUJRSOD]RGH WDEOHFHUXQWLSRGHFDPELRYDULDEOHFRQGHYDOXDFLRQHV
ODVHPSUHVDVLQGXVWULDOHV
SHULyGLFDVSDUDFRPSHQVDUORVHIHFWRVGHODLQÀDFLyQ
VREUHODFRPSHWLWLYLGDG'LFKDLQLFLDWLYDHQIUHQWDEDOD
3HURVXVREMHWLYRVVHWUXQFDURQSURQWR\VXSROtWLFD WHQD]QHJDWLYDGHTXLHQHVDSR\DEDQHOHVWDEOHFLPLHQWR
FUHGLWLFLDTXHGyDWUDSDGDUiSLGDPHQWHSRUODPRGL¿- GHXQWLSRGHFDPELR¿MR\FX\DSRVLFLyQWHUPLQyLPFDFLyQGHODFR\XQWXUDHFRQyPLFD\FRQGLFLRQDGDD SRQLpQGRVHORTXHTXHGyUHÀHMDGRHQHO$&1\HQHO
VXYH]SRUODFULVLVSROtWLFD\VRFLDOTXHGHULYyHQHO 3ODQ7ULHQDO
DJRWDPLHQWRGHOUpJLPHQPLOLWDULQVWDXUDGRHQ
/DDVLJQDFLyQFUHGLWLFLDQRHYLGHQFLyXQDFODUDRULHQ- (QVHUHLPSODQWyHOUpJLPHQGH³QDFLRQDOL]DFLyQ´
WDFLyQKDFLDORVREMHWLYRVGHOGHVDUUROORGHODVLQGXV- GHORVGHSyVLWRVSRU/H\\VHHVWDEOHFLyQXHYDWULDVGHEDVHQLGHODH[SRUWDFLyQLQGXVWULDOHQPRGR PHQWHODJDUDQWtDGHOD1DFLyQVREUHODVFRORFDFLRQHV
DFRUGHFRQODVSUHVFULSFLRQHVGHORVSODQHVQDFLRQDOHV HQSHVRVVLQOLPLWDFLyQDOJXQDHQIXQFLyQGHOPRQWRR
\ODVGLVSRVLFLRQHVSURPRFLRQDOHV(OORQRLQYDOLGDHO GHVXWLWXODULGDGDVtFRPRVXUHFHSFLyQ\UHJLVWURSRU
KHFKR TXH HQ HO iUHD SHWURTXtPLFD \ HQ OD SURGXF- FXHQWD\RUGHQGHO%DQFR&HQWUDO
FLyQ GH PDWHULDOHV EiVLFRV KLHUUR DFHUR DOXPLQLR
FHOXORVD\SDSHOVHDSR\DUDQSUR\HFWRVGHVWLQDGRVD “En 1973 se reimplantó el régimen de
SURFXUDUODVXVWLWXFLyQGHLQVXPRVTXHSURYHQtDQGHO “nacionalización” de los depósitos,
H[WHULRUFRPSOHWDQGRPXFKDVYHFHVHO¿QDQFLDPLHQ- por Ley 20.520 y se estableció nuevamente la garantía de la Nación sobre
WRLQWHUQDFLRQDO
/LJDGRDPHFDQLVPRVGHFRUUXSFLyQ\DPLJXLVPRIXHURQVREUHWRGRODVSROtWLFDVQHROLEHUDOHVLPSOHPHQWDGDVGHVGHTXHDOHQWDEDQODGHVLQGXVWULDOL]DFLyQ
ODVTXHGHVWUX\HURQVXIXQFLRQDOLGDGDODLQYHUVDGHOR
TXHRFXUULyHQ%UDVLOFRQHO%1'(6XQEDQFRGHRULJHQVLPLODUTXHKR\HVHOSULQFLSDO¿QDQFLVWDGHOVHFWRU
LQGXVWULDOEUDVLOHxR$VtHQPD\RGHPHGLDQWHHO
GHFUHWRHOJRELHUQRGH0HQHPGHFODUy³GLVXHOWR
\HQHVWDGRGHOLTXLGDFLyQ´HO%$1$'(\ODPLVPD
QRUPDGLVSXVRTXHODVREOLJDFLRQHV\ORVSDVLYRVGHOD
GLVXHOWDHQWLGDGSDVDUDQDO%DQFRGHOD1DFLyQ
/D YXHOWD GHO SHURQLVPR DO JRELHUQR HQ VREUH
OD EDVH GH XQ SDFWR VRFLDO KL]R VXSRQHU XQ UHWRUQR D
ODVPRGDOLGDGHVGH¿QDQFLDPLHQWRGHOVHFWRULQGXVWULDO
FRPRHQ ODGpFDGDGHO ¶ (Q MXQLR GH VHIRUPDOL]y HO ODQ]DPLHQWR GHO GHQRPLQDGR 3DFWR 6RFLDO
FXDQGR HO &RQJUHVR GH OD 1DFLyQ UDWL¿Fy HO$FWD GH
&RPSURPLVR1DFLRQDOSDUDOD5HFRQVWUXFFLyQOD/LEHUDFLyQ1DFLRQDO\OD-XVWLFLD6RFLDO$&1(O$&1
SURSRQtD OD FRQIRUPDFLyQ GH XQ HVTXHPD GH FRQFHUWDFLyQ FX\RV WUHV SLODUHV IXQGDPHQWDOHV HUDQ ORV WUDEDMDGRUHV RUJDQL]DGRV ORV HPSUHVDULRV \ HO (VWDGR
TXH VHUtD DFRPSDxDGR SRU XQD SROtWLFD GH IXHUWHV LQFHQWLYRVDODLQYHUVLyQS~EOLFD\SULYDGD8QRGHORV
REMHWLYRV GHO 3DFWR HUD HOHYDU OD SDUWLFLSDFLyQ GH ORV
las colocaciones en pesos”.
3RURWUDSDUWHODLQÀDFLyQTXHYHQtDDFHOHUiQGRVHHQ
ORVPHVHVDQWHULRUHVVHGHWXYRFDVLSRUFRPSOHWR(O
GHVHPSOHRVHUHGXMR\FUHFLyIXHUWHPHQWHODDFWLYLGDG
HFRQyPLFDHVWLPXODGDSRUHODXPHQWRGHOJDVWRS~EOLFRHQVDODULRVGHHPSOHDGRVHVWDWDOHVWUDQVIHUHQFLDVD
ODVSURYLQFLDV\VXEVLGLRVHLQFHQWLYRVDODLQGXVWULD(O
VHFWRUH[WHUQRWDPELpQWXYRXQDHYROXFLyQPX\IDYRUDEOH\GXUDQWHHVHDxRTXHWHUPLQyFRQXQVXSHUiYLW
FRPHUFLDOUpFRUGVHUHJLVWUyXQQRWDEOHLQFUHPHQWRGH
ODVUHVHUYDVGHO%DQFR&HQWUDO
1RREVWDQWHODDSDUHQWHPHQWHH[LWRVDVHQGDGHOSODQ
HFRQyPLFR FKRFy FRQ FDPELRV GHVIDYRUDEOHV HQ HO
FRQWH[WR LQWHUQDFLRQDO TXH FRPSOLFDURQ HO HVFHQDULR
LQWHUQR/DFULVLVLQWHUQDFLRQDOTXHHVWDOOyHQFRQ
HOLQFUHPHQWRVXVWDQWLYRHQHOSUHFLRGHOSHWUyOHRVH
KL]RVHQWLUHQODHFRQRPtDQDFLRQDODSDUWLUGH
DxRHQHOTXHWDPELpQHOFLHUUHGHOPHUFDGRHXURSHRGH
FDUQHV FRQWULEX\y D HPSHRUDU HO SDQRUDPD 0LHQWUDV
WDQWRHQHORUGHQLQWHUQRHOUHFUXGHFLPLHQWRGHODSXMD
GLVWULEXWLYDVHGLRHQSDUDOHORFRQXQDUDGLFDOL]DFLyQ
GHORVDQWDJRQLVPRVVRFLDOHV
(QHVWHPDUFRODPXHUWHGHO3HUyQHOžGHMXOLRGH
DEULyXQVHULRLQWHUURJDQWHDFHUFDGHOIXWXURHFR-
&)05RXJLHU,QGXVWULD¿QDQ]DVHLQVWLWXFLRQHVHQOD$UJHQWLQD/DH[SHULHQFLDGHO%DQFR1DFLRQDOGH'HVDUUROOR
8QLYHUVLGDG1DFLRQDOGH4XLOPHV
17
QyPLFR \ SROtWLFR GHO SDtV (Q ORV PHVHV VLJXLHQWHV
PLHQWUDV/ySH]5HJDDGTXLUtDSUHSRQGHUDQFLDGHQWUR
GHOJDELQHWHFRQGXFLGRDKRUDSRU0DUtD(VWHOD0DUWtQH]GH3HUyQVHLQWHQVL¿FDEDODDFFLyQJXHUULOOHUD\OD
7ULSOH$UHSULPtDDORVVHFWRUHVFRPEDWLYRVGHOSHURQLVPR\GHODL]TXLHUGDH[DFHUEDQGRHOFOLPDSROtWLFR
\VRFLDO(QHVWHHVFHQDULRORVGHVHVSHUDGRVLQWHQWRV
GHOHTXLSRHFRQyPLFRGH*HOEDUGWHQGLHQWHVDUHYLWDOL]DUODFRQFHUWDFLyQIUDFDVDURQHVWUHSLWRVDPHQWHREOLJiQGROR D UHQXQFLDU \ GHELOLWDQGR GH¿QLWLYDPHQWH HO
3DFWR6RFLDO
(O GH MXQLR GH OD FRQGXFFLyQ GHO 0LQLVWHULR
GH(FRQRPtDTXHGyDFDUJRGH&HOHVWLQR5RGULJRXQ
KRPEUHFODYHGHOJUXSRGH/ySH]5HJD3RUVXSDUWH
HQOD6HFUHWDUtDGH3URJUDPDFLyQ\&RRUGLQDFLyQ(FRQyPLFDIXHGHVLJQDGR5LFDUR0DQVXHWR=LQQ\HQWUH
ORVDVHVRUHVGHOQXHYRPLQLVWURIXHURQLQFOXLGRV1LFROiV &DWHQD \ 3HGUR 3RX (O QXHYR PLQLVWUR SUHWHQGtD
UHSDUDU ORV GHVHTXLOLEULRV HFRQyPLFRV \ ¿QDQFLHURV
PHGLDQWHXQDSROtWLFDGHDMXVWHTXHLQFOXtDODDSOLFDFLyQGHXQD³WHUDSLDGHVKRFN´
'RVGtDVGHVSXpVGHDVXPLUHOFDUJR5RGULJRGLVSXVR
XQDLPSRUWDQWHGHYDOXDFLyQ\XQ³WDULID]R´/DGHYDOXDFLyQVXSHUDEDHOHQWDQWRTXHODVWDULIDVHQ
FRPEXVWLEOHVWUDQVSRUWHVJDV\HOHFWULFLGDGVHLQFUHPHQWDURQHQWUHXQ\XQ(OOODPDGR³5RGULJD]R´HVWDEDHQPDUFKD$OPLVPRWLHPSRHOPLQLVWUR
DQXQFLyXQDSROtWLFDGHVHYHUDDXVWHULGDGHQHOJDVWR
S~EOLFR3RUVXSDUWHODOLEHUDOL]DFLyQGHSUHFLRVSDUD
YDULRVSURGXFWRVKDVWDHQWRQFHVIXHUWHPHQWHFRQWURODGRVIXHDQXQFLDGDHOGHMXQLR/DLGHDGHODMXVWHHUD
DOWHUDUODHVWUXFWXUDGHSUHFLRVUHODWLYRVGHODHFRQRPtD
PHGLDQWHXQVKRFNTXHFRQWULEX\HUDDFRQWUDUUHVWDUODV
WHQGHQFLDVDOGp¿FLWH[WHUQR\DOGp¿FLW¿VFDO(OWLSR
GHFDPELRHOSUHFLRGHOGyODUGHEtDVHUHOSUHFLRFRQ
HO PD\RU DXPHQWR VHJXLGR SRU ODV WDULIDV S~EOLFDV
OXHJRORVSUHFLRV\HQ~OWLPROXJDUSRUORVVDODULRV/D
UHGXFFLyQGHOVDODULRUHDOHUDYLVWDFRPRXQDFRQGLFLyQ
LPSUHVFLQGLEOHSDUDORJUDUHODMXVWH
(VWD SROtWLFD HVWDED GHVWLQDGD D XQ IUDFDVR URWXQGR
/DV PHGLGDV IXHURQ DQXQFLDGDV SRU 5RGULJR HO GH
MXQLR FXDQGR ODV QHJRFLDFLRQHV SDULWDULDV VH HQFRQWUDEDQHQHOWUDPR¿QDOSDUDGHWHUPLQDUXQQXHYRQLYHOVDODULDO+DEtDXQDFXHUGRSUiFWLFDPHQWHGH¿QLGR
HQWRUQRDXQDXPHQWRGHOSHURHO³5RGULJD]R´
FDPELyHOHVFHQDULR/D&*7VRVWXYRTXHORVSRUFHQWDMHVFRQVHQVXDGRVHQODVQHJRFLDFLRQHV\DQRWHQtDQ
VHQWLGR\VHQHJyD¿UPDUORVFRQYHQLRV(OJRELHUQR
SURSXVRRWRUJDUXQDXPHQWRJHQHUDOGHOSHUROD
&*7UHFKD]yHORIUHFLPLHQWRH[LJLHQGRODFRQWLQXDFLyQGHODVSDULWDULDV
GHFLUWDVDVQRPLQDOHVLQIHULRUHVDODLQÀDFLyQSDUDORV
FUpGLWRVLQGXVWULDOHV(VWHPHFDQLVPRGHVXEVLGLRVHQFXELHUWRVEXVFDEDIRUWDOHFHUHODSDUDWRSURGXFWLYR\OD
LQYHUVLyQGHFDSLWDO
1R REVWDQWH OD HFRQRPtD DUJHQWLQD H[SHULPHQWDED
IXHUWHV RVFLODFLRQHV TXH VH GHEtDQ SULQFLSDOPHQWH D
GRVIDFWRUHV(OSULPHURHUDODSURIXQGDIUDFWXUDHQORV
SUR\HFWRVH[LVWHQWHVSDUDOD$UJHQWLQDHQORVVHFWRUHV
GLULJHQWHV (O PRGHOR VXVWLWXWLYR IXH XQD DOWHUQDWLYD
TXHQXQFDGHMyGHVHUFXHVWLRQDGDSRULQWHUHVHVFRUSRUDWLYRVOLJDGRVDODVHOLWHVWUDGLFLRQDOHV\HQGLYHUVRV
PRPHQWRVJHQHUDOPHQWHGXUDQWHUHJtPHQHVGHIDFWR
VHLPSXVLHURQSROtWLFDVOLEHUDOHVTXHLQWHQWDEDQUHWRUQDU D HVWUXFWXUDV HFRQyPLFDV PHQRV GLYHUVL¿FDGDV \
FRQXQDLQVHUFLyQPiVIXHUWHHQODHFRQRPtDLQWHUQDFLRQDOVREUHODEDVHGHXQHVTXHPDDJURH[SRUWDGRU(Q
HVRVPRPHQWRVODVSROtWLFDVGHSURPRFLyQLQGXVWULDO
HUDQVXVSHQGLGDVPLHQWUDVVHUHWRUQDEDDFDPLQRVPiV
WUDGLFLRQDOHVHQODSROtWLFDHFRQyPLFD\VREUHWRGRD
SROtWLFDVPRQHWDULDVPiVFRQWUDFWLYDV
(O VHJXQGR IDFWRU HV OD UHFXUUHQFLD GH FULVLV FtFOLFDV
HQODHFRQRPtDDUJHQWLQDTXHGHVHQFDGHQDEDQSROtWLFDVGHDMXVWHGHFRUWRSOD]RSDUDHTXLOLEUDUORVGp¿FLWV
HQODVFXHQWDVH[WHUQDV\¿VFDOHV3RUVXSXHVWRDPERV
IDFWRUHV VROtDQ DSDUHFHU GH PDQHUD VLPXOWiQHD \ ODV
FULVLVHUDQHOFRQWH[WRLGHDOSDUDLPSRQHUSROtWLFDVUHVWULFWLYDVHQORHFRQyPLFR\UHSUHVLYDVRUHJUHVLYDVHQ
ORSROtWLFR
'HVGHDxRGHODSULPHUDFULVLVGHEDODQ]DGHSDJRVKDVWDVHKLFLHURQHYLGHQWHVORVOtPLWHVGHO
FUHFLPLHQWR DUJHQWLQR$Vt OD HFRQRPtD SUHVHQWy XQ
FUHFLPLHQWRFtFOLFRFRQRFLGRFRPR6WRS*R/RVFLFORVHFRQyPLFRVHVWDEDQYLQFXODGRVDOPLVPRWLHPSR
DOPHUFDGRLQWHUQR\DORVPHUFDGRVH[WHUQRV(QODHWDSDGHDXJHDQWHHODXPHQWRGHODSURGXFFLyQLQGXVWULDO
YLQFXODGDDOFRQVXPRORFDOVHLQFUHPHQWDEDQODVLPSRUWDFLRQHVSDUDFRPSUDUELHQHVGHFDSLWDOHLQVXPRV
EiVLFRV\VHUHGXFtDQODVH[SRUWDFLRQHVSRUODPD\RU
GHPDQGDLQWHUQDRULJLQDGDHQODVXEDGHOVDODULRUHDO\
GHORVQLYHOHVGHLQJUHVRV3HURHOGp¿FLWHQODEDODQ]D
FRPHUFLDO HPSXMDGD WDPELpQ SRU HO GHWHULRUR GH ORV
WpUPLQRV GHO LQWHUFDPELR \ ULJLGHFHV HQ OD HVWUXFWXUD
GHORVELHQHVH[SRUWDEOHVWUDWDEDGHVHUUHPHGLDGDFRQ
XQDGHYDOXDFLyQTXHSURYRFDEDXQDXPHQWRGHOSUHFLR
GHORVSURGXFWRVDJUDULRV\GHORLQVXPRVLPSRUWDGRV
UHGXFFLyQGHOFRQVXPR\GHVHPSOHRFUHFLHQWH/DVDXWRULGDGHVHFRQyPLFDVLQWHQWDEDQSRUORJHQHUDOIUHQDU
HOGHWHULRURGHODPRQHGDLPSOHPHQWDQGRXQDSROtWLFD
PRQHWDULD UHVWULFWLYD WtSLFR GH ODV UHFHWDV RUWRGR[DV
(VWRRULJLQDEDXQDFDtGDPD\RUGHODGHPDQGDSRUHO
DXPHQWRHQODVWDVDVGHLQWHUpV\ODUHVWULFFLyQGHOFUpGLWR(QWUH\KXERDOPHQRVWUHVFDtGDVHQ
HOµ\\WUHVPRPHQWRVGHDXJHHQHO
µ µ \ ¶ DXQTXH KXER XQ ODUJR SHUtRGR HQWUH
\HQTXHHO3,%VHLQFUHPHQWyGHPDQHUD
FRQVWDQWH\VLJQL¿FDWLYDVLQHVRVYDLYHQHV
)LQDOPHQWHVLQRWUDVDOLGDHOJRELHUQRWXYRTXHFRPSURPHWHUVH D KRPRORJDU ORV FRQYHQLRV GH ODV SDULWDULDVPLHQWUDVTXH5RGULJR\/ySH]5HJDDEDQGRQDURQ
VXVFDUJRV(OVDODULRUHDOUHFLpQVHUtDDMXVWDGRKDFLD
DEDMRHQORVPHVHVVLJXLHQWHV\SDUWLFXODUPHQWHOXHJR
GHOJROSHPLOLWDUGHPDU]RGHJUDFLDVDODSROtWL- 6LQGXGDODDXVHQFLDGHXQVHFWRULQGXVWULDOLQWHJUDGR
FDHFRQyPLFDLPSOHPHQWDGDSRU0DUWtQH]GH+R]
\H[SRUWDGRU\ODH[LVWHQFLDGHXQVHFWRUDJURSHFXDULR
TXHFRQGLFLRQDEDODH[SRUWDFLyQDVXVSURSLRVLQWHUH0LUDQGRHOODUJRSOD]RHOHOHPHQWRPiVGHVWDFDEOHGH VHVVDELHQGRTXHHUDHOSULQFLSDOSURYHHGRUGHGLYLVDV
ODVSROtWLFDVPRQHWDULDV\¿QDQFLHUDVGHODHWDSDVXVWL- H[SOLFDHQSDUWHHVWDVLWXDFLyQ6LQHPEDUJRHOHQGHXWXWLYDGHLPSRUWDFLRQHVIXHODH[LVWHQFLDHQEXHQDSDU- GDPLHQWRH[WHUQRHUDSHTXHxR\ODLQYHUVLyQH[WUDQMHUD
WHGHOSHUtRGRGHWDVDVGHLQWHUpVUHDOHVQHJDWLYDV±HV VHUDGLFDEDPD\RUPHQWHHQHOVHFWRULQGXVWULDODXQTXH
18
FRQQRWRULDVIDOHQFLDV\GHVQLYHOHV
%DVDGRHQHOGHVDUUROORGHOPHUFDGRLQWHUQR\HQODV
LQGXVWULDVOLYLDQDVGHVGHODFULVLVGHORVDxRVµHVH
SURFHVR IXH FDPELDQGR HQWUH ORV DxRV µ \ µ SDVDQGRDRWUDHWDSDJUDFLDVDODFUHDFLyQGHFLHUWDVLQGXVWULDVEiVLFDVHOpQIDVLVHQODQHFHVLGDGGHFDSLWDOHV
H[WHUQRV \ OD QHFHVLGDG GH TXH HO SURFHVR UHGLVWULEXWLYRSURYHQJDGHOLQFUHPHQWRGHODSURGXFWLYLGDG(Q
VXHWDSD¿QDOVHDJUHJDWDPELpQXQWtPLGRLQWHQWRGH
H[SRUWDFLyQGHPDQXIDFWXUDV
(OGLDJQyVWLFRLQLFLDOTXHKLFLHURQODVDXWRULGDGHVHFRQyPLFDVDODVXPLUHOSRGHUVHxDODEDDODLQÀDFLyQFRPR
SUREOHPDSULQFLSDO3DUDIXQGDPHQWDUVXVSROtWLFDVGH
HVWDELOL]DFLyQ UHFXUULHURQ DO ³HQIRTXH PRQHWDULR GHO
EDODQFHGHSDJRV´HQHOTXHODLQÀDFLyQQRHVDWULEXLGDH[FOXVLYDPHQWHDODRIHUWDH[FHVLYDGHGLQHURVLQR
DO HIHFWR VLPXOWiQHR GH XQD HFRQRPtD FHUUDGD D ODV
LPSRUWDFLRQHV(QHOFDVRGHXQDHFRQRPtDDELHUWDHO
H[FHVRGHGHPDQGDSURYRFDGRSRUODH[SDQVLyQPRQHWDULDSXHGHGHULYDUVHDODVLPSRUWDFLRQHVVLQSURYRFDU
LQÀDFLyQ(QXQDHFRQRPtDFRQWLSRGHFDPELR¿MR\
SHUIHFWDÀH[LELOLGDGGHSUHFLRVHOH[FHVRGHGLQHURHV7. EL MODELO RENTÍSTICO-FINANCIERO: WLPXODODLPSRUWDFLyQTXHREOLJDDODJHQWHDGHVSUHQUN RÉGIMEN MONETARIO AL SERVICIO DE GHUVHGHPRQHGDORFDOSDUDFRPSUDUGLYLVDVGHPDQHUD
LA ESPECULACIÓN
TXH OD RIHUWD PRQHWDULD VH FRQWUDH \ YXHOYH DO QLYHO
GH HTXLOLEULR /D VLWXDFLyQ GHVFULSWD LPSOLFD WDPELpQ
(Q$UJHQWLQDODVSROtWLFDVQHROLEHUDOHVVHLPSOHPHQWD- TXHWUDQVLWRULDPHQWHHOJDVWRVXSHUHDOLQJUHVRSHURHQ
URQWHPSUDQDPHQWHDQWHVD~QTXHHQ,QJODWHUUD\(VWD- HVDVFRQGLFLRQHVVHSURGXFHXQDXPHQWRGHODWDVDGH
GRV8QLGRVEDMRHOFRPDQGRGHOPLQLVWURGH(FRQRPtD LQWHUpVTXHDWUDHUHFXUVRVGHOH[WHULRUSDUD¿QDQFLDUHO
-RVp$OIUHGR0DUWtQH]GH+R]\GHXQHTXLSRHFRQyPL- H[FHVRGHJDVWRV
FRLQVSLUDGRHQODVLGHDVGHODHVFXHODPRQHWDULVWDGHOD
8QLYHUVLGDGGH&KLFDJR
(VWHHVTXHPDTXHGHEtDFRQGXFLUHQHOPHGLDQRSOD]R
$SDUWLUGHOJROSHGHHVWDGRGHOGHPDU]RVH DQLYHOHVGHLQÀDFLyQ\WDVDVGHLQWHUpVFRQYHUJHQWHV
SURGXMHURQSURIXQGRVFDPELRVHQODHVWUXFWXUDHFRQy- FRQODVGH((88WXYRHQODSUiFWLFDFRQVHFXHQFLDV
PLFDDUJHQWLQDTXHWHUPLQDURQSRUFRQIRUPDUXQQXH- QHJDWLYDV&RPRQLORVSUHFLRVQLODVWDVDVGHLQWHUpV
YRPRGHORHFRQyPLFREDVDGRHQODDFXPXODFLyQUHQ- HUDQWRGRORHOiVWLFDVTXHODWHRUtDDGPLWtDJHQHUDURQ
WtVWLFD \ ¿QDQFLHUD OD DSHUWXUD LUUHVWULFWD HQ EXVFD GH XQ SURIXQGR UHWUDVR FDPELDULR TXH GHVDOHQWy OD SURXQDLQVHUFLyQH[SRUWDGRUDVXVWHQWDGDHQHOFULWHULRGH GXFFLyQ\HVWLPXOyODHQWUDGDPDVLYDGHFDSLWDOHVHVHVSHFLDOL]DFLyQHQVHFWRUHVFRQYHQWDMDVFRPSDUDWLYDV SHFXODWLYRV(OUHVXOWDGRIXHXQHQGHXGDPLHQWRTXHD
HOHQGHXGDPLHQWRH[WHUQR\HOGLVFLSOLQDPLHQWRVRFLDO SDUWLUGHHVHPRPHQWRFRQGLFLRQyODVSROtWLFDVHFRQyPLFDVLQWHUQDV
/DGLFWDGXUDPLOLWDUVHSURSXVRUHVWDEOHFHUODKHJHPRQtDGHOPHUFDGRHQODDVLJQDFLyQGHUHFXUVRVUHVWULQJLU 'HVGH FRQ XQD LQWHUUXSFLyQ SDUFLDO GXUDQWH HO
ODSDUWLFLSDFLyQGHO(VWDGR\DEULUODFRPSHWHQFLDGH JRELHUQRGH$OIRQVtQVHLPSOHPHQWyXQDSROtWLFDPRORV SURGXFWRV QDFLRQDOHV FRQ ORV H[WUDQMHURV DXQTXH QHWDULDSDVLYDHQODTXHODFDQWLGDGGHGLQHURVHULJLy
HOORVLJQL¿FDUDVDFUL¿FDUODLQGXVWULDORFDO(QXQDSUL- FDVLH[FOXVLYDPHQWHSRUORVPRYLPLHQWRVGHFDSLWDOHV
PHUD HWDSD GH D VH LPSOHPHQWy XQ SODQ &XDQGRHVWRVLQJUHVDEDQODFDQWLGDGGHPRQHGDVHH[GHDMXVWHRUWRGR[RFRQGHYDOXDFLyQOLEHUDFLyQGHSUH- SDQGtDHVWLPXODQGRXQDFR\XQWXUDDVFHQGHQWH(QOD
FLRV FRQJHODPLHQWR GH VDODULRV IDFLOLGDGHV SDUD ODV HWDSDGHUHÀXMRODPDVDPRQHWDULDVHFRQWUDtD±LQFOXVR
LPSRUWDFLRQHVFHVHGHODSURPRFLyQGHH[SRUWDFLRQHV PiVTXHODH[SDQVLyQSUHYLDSRUFXDQWRORVFDSLWDOHV
LQGXVWULDOHV\XQDUHIRUPD¿QDQFLHUD(OWHUURULVPRGH VDOLHQWHVVHKDEtDQYDORUL]DGR\WDPELpQUHWLUDEDQVXV
HVWDGRLPSLGLyWRGDUHVLVWHQFLDVRFLDODODWUDQVIRUPD- JDQDQFLDVDFHQWXDQGRODGHSUHVLyQ
FLyQUHJUHVLYDGHODHFRQRPtD/DVpOLWHVDJURSHFXDULDV
ORVJUDQGHVJUXSRVHFRQyPLFRV\¿QDQFLHURVORFDOHV\ 'HHVWDIRUPDORVFLFORVLQWHUQRVYROYLHURQDHVWDUGHORVLQWHUPHGLDULRVGHODV¿QDQ]DV\HOFRPHUFLRLQWHU- WHUPLQDGRV ±FRPR HQ OD pSRFD DJURH[SRUWDGRUD SRU
QDFLRQDOHV IXHURQ ORV EHQH¿FLDULRV LQPHGLDWRV \ GH ORVFLFORVGHORVFDSLWDOHV¿QDQFLHURVLQWHUQDFLRQDOHV
ODUJRSOD]RGHHVWDVSROtWLFDV
/DPRQHGDDFW~DDTXtGHPDQHUDDEVROXWDPHQWHSURFtFOLFDH[DFHUEDQGRDXJHV\GHSUHVLRQHVPLHQWUDVHVWL“La dictadura militar se propuso res- PXODHQWRGDVVXVHWDSDVGLIHUHQWHVIRUPDVGHHQGHXtablecer la hegemonía del mercado en GDPLHQWRS~EOLFR\SULYDGR/DHFRQRPtDDUJHQWLQDVH
la asignación de recursos, restringir YROYLy SURFOLYH D LQJUHVDU HQ EXUEXMDV HVSHFXODWLYDV
la participación del Estado, y abrir la VLQXQDEDVHSURGXFWLYDVyOLGDODVTXH¿QDOL]DURQHQ
competencia de los productos naciona- SURIXQGDVFULVLV¿QDQFLHUDV\WXYLHURQIXHUWHVUHSHUFXles con los extranjeros, aunque ello sig- VLRQHVVRFLDOHV
nificara sacrificar la industria local”.
8QDVHJXQGDHWDSDFRPHQ]yHQGLFLHPEUHGHFRQOD
DSOLFDFLyQGHOD³WDEOLWDFDPELDULD´TXHFRQVLVWtDHQGHYDOXDFLRQHVSURJUDPDGDVLQIHULRUHVDODLQÀDFLyQ(VWDV
DSUHFLDURQHOSHVRDJUDYDURQHOFLHUUHGHODVLQGXVWULDV
QDFLRQDOHVLPSRVLELOLWDGDVGHFRPSHWLUFRQORVSURGXFWRVLPSRUWDGRVHLPSXOVDURQXQDJUDQVDOLGDGHGLYLVDV
DFDXVDGHORVGp¿FLWVFRPHUFLDOHV\GHVHUYLFLRVFRPR
ORVLQWHUHVHVSDJDGRVDOFDSLWDOH[WUDQMHUR\HOWXULVPR
DO H[WHULRU (VWRV Gp¿FLWV VH FXEULHURQ FRQ LQJUHVRV GH
FDSLWDOHVODPD\RUtDHQFRQFHSWRGHSUpVWDPRVDOVHFWRU
S~EOLFR\HQPHQRUPHGLGDDODVHPSUHVDVSULYDGDV
(QHVWDFXHVWLyQIXHGHYLWDOLPSRUWDQFLDODUHIRUPD
¿QDQFLHUD GH TXH XELFy DO VHFWRU ¿QDQFLHUR HQ
XQDSRVLFLyQKHJHPyQLFDHQWpUPLQRVGHDEVRUFLyQ\
DVLJQDFLyQGHUHFXUVRV(OQXHYR5pJLPHQGH(QWLGDGHV)LQDQFLHUDVLQLFLDEDXQUXPERFX\RQRUWHDSXQWDED
DODOLEHUDOL]DFLyQGHOPHUFDGRLQWHUQR\DXQDPD\RU
YLQFXODFLyQ FRQ ORV PHUFDGRV LQWHUQDFLRQDOHV (VWD
UHIRUPDVHLQVWDXUyDWUDYpVGHGRVOH\HVOD
VREUH GHVFHQWUDOL]DFLyQ GH ORV GHSyVLWRV \ OD Q~PHUR
VREUHHQWLGDGHV¿QDQFLHUDV\XELFDEDDOVHFWRU
¿QDQFLHURHQXQDSRVLFLyQKHJHPyQLFDHQWpUPLQRVGH
DEVRUFLyQ\DVLJQDFLyQGHUHFXUVRV
19
/DOH\DXWRUL]DEDDO%DQFR&HQWUDODUHVWLWXLUD
ODVHQWLGDGHV¿QDQFLHUDVODIDFXOWDGGHFDSWDUGHSyVLWRV
SRUFXHQWDSURSLD\¿MDUODVWDVDVGHLQWHUpVDFWLYDV\
SDVLYDVVREUHODEDVHGHODJDUDQWtDGHORVGHSyVLWRV
RWRUJDGRVDHVDVHQWLGDGHV3RUVXSDUWHODOH\
HVWDEOHFtD XQ QXHYR UpJLPHQ VHJ~Q HO FXDO HO %DQFR
&HQWUDOWHQGUtDODIDFXOWDGGHVXSHULQWHQGHQFLDPLHQWUDV VH YDORUDED OD OLEUH FRPSHWHQFLD FRPR HO PHGLR
LGyQHRSDUDORJUDUXQVLVWHPDPiVH¿FLHQWH/DIXQFLyQ
GHLQWHUPHGLDFLyQPRQHWDULDVHUHVHUYDEDSDUDHMHUFLFLRH[FOXVLYRGHORVEDQFRVFRPHUFLDOHV\VHLQFRUSRUDEDQ QRUPDV VREUH HIHFWLYRV PtQLPRV PRGL¿FDEOHV
SRUHO%DQFR&HQWUDOHQIXQFLyQGHODVQHFHVLGDGHVGH
ODSROtWLFDPRQHWDULD
PXODFLyQ EDVDGR HQ OD VXVWLWXFLyQ GH LPSRUWDFLRQHV
\DTXHSXVR¿QDORVHMHVIXQGDPHQWDOHVGHIXQFLRQDPLHQWR GHO VLVWHPD ¿QDQFLHUR KDVWD HVH PRPHQWR OD
QDFLRQDOL]DFLyQ GH ORV GHSyVLWRV SRU SDUWH GHO %DQFR
&HQWUDOODYLJHQFLDGHXQDWDVDGHLQWHUpVFRQWURODGD
SRUHVDDXWRULGDGPRQHWDULD\ODVHVFDVDVSRVLELOLGDGHV
GHFRQWUDHUREOLJDFLRQHV¿QDQFLHUDVHQHOH[WHULRUSRU
SDUWHGHOVHFWRUSULYDGR
/DDXWRULGDGHFRQyPLFDDOLPSXOVDUODUHIRUPDVHSURSRQtDDVHJXUDUDORVGHSRVLWDQWHVWDVDVGHLQWHUpVSRVLWLYDV'HHVDPDQHUDORVDKRUULVWDVLQFUHPHQWDUtDQ
VXVFRORFDFLRQHVHQDFWLYRV¿QDQFLHURVFXDVLOtTXLGRV
\ QR SUHVLRQDUtDQ WDQWR VREUH HO PHUFDGR GH ELHQHV
D¿UPiQGRVH TXH HVH DXPHQWR GHO DKRUUR SRGUtD FDQDOL]DUVH KDFLD LQYHUVLRQHV SURGXFWLYDV VXVWHQWDQGR
ODSROtWLFDDQWLLQÀDFLRQDULD(OUHVXOWDGRIXHTXHODV
HQWLGDGHV¿QDQFLHUDV\ORVEDQFRVGHVDWDURQXQDSXMD
GHVHQIUHQDGDSDUDFDSWDUGHSyVLWRVRIUHFLHQGRDOWtVLPDVWDVDVGHLQWHUpVFRQORTXHHVWLPXODURQHOQHJRFLRGHODLQWHUPHGLDFLyQPRQHWDULD3RUHQWRQFHVHQ
XQIHQyPHQRLQIUHFXHQWHHQODHFRQRPtDPXQGLDOODV
WDVDVGHLQWHUpVVXSHUDEDQHVWDGtVWLFDPHQWHDODHYROXFLyQGHORVSUHFLRV\DODWDVDGHLQÀDFLyQ3RUVX
SDUWHODVWDVDVGHLQWHUpV³FDOO´D¿QGHFXEULUHOUHTXLVLWRGHHIHFWLYRPtQLPRVXSHUyHQDOJXQRVFDVRV
HODQXDO
/D UHIRUPD ¿QDQFLHUD FRQVLVWtD HQ OR HVHQFLDO HQ OD
FUHDFLyQ GH XQ VLVWHPD GH UHVHUYDV IUDFFLRQDULDV TXH
UHHPSOD]DED DO DQWHULRU VLVWHPD FHQWUDOL]DGR GH GHSyVLWRV FRQ XQ HQFDMH GHO OD OLEHUDOL]DFLyQ GH
ODV WDVDV QRPLQDOHV GH LQWHUpV DFWLYDV \ SDVLYDV XQD
PD\RU UHVSRQVDELOLGDG GH ORV EDQFRV HQ VXV UHODFLRQHV FRQ OD FOLHQWHOD HVWDEOHFLHQGR DGHPiV UHTXLVLWRV
VREUHODVROYHQFLD\ODOLTXLGH]GHGLFKDVHQWLGDGHVHO
HVWDEOHFLPLHQWRGHXQUpJLPHQGHJDUDQWtDSOHQDGHORV
GHSyVLWRVHQHOPDUFRGHXQDPD\RUOLEHUDOLGDGGHORV
UHTXLVLWRV SDUD OD H[SDQVLyQ R LQVWDODFLyQ GH QXHYDV
HQWLGDGHV\VXFXUVDOHVVLQLPSRUWDUODQDFLRQDOLGDG\
OD UHFUHDFLyQ GH OD IXQFLyQ GHO %DQFR &HQWUDO FRPR
$O HQFDUHFLPLHQWR GHO GLQHUR FRQWULEX\y HO SURSLR
SUHVWDPLVWDHQ~OWLPDLQVWDQFLD
(VWDGR FX\D HPSUHVDV SURYLQFLDV \ PXQLFLSDOLGDGHV
$SXQWDEDDQWHWRGRDLQFUHPHQWDUHOUROGHOVHFWRU¿- FUHDEDQXQDGHPDQGDDGLFLRQDOTXHFROLVLRQDEDFRQHO
QDQFLHURSULYDGR\GLVPLQXLUODSDUWLFLSDFLyQGHO(VWD- VHFWRUSULYDGR$ODSRVWUHHVWDFRPSHWHQFLDGHO(VWDGREDMRHOVXSXHVWRGHTXHDTXpOHVSHUVHXQPHGLR GRHQHOPHUFDGRGHGLQHURUHVXOWyPiVRQHURVDTXHHO
GH DVLJQDFLyQ PiV H¿FLHQWH GH UHFXUVRV$GHPiV VH ¿QDQFLDPLHQWRGHORVGp¿FLWSUHVXSXHVWDULRVPHGLDQWH
FUHtDTXHSRUVXLQWHUPHGLRVHFRQIRUPDUtDXQVLVWH- OD HPLVLyQ 'H WRGRV PRGRV HO REMHWLYR GH OD UHIRUPD ¿QDQFLHUR PiV DSWR VROYHQWH \ FRPSHWLWLYR TXH PD ¿QDQFLHUD HUD HO GH LQFUHPHQWDU OD SDUWLFLSDFLyQ
GHOVHFWRUSULYDGRPLQLPL]DQGRHOUROGHO(VWDGR/D
UHGXMHUDHOFRVWRGHORVVHUYLFLRVEDQFDULRV
)XHDVLPLVPRHOSULPHUSDVRKDFLDXQDPRGL¿FDFLyQ PD\RUH¿FLHQFLDGHOSULPHURFRQIRUPDUtDXQVLVWHPD
GHODHVWUXFWXUDHFRQyPLFD\VRFLDOGHOSDWUyQGHDFX- ¿QDQFLHURPiVDSWRVROYHQWH\FRPSHWLWLYRORTXHVH
*Ui¿FR
&I),'(&R\XQWXUD\GHVDUUROOR1ƒMXOLRGH
&ISRUHMHPSOR&DUORV3DODFLR'HKH]D(OSODQ0DUWtQH]GH+R]\ODHFRQRPtDDUJHQWLQD%XHQRV$LUHV0DUFHOR/DVFDQR3ROtWLFDHFRQyPLFDDFWXDOFRQVLGHUDFLRQHVFUtWLFDV%XHQRV$LUHV
20
WUDGXFLUtDHQXQDUHGXFFLyQGHOFRVWRGHORVVHUYLFLRV
EDQFDULRV(O(VWDGRFHGtDDVtXQRGHORVSULQFLSDOHV
LQVWUXPHQWRVDWUDYpVGHORVFXDOHVVHFRQFUHWDEDQODV
WUDQVIHUHQFLDV LQWHUVHFWRULDOHV GH UHFXUVRV GXUDQWH HO
SHUtRGRDQWHULRU
/DUHIRUPD¿QDQFLHUDWXYRXQSDSHOGHWHUPLQDQWHVREUHHOFRQMXQWRGHODHFRQRPtD\DTXHODOLEHUDOL]DFLyQ
GHORVPRYLPLHQWRVGHIRQGRV\GHODVWDVDVGHLQWHUpV
PRGL¿Fy GUiVWLFDPHQWH ODV FRQGLFLRQHV GH UHQWDELOLGDG GH ORV GLVWLQWRV VHFWRUHV HFRQyPLFRV DIHFWDQGR
QHJDWLYDPHQWHDODVDFWLYLGDGHVSURGXFWLYDVLQFHQWLYDQGRODYDORUL]DFLyQHVSHFXODWLYD\SURGXFLHQGRXQD
KLSHUWUR¿DGHOVHFWRUHQWUH\ODGLFWDGXUD
DXWRUL]y OD DSHUWXUD GH VXFXUVDOHV ¿QDQFLHUDV
PLHQWUDVHO3%,SHUFiSLWDVHHQFRQWUDEDYLUWXDOPHQWH
HVWDQFDGR(ODFWRUSULQFLSDOGHOVLVWHPDSDVDEDDVHU
OD ¿JXUD GHO EDQFR FRPHUFLDO ³HQWLGDG RPQLSRWHQWH
IDFXOWDGDSDUDKDFHUWRGRWLSRGHRSHUDFLRQHV´
“Entre 1978 y 1979 la dictadura autorizó la apertura de 1197 sucursales financieras, mientras el PBI per cápita se
encontraba virtualmente estancado”.
$O PLVPR WLHPSR ORV GHSDUWDPHQWRV GH ¿QDQ]DV GH
ODV HPSUHVDV FREUDURQ XQD LPSRUWDQFLD GHVPHVXUDGD
HQ UHODFLyQ D RWURV OLJDGRV D ODV DFWLYLGDGHV SURSLDV
GHO SURFHVR SURGXFWLYR /D HVSHFXODFLyQ ¿QDQFLHUD
UHÀHMDGDHQHOSRSXODU¿OP3ODWD'XOFHSDVyDRFXSDU
XQOXJDUFODYHHQODHFRQRPtDDUJHQWLQD/DUHIRUPD
¿QDQFLHUDIXHODSULPHUDH[SUHVLyQLQVWLWXFLRQDOGHXQ
QXHYRSDWUyQGHDFXPXODFLyQHQHOTXHHFRQRPtDUHDO
VH HQFRQWUDUtD VXERUGLQDGD DO VLVWHPD ¿QDQFLHUR HQ
IXQFLyQGHORVIHQyPHQRV\HTXLOLEULRVPRQHWDULRV
/DLGHDGHTXHVHWUDWDEDGHXQUpJLPHQGH¿QLGRSRUHO
MXHJRGHOPHUFDGRHUDXQDSRVWXODFLyQGHODVFRUULHQWHV PRQHWDULVWDV TXH IXH DVXPLGD SRU OD QXHYD HOLWH
GRPLQDQWHSDUDKDFHUSRVLEOHXQDVHULHGHWUDQVIRUPDFLRQHV GH XQD SURIXQGD UHJUHVLYLGDG VRFLDO 1R REVWDQWHHOUROGHO(VWDGRVHJXLUtDVLHQGRFHQWUDOSDUDOD
FRQIRUPDFLyQGHODWDVDGHLQWHUpVLQWHUQD\GHOFRVWR
GHOHQGHXGDPLHQWRH[WHUQRGHOVHFWRUSULYDGR\SRU
ORWDQWRGHOGLIHUHQFLDOHQWUHODVWDVDVGHLQWHUpVLQWHUQDHLQWHUQDFLRQDO
GR(QFLHUWDIRUPDORVGHSyVLWRVLQJUHVDEDQDOVLVWHPD
EDQFDULREXVFDQGRDSURYHFKDUODVDOWDVWDVDVGHLQWHUpV
ORV EDQFRV ³GHEtDQ FRORFDU´ HVRV IRQGRV HQ HO %DQFR
&HQWUDO TXH ORV UHPXQHUDED FRQ XQD WDVD DXQ PD\RU
GHPRGRTXHHO%&5$¿QDQFLDEDHQ~OWLPDLQVWDQFLD
ODVJDQDQFLDVGHEDQFRV\HVSHFXODGRUHV(OVDOGRQHJDWLYRGHOD&50VHWUDQVIRUPySURQWRHQXQDIXHQWH
GHFUHDFLyQGHGLQHURRSHUDQGRLPSOtFLWDPHQWHFRPR
XQDVXHUWHGHVXEVLGLRDOVHFWRU¿QDQFLHURHLPSDFWDQGR
VREUHODVFXHQWDVS~EOLFDV(QWUHMXQLRGH\PD\R
GHODHPLVLyQHIHFWXDGDSRULQWHUPHGLRGHOD&50
IXHHVWLPDGDHQFDVLPLOORQHVGHSHVRVHTXLYDOHQWHDDOJRPiVGHOGHO3%,
(O %DQFR &HQWUDO FRPHQ]y D SDGHFHU XQD VDOLGD FUHFLHQWHGHUHFXUVRVTXHHQULJRUQRFRQVWLWXtDQXQJDVWR
GHO7HVRUR\SRUORWDQWRQRJHQHUDEDQXQGp¿FLW¿VFDOSURSLDPHQWHGLFKR6LQHPEDUJRHQWDQWRHO%&5$
HVXQRUJDQLVPRHVWDWDOHVDVDOLGDGHIRQGRVWDPELpQ
SHVDEDVREUHODVFXHQWDVS~EOLFDVSRUORTXHIXHGHQRPLQDGR³Gp¿FLWFXDVL¿VFDO´/DPDJQLWXGGHHVHGp¿FLW
FUHFLySURJUHVLYDPHQWHJHQHUDQGRXQDERODGHQLHYH
/DUHPXQHUDFLyQGHHQFDMHVLQFUHPHQWDEDODPDVDPRQHWDULD'HELGRDOVLVWHPDGHHQFDMHVXQDSDUWHGHHVD
H[SDQVLyQ TXHGDED LQPRYLOL]DGD \ VXMHWD D VX YH] D
UHPXQHUDFLyQ OR TXH JHQHUDED XQ FUHFLPLHQWR H[SRQHQFLDOGHHVWHtWHPGHODRIHUWDGHGLQHUR
2WURIDFWRUTXHJUDYLWyHQODJHQHUDFLyQGHOGp¿FLWFXDVL¿VFDOIXHODVDOLGDGHGLYLVDVSRUORVSDJRVGHODGHXGD
H[WHUQDTXHSURYRFDEDQODH[SDQVLyQGHODFDQWLGDGGH
PRQHGDFRPRFRQVHFXHQFLDGHODVFRPSUDVGHGLYLVDV
GHO JRELHUQR HQ HO PHUFDGR DELHUWR /D HVWHULOL]DFLyQ
GH HVD PDVD PRQHWDULD LQGXFtD D FDQMHDUOD SRU WtWXORV
S~EOLFRVPLHQWUDVVHLQFUHPHQWDEDQHOPRQWRGHGLQHUR
LQPRYLOL]DGRSRUORVHQFDMHV\ODWDVDGHLQWHUpV
/D¿ORVRItDGHHVWDVPHGLGDVVHEDVDEDHQHO³HQIRTXH
PRQHWDULRGHOEDODQFHGHSDJRV´6HJ~QHVWHHQIRTXH
OD LQÀDFLyQ SXHGH VHU DWULEXLGD H[FOXVLYDPHQWH D OD
RIHUWDGHGLQHURFXDQGRODHFRQRPtDVHHQFXHQWUDFHUUDGDDODVLPSRUWDFLRQHV(QHOFDVRGHXQDHFRQRPtD
DELHUWDHQFDPELRHOH[FHVRGHJDVWRVSURYRFDGRSRU
XQD RIHUWD H[FHGHQWH GH GLQHUR SXHGH GHULYDUVH KDFLD
ODVLPSRUWDFLRQHVVLQSURYRFDULQÀDFLyQ6HFRQVLGHUD
HQWRQFHVDOUHVXOWDGRGHODEDODQ]DFRPHUFLDOFRPRXQD
VLWXDFLyQGHULYDGDGHODUHODFLyQHQWUHORVLQJUHVRV\ORV
(QHVWHPDUFRHO%DQFR&HQWUDOSHUGtDJUDQSDUWHGH JDVWRVDJUHJDGRVGHODSREODFLyQGHXQSDtV&XDQGRHO
VXVIXQFLRQHVUHJXODGRUDVHQHOPHUFDGRSHURGHDOJX- LQJUHVRVXSHUDDORVJDVWRVKDEUiXQVXSHUiYLWFRPHUQDPDQHUDDGTXLUtDDFDPELRODIXQFLyQGH³SDJDGRUHQ FLDO\FXDQGRVHSURGXFHHOFDVRLQYHUVRKDEUiGp¿FLW
~OWLPDLQVWDQFLD´GHOMXHJRGHODHVSHFXODFLyQ$OUHHPSOD]DUVHHOVLVWHPDGHQDFLRQDOL]DFLyQGHGHSyVLWRVSRU (QHVHPDUFRODFDQWLGDGGHGLQHURVHDMXVWDUiDXWRPiXQRGHHQFDMHVIUDFFLRQDULRVODEDVHPRQHWDULDTXHGy WLFDPHQWHDOQLYHOGHODGHPDQGDHQXQDHFRQRPtDFRQ
HQQLYHOHVGHPDVLDGRDOWRVSRUORTXHSDUDQHXWUDOL]DU WLSRGHFDPELR¿MR\SHUIHFWDÀH[LELOLGDGGHORVSUHFLRV
ORVHIHFWRVH[SDQVLYRVVH¿MyXQHQFDMHGHOTXH HQ WRGRV ORV PHUFDGRV XQ H[FHVR GH RIHUWD GH GLQHUR
OXHJRGHVFHQGLyKDVWDHO0DQWHQHULQPRYLOL]DGD HVWLPXODUiODVLPSRUWDFLRQHV/DJHQWHGHEHUiFRPSUDU
XQD SDUWH GH ORV GHSyVLWRV LPSOLFDED SDUD ORV EDQFRV GLYLVDVSDUDSDJDUODVGHVSUHQGLpQGRVHGHPRQHGDORFDO
XQ FRVWR TXH LQFLGLUtD DPSOLDQGR OD EUHFKD HQWUH ODV ORTXHFRQWUDHUiODRIHUWDPRQHWDULD\FRQGXFLUiQXHYDWDVDVGHLQWHUpVDFWLYDV\ODVSDVLYDVHQFDUHFLHQGRORV PHQWHDOHTXLOLEULR7UDQVLWRULDPHQWHDGHPiVODVGLIHFUpGLWRV\SURYRFDQGRXQGHVSOD]DPLHQWRSRUSDUWHGH UHQFLDVTXHVHSURGX]FDQHQWUHODVWDVDVGHLQWHUpVLQWHUORVWRPDGRUHVKDFLDIXHQWHV¿QDQFLHUDVH[WHUQDV3DUD QDHLQWHUQDFLRQDOSURYRFDUiPRYLPLHQWRVGHFDSLWDOHV
HYLWDUHVRVHIHFWRVVHFUHyOD&50&XHQWDGH5HJX- TXHUHJXODUiQHOSURFHVRGHDMXVWH
ODFLyQ0RQHWDULDSRUODFXDOHOJRELHUQRUHPXQHUDED (VHHVTXHPDWHQtDQHQPHQWHODVDXWRULGDGHVHFRQyPLORVHQFDMHVREOLJDWRULRVDVXPLHQGRHOFRVWRPHQFLRQD- FDVGHOD$UJHQWLQDDOWUD]DUVXVOLQHDPLHQWRV/DUHIRU&3DODFLR'HKH]DS
$$UQDXGRRSFLWS
&I),'(&R\XQWXUD\GHVDUUROOR1ƒMXOLRGH
&I),'(&R\XQWXUD\GHVDUUROOR1ƒQRYLHPEUHGH
21
PD¿QDQFLHUDGHODxRDQWHULRULPSOLFDEDODOLEHUDOL]DFLyQ
WRWDOGHORVPRYLPLHQWRVGHFDSLWDOHVFRQHOH[WHULRU6H
VXSRQtDTXHODPRYLOLGDGGHORVFDSLWDOHVHUDFDVLSHUIHFWDHVGHFLUTXHODVGLIHUHQFLDVHQORVUHQGLPLHQWRVGH
ORVDFWLYRV¿QDQFLHURVSURYRFDUtDQPRYLPLHQWRVGHFDSLWDOHVHQXQRXRWURVHQWLGRTXHYROYHUtDQDLJXDODUORV
GHPDQHUDFDVLDXWRPiWLFD(QHVHPDUFRVHD¿UPDED
TXHORVGHVHTXLOLEULRVGHOEDODQFHGHSDJRVHUDQVyORXQ
UHÀHMR GH ORV GHVHTXLOLEULRV HQ HO PHUFDGR PRQHWDULR
3RUORWDQWRODVYDULDFLRQHVTXHORVÀXMRVGHELHQHV\
GHFDSLWDOSURYRFDUtDQVREUHODVUHVHUYDVEDVWDUtDQSDUD
GHSUHFLRVFRQWLQXyFUHFLHQGR
)LQDOPHQWH HQ IXH LPSRVLEOH VRVWHQHU HO DWUDVR
FDPELDULR\ODGHXGDH[WHUQDDFXPXODGDVHKL]RGHPDVLDGRJUDYRVDDGHPiVGHFXHVWLRQDGDGHLOHJLWLPLGDG
6HSURGXFtDDVtXQDSURIXQGDFULVLVTXHODGLFWDGXUDPLOLWDULQWHQWyUHVROYHUVLQp[LWRPHGLDQWHXQDDPSOLDYDULHGDGGHPHGLGDVIDYRUDEOHVDORVEDQFRV\HQWLGDGHV
¿QDQFLHUDVDOLPHQWDQGRODIXJDGHFDSLWDOHV\HODJUDYDPLHQWRGHOHQGHXGDPLHQWRH[WHUQR8QDGHYDOXDFLyQ
LQGXMRXQDIXHUWHFDtGDGHOSURGXFWREUXWRHQ
\HQGHPRGRTXHHQWUH\
Cuadro 5: GRUPOS ECONÓMICOS CON MAYOR ENDEUDAMIENTO EXTERNO AL
22 DE ENERO DE 1985
Deudor
&RJDVFR6$
Autopistas urbanas
&HOXORVD$UJ
$FLQGDU
%DQFR5LR
$OWR3DUDQi
%DQFRGH,WDOLD
%DQFRGH*DOLFLD
%ULGDV
$OSDUJDWDV
&LW\%DQN
&1DY3HUH]&RPSDQF
'iOPLQH6LGHUFD
%DQFR)UDQFpV
3DSHOGH7XFXPiQ
-XDQ0LQHWWL
%DQFR0HUFDQWLO
Aluar
%DQFR*DQDGHUR
&HOXORVD3XHUWR3LUD\
%DQFR&UpGLWR$UJHQWLQR
%DQFR&RPHUFLDOGHO1RUWH
%DQFRGH/RQGUHV
0RQWR
HQPLOORQHVGHGyODUHV
Deudor
%DQFR7RUQTXLVW
%DQFR(VSDxRO
6$'(
6(9(/
%DQFRGH4XLOPHV
3DUTXH,QWHUDPD
&LD'H3HUIRUDFLRQHV5LR&RORUDGR
6ZLIW$UPRXU
,%0
%DQFR6XGDPHULV
%DQFRGH%RVWRQ
$VWUD(YDQJHOLVWD
0HUFHGHV%HQ]
%DQFRGH&UHGLWR5XUDO
'HXWVFKH%DQN
,QG0HW3HVFDUPRQD
%DQFR5REHUWV
%DQFR*HQHUDOGH1HJRFLRV
$OLDQ]D1DYLHUD$UJHQWLQD
3URSXOVRUD6LGHU~UJLFD
)RUG
Astilleros Alianza
0DVXK
0RQWR
)XHQWH 6HQWHQFLDGHO-XLFLRDOD'HXGD([WHUQD)DOORGHO-XH]%DOOHVWHURVVHJ~QGDWRVGHO%&5$WUDQVFULSWDHQ&XDGHUQRVGH+LVWRULD
9LYD$xRRWRxRSS
DMXVWDUHOPHUFDGRGHGLQHURFRQORFXDOODWDVDGHLQWHUpVORFDOGHEHUtDWHQGHUDLJXDODUVHDODWDVDGHLQWHUpV
LQWHUQDFLRQDOPiVODWDVDGHGHYDOXDFLyQ'DGRTXHHVWD
~OWLPDGHEtDGHFUHFHUHQSRFRWLHPSRKDVWDOOHJDUDFHUR
ODWDVDGHLQWHUpVLQWHUQDVHUtDWDPELpQFRQYHUJHQWHFRQ
ODLQWHUQDFLRQDO'HHVWDIRUPDVHDUULEDUtDSURQWDPHQWHDXQDHFRQRPtDHVWDEOHHQODFXDOVHSRGUtDQPDQLIHVWDUODVYHQWDMDVFRPSDUDWLYDVGHOSDtVVREUHYLYLHQGR
DTXHOORVVHFWRUHVFRPSHWLWLYRVHQHOPHUFDGRPXQGLDO\
RSWLPL]DQGRODXWLOL]DFLyQGHORVUHFXUVRV6LQHPEDUJR
ODVSUHYLVLRQHVQRVHFXPSOLHURQ\DTXHORVSUHFLRVVXSHUDURQKROJDGDPHQWHDODVWDVDVGHGHYDOXDFLyQ(VWH
FRPSRUWDPLHQWRLPSUHYLVWRVHGHEtDDTXHXQFRQMXQWR
GHELHQHV\HQHVSHFLDOGHVHUYLFLRVQRHVWDEDQVRPHWLGRVDODFRPSHWHQFLDH[WHUQD\DVHDSRUTXHVHWUDWDED
GHDOLPHQWRVIUHVFRVSHUHFHGHURVVHUYLFLRVQRFRQWUDWDEOHV HQ HO H[WHULRU ELHQHV SURYLVWRV PRQRSyOLFDPHQWH
SRUHO(VWDGRRVHFWRUHVSURWHJLGRVSRUQRUPDWLYDVHVSHFLDOHVFRPRUHVWULFFLRQHVHVSHFt¿FDVVREUHDOJXQDVLPSRUWDFLRQHVRUHJtPHQHVGHSURPRFLyQVHFWRULDO(VWRV
SUHFLRV VyOR SRGtDQ HVWDELOL]DUVH GH PDQHUD DOHDWRULD
\DTXHQRVHYHtDQDIHFWDGRVSRUORVSUHFLRVH[WHUQRV
&RPRHVWDFRLQFLGHQFLDQRVHSURGXMRHOQLYHOJHQHUDO
22
HO FUHFLPLHQWR UHVXOWy SUiFWLFDPHQWH QXOR7DO YH] ODV
FRQVHFXHQFLDVPiVQRWRULDVGHODUJRSOD]RGHODSROtWLFD
HFRQyPLFDIXHURQHOTXLHEUHGHOSURFHVRGHVXVWLWXFLyQ
GHLPSRUWDFLRQHV\HOGHVSOD]DPLHQWRGHOHMHGHODDFXPXODFLyQKDFLDHOVHFWRU¿QDQFLHUR/DLQÀDFLyQSRUVX
SDUWHQREDMyGHORVWUHVGtJLWRVHQWRGRHOSHUtRGR(UD
GHHQGHVFHQGLyOXHJRDXQSURPHGLRGH
HQWUH\SDUDVXELU¿QDOPHQWHDO
HQ0LHQWUDVODGHXGDH[WHUQDVHLQFUHPHQWDEDGH
PLODPLOPLOORQHVGHGyODUHVHQWUH\
“La inflación era de 444% en 1976,
descendió luego a un promedio de
150% entre 1977 y 1982, para subir
finalmente al 333% en 1983. Mientras,
la deuda externa se incrementaba de 8
mil a 45 mil millones de dólares entre
1975 y 1983”.
7UDVODGHUURWDGHODJXHUUDGH0DOYLQDVHOIUDFDVRGHO
SODQHFRQyPLFR\ODWRPDGHFRQFLHQFLDGHODSREODFLyQ
DFHUFDGHODVJUDYHVYLRODFLRQHVDORVGHUHFKRVKXPDQRVFRPHWLGRVSRUHVWDGLFWDGXUDODSUHVLyQGHODVRFLH-
$xR
Cuadro 6: Activos monetarios en poder del público
03ULYDGR
0
%LOOHWHV\PRQHGDV'HSDOD
0'HSDSOD]RV
YLVWD
(ODERUDFLyQSURSLD)XHQWH%&5$
GDGFLYLOSDUDUHWRUQDUDOHVWDGRGHGHUHFKRREOLJyDORV
PLOLWDUHVDFRQYRFDUDHOHFFLRQHV\HQWUHJDUHOSRGHUHQ
GLFLHPEUHGH$GHPiVGHODJUDQGHXGDH[WHUQD
S~EOLFD OD GLFWDGXUD DUJHQWLQD GHMy FRPR OHJDGR XQD
HVWUXFWXUDSURGXFWLYDPXFKRPiVFRQFHQWUDGD\SULPDUL]DGDODSULPDFtDGHODV¿QDQ]DV\ORVEDQFRVSRUVREUHODSURGXFFLyQ\XQDGLVWULEXFLyQGHOLQJUHVRPXFKR
PiV UHJUHVLYD /D SDUWLFLSDFLyQ GHO VHFWRU DVDODULDGR
QXQFDUHFXSHUyODUHWUDFFLyQVXIULGDHQHVWDHWDSD
(OHQGHXGDPLHQWRGHODVHPSUHVDVS~EOLFDVHQHVSHFLDO
HOYDFLDPLHQWRGH<3)ODSHWUROtIHUDHVWDWDOSUHSDUyHO
WHUUHQRSDUDVXSRVWHULRUSULYDWL]DFLyQ
8Q~OWLPRDVSHFWRDUHVROYHUHUDHOGHDWHQGHUODVGHPDQGDVGHODVJUDQGHVHPSUHVDVSULYDGDVHQGHXGDGDV
SDUD HYLWDU XQ FUDFN HFRQyPLFR JHQHUDOL]DGR (Q UHODFLyQ FRQ HVWD FXHVWLyQ HO %DQFR &HQWUDO SUHVLGLGR
SRU'RPLQJR&DYDOORFX\DVSULPHUDVDFFLRQHVHQXQ
FDUJRS~EOLFRLPSRUWDQWHH[SOLFDQHQFLHUWDPHGLGDHO
VRVWHQLGRUHVSDOGRTXHWXYRHQGLIHUHQWHVJRELHUQRVSRU
SDUWHGHVHFWRUHVGHOHVWDEOLVKPHQW\SRVWHULRUPHQWH
SRU-XOLR*RQ]iOH]GHO6RODUSURPRYLyXQDUHIRUPD¿QDQFLHUD\UHLPSODQWy\HQVDQFKyHOVLVWHPDGHVHJXURV
GHFDPELR'DGDVODVFUHFLHQWHVGL¿FXOWDGHVHQODEDODQ]DGHSDJRVD¿QHVGHHO%&5$HPSUHQGLy
GLUHFWDPHQWHXQSURFHVRGHHVWDWL]DFLyQGHODGHXGDH[WHUQDSULYDGDUH¿QDQFLDQGRVLPXOWiQHDPHQWHORVYHQFLPLHQWRVSRUPHGLRGHQXHYRVWtWXORVS~EOLFRVPLHQWUDVTXHJUDQGHVHPSUHVDVVHEHQH¿FLDEDQFRQPpWRGRV
GHSDJRDO(VWDGRTXHGDGDVODVDOWDVWDVDVGHLQÀDFLyQ
\ ODV GHYDOXDFLRQHV IXHURQ OLFXDQGR SURJUHVLYDPHQWH
VXV GHXGDV /RV GHXGRUHV SULYDGRV UHFLELHURQ GH HVD
IRUPDXQVXEVLGLRLQGLUHFWRHVWLPDGRHQPiVGH
PLOORQHV GH GyODUHV (O VLJXLHQWH FXDGUR PXHVWUD ORV
JUXSRVHFRQyPLFRVPiVHQGHXGDGRVVHJ~QORLQYHVWLJy
ODMXVWLFLDQDFLRQDO
“Los deudores privados recibieron un
subsidio indirecto estimado en más de
5.500 millones de dólares”.
VHLQWHQWyQHJRFLDUGXUDPHQWHDXQTXHVLQp[LWRFRQORV
RUJDQLVPRVLQWHUQDFLRQDOHV\VHODQ]yXQSURJUDPDSDUD
UHDFWLYDUHOPHUFDGRLQWHUQRGHSULPLGRTXHQRORJUyOD
DFHSWDFLyQGHORVJUDQGHVJUXSRVHFRQyPLFRV(VRGLR
SLH SDUD XQD UHHVWUXFWXUDFLyQ GHO JDELQHWH \ HO ODQ]DPLHQWRGHO3ODQ$XVWUDOFX\RVREMHWLYRVDSXQWDEDQWDQ
VyORDTXHEUDUODLQHUFLDLQÀDFLRQDULD\DSDUWLUGHDOOt
LQWHQWDUODUHFXSHUDFLyQ6LQHPEDUJRHVWHSODQFRQXQ
FDPELRHQHOVLJQRPRQHWDULR±HODXVWUDOHQOXJDUGHO
SHVR\XQDUHODFLyQLQLFLDOPHQWH¿MDQRORJUySDVDUD
HVDVHJXQGDHWDSDSXHVODVDOLGDGHOFRQJHODPLHQWRGH
SUHFLRVSODQWHDGRYROYLyDDFHOHUDUODLQÀDFLyQ/XHJR
GHYDULRVUHWRTXHV\FRQXQFRQWH[WRSROtWLFRFDGDYH]
PiVGHVIDYRUDEOHVHEXVFyFDVLH[FOXVLYDPHQWHDWHQXDU
HO SURFHVR LQÀDFLRQDULR FRQ HO 3ODQ 3ULPDYHUD SHUR
WXYR XQD UHVSXHVWD QHJDWLYD SRU SDUWH GH ODV FRUSRUDFLRQHVHFRQyPLFDV\HQDQWHVGHODVHOHFFLRQHV
HVWDOOyXQDDJXGDFULVLVKLSHULQÀDFLRQDULD
8QRGHORVSUREOHPDVPiVJUDYHVTXHVHGHELyHQIUHQWDUHQORVIXHHOGHODGHXGDH[WHUQD6XHVWDWL]DFLyQ LQLFLDGD HQ ORV WUDPRV ¿QDOHV GH OD GLFWDGXUD \
FRPSOHWDGDGXUDQWHHOJRELHUQRGHPRFUiWLFRSURYRFy
XQ VHYHUR SUREOHPD ¿VFDO TXH SRU HQWRQFHV UHVXOWy
LPSRVLEOH GH UHVROYHU 3RU RWUD SDUWH OD SROtWLFD HFRQyPLFDDGRSWDGDGHVGH¿QHVGH\UHD¿UPDGDSRU
5HDJDQHQ(VWDGRV8QLGRVFRQDOWDVWDVDVGHLQWHUpV
FUHDEDDKRUDXQDVLWXDFLyQPX\GLIHUHQWHGHODGHORV
µ /D EDQFD SULYDGD \ ORV RUJDQLVPRV LQWHUQDFLRQDOHVSUHVLRQDURQSDUDHOSDJRGHODGHXGDREOLJDQGRDO
JRELHUQRDEXVFDUVXSHUiYLWVFRPHUFLDOHV\¿VFDOHV(Q
HVHFRQWH[WRGHHVWDQFDPLHQWRXQDEDODQ]DFRPHUFLDO
SRVLWLYDVyORSRGtDORJUDUVHDIXHU]DGHODFRQWUDFFLyQ
GHOFRQVXPRLQWHUQRSHURHVWRUHGXFtDVXVWDQFLDOPHQWH
ODEDVHFRQWULEXWLYD\DJUDYDEDHOGp¿FLW¿VFDO3RUOR
WDQWR OD HFRQRPtD QDYHJy SHUPDQHQWHPHQWH DWUDSDGD
HQWUHHVDFRQWUDGLFFLyQODUHFHVLyQODVSUHVLRQHVGHOD
EDQFD\HOUHFKD]RGHORVVHFWRUHVGRPLQDQWHVDFRODERUDUFRQXQDPDWUL]WULEXWDULDGLIHUHQWH6HGHVWDFyODIpUUHDRSRVLFLyQGHOVHFWRUDJURSHFXDULRDODVUHWHQFLRQHV
DODVH[SRUWDFLRQHVLPSXHVWDVSRU$OIRQVtQ\DOVLVWHPD
GHWLSRVGHFDPELRP~OWLSOHVTXHVHDGRSWyOXHJRGHOD
HOLPLQDFLyQGHDTXHOODV
7UDVHOUHVWDEOHFLPLHQWRGHODGHPRFUDFLD\FRQHOREMHWRGHIUHQDUODFULVLVHFRQyPLFDHOSUREOHPDGHOHQGHXGDPLHQWRH[WHUQR\HOSURFHVRLQÀDFLRQDULRGHVHQFDGHQDGRGHVGHPHGLDGRVGHODGpFDGDGHO¶ORVHTXLSRV “Uno de los problemas más graves que
HFRQyPLFRV GH 5D~O $OIRQVtQ HQFDUDURQ GLIHUHQWHV \ se debió enfrentar en los ´80, fue el de
FRQWUDSXHVWDVPHGLGDVGHSROtWLFDHFRQyPLFD3ULPHUR la deuda externa”.
23
“Se destacó la férrea oposición del sec- HVWRYROYtDDUHSHUFXWLUVREUHHOYROXPHQGHODGHXGDDO
tor agropecuario a las retenciones a las FDSLWDOL]DUVHFUHFLHQWHVPDVDVGHJDQDQFLD¿QDQFLHUDH
exportaciones impuestas por Alfonsín”. LQÀXtDVREUHODDFWLYLGDGHFRQyPLFD\DTXHODVWDVDVGH
<DKDFLDHO¿QDOGHJRELHUQRUDGLFDO\EDMRHOGLDJQyVWLFRGHTXHODVSUHVLRQHVLQÀDFLRQDULDVVHGHEtDQDXQD
SROtWLFD PRQHWDULD GHPDVLDGR OD[D VH LQLFLy XQD PXFKRPiVUHVWULFWLYDHQHOPDQHMRGHODRIHUWDGHGLQHUR
GDQGRSRUUHVXOWDGRODHOHYDFLyQGHODVWDVDVGHLQWHUpV
UHDOHV DFWLYDV 3RU FRQVLJXLHQWH HO QLYHO GH ELOOHWHV \
PRQHGDVHQSRGHUGHOS~EOLFRGHVFHQGLyFRQUHVSHFWR
DO3%,PLHQWUDVODVPD\RUHVWDVDVHVWLPXODURQXQFUHFLPLHQWRGHORVGHSyVLWRVDSOD]RVFRQHOFRQVLJXLHQWH
DXPHQWRGHODJUHJDGR0FRPRSXHGHYHUVHHQHOFXDGURVLJXLHQWH
(OFRPSURPLVRGHPDQWHQHUEDMRFRQWUROODFDQWLGDGGH
GLQHUR VH YHtD FRQWUDULDGR SRU HO FUHFLHQWH Gp¿FLW ¿VFDO\SRUODQHFHVLGDGGHFRPSUDUGLYLVDVSDUDFDQFHODU
ORV FRPSURPLVRV H[WHUQRV OR FXDO LPSOLFDED LQ\HFWDU
HOFRQWUDYDORUHQDXVWUDOHVHQHOPHUFDGR(VWRREOLJDEDDUHFXUULUGHPDQHUDFDVLDEXVLYDDKHUUDPLHQWDVGH
SROtWLFDHFRQyPLFDTXHSRGtDQVHUH[SORVLYDVHQHOPHGLDQRSOD]RFRPRWUDWDUGHHVWHULOL]DUSDUWHGHODQXHYD
PDVDPRQHWDULDFRQODFRORFDFLyQGHWtWXORVS~EOLFRV
LQWHUpVGHWRGRHOVLVWHPDVHYHtDQDUUDVWUDGDVSRUHVWH
PHFDQLVPR$KRUDELHQODVWDVDVGHLQWHUpVFUHFLHQWHV
\ODVGL¿FXOWDGHVHQODRIHUWDHVWLPXODEDQODLQÀDFLyQ
SUHVLRQDQGRRWUDYH]VREUHODVWDVDVGHLQWHUpVQRPLQDOHV (VWH FtUFXOR YLFLRVR QR SXGR IUHQDUVH \ VH LQLFLy
HQWRQFHVXQDIXHUWHIXJDGHFDSLWDOHV/DQXHYDEXUEXMD
HVSHFXODWLYDIXHLPSDUDEOHOOHYiQGRVHFRQHOODQRVyOR
HOYDORUGHODPRQHGD\HOSRGHUDGTXLVLWLYRVLQRWDPELpQDOJRELHUQRUDGLFDOTXHSHUGLyODVHOHFFLRQHVHQXQ
FOLPDGHFULVLVJHQHUDOL]DGD/DGHXGDH[WHUQDDOFDQ]DEDORVPLOPLOORQHVGHGyODUHV\ODLQÀDFLyQOOHJyD
PiVGHOGHLQFUHPHQWRHQ
8. EL PLAN DE CONVERTIBILIDAD Y LA
CRISIS DE 2001.
(QMXOLRGHDVXPLyODSUHVLGHQFLD&DUORV0HQHP
LQLFLDQGRXQH[SHULPHQWRHFRQyPLFRFX\DWUD\HFWRULD
FXOPLQy FRQ RWUR JRELHUQR HQ OD &DVD 5RVDGD HO GH
)HUQDQGRGHOD5~D\FRQODSURIXQGDFULVLVGH
*Ui¿FR
/XHJR GH IUDFDVDGR HO 3ODQ %XQJH \ %RUQ VH KL]R
QHFHVDULR ³SXUJDU´ HQ HQHUR GH DO VLVWHPD GH
OD PDVD GH ³ULTXH]D´ ¿QDQFLHUD ³VREUDQWH´ (VWR IXH
OR TXH RFXUULy FRQ OD LPSOHPHQWDFLyQ GHO OODPDGR
3ODQ%RQH[DGHODQWiQGRVHDODFRQYHUWLELOLGDG\DOD
DFHSWDFLyQ HQ GHO 3ODQ %UDG\ SURSXHVWR SRU
((88 SDUD OD UHHVWUXFWXUDFLyQ GH OD GHXGD H[WHUQD
ODWLQRDPHULFDQD\FRQYLUWLHQGRDEXHQDSDUWHGHORV
GHSyVLWRV H LQYHUVLRQHV EDQFDULDV HQ WtWXORV GHQRPLQDGRVHQGyODUHVDVHUGHYXHOWRVHQGLH]DxRV(UDRWUD
IRUPDFX\RFRVWRUHFDtDHVWDYH]HQORVFOLHQWHVGHORV
$PHGLGDTXHHOPHUFDGRGHHVRVWtWXORVVHIXHVDWXUDQ- EDQFRVGHUHVROYHUXQDFULVLV¿QDQFLHUDOXHJRGHOD
GRTXHODGHXGDFUHFtD\SRUFRQVLJXLHQWHODVGXGDV TXLHEUDGHYDULDVLQVWLWXFLRQHVEDQFDULDVDSULQFLSLRV
VREUHODVROYHQFLDGHO(VWDGRDODKRUDGHOYHQFLPLHQWR GHODGpFDGDGHO
\ TXH OD LQÀDFLyQ VH UHFDOHQWDED HO JRELHUQR VH YHtD
IRU]DGRDLQFUHPHQWDUODVWDVDVGHLQWHUpVSDUDTXHODV 5HVXHOWR DO PHQRV WUDQVLWRULDPHQWH HO SUREOHPD GH
QXHYDVHPLVLRQHVGHERQRVQRSHUGLHUDQDWUDFWLYR3HUR ODGHXGDLQWHUQD\GHODPDVDPRQHWDULDODVEUHYDVHVFDQMHDQGR HQ GH¿QLWLYD GHXGD H[WHUQD SRU GHXGD LQWHUQD(QODPLVPDGLUHFFLyQRSHUDEDHOLQFUHPHQWRGH
ORVHQFDMHVGHOVLVWHPDEDQFDULRTXHHUDQUHPXQHUDGRV
FRQ XQ LQWHUpV (VWRV LQWHUHVHV FRPR \D H[SOLFDPRV
FRQVWLWXtDQXQJDVWRTXHDOLPHQWDEDHOGp¿FLW\VHGHQRPLQDED³Gp¿FLWFXDVL¿VFDO´VXHYROXFLyQDOLPHQWDEDOD
H[SHFWDWLYDGHXQUHODMDPLHQWRIXWXURGHODRIHUWDPRQHWDULD(QGH¿QLWLYDHOVRVWHQLPLHQWRGHHVWDSROtWLFD
GHSHQGtDGHODWUDFWLYRGHORVWtWXORVGHGHXGDSRUSDUWH
GHORVSRVLEOHVWRPDGRUHV
24
WDEDQPDGXUDVSDUDHOUHWRUQRGHXQSODQDQWLLQÀDFLRQDULR TXH UHVSRQGLHUD D ODV FDUDFWHUtVWLFDV GH OD QXHYD RUWRGR[LD QHROLEHUDO /D LQÀDFLyQ ORJUy GHWHQHUVH
PHGLDQWHODLQVWDXUDFLyQHQDEULOGHGHO3ODQGH
&RQYHUWLELOLGDGLPSOHPHQWDGRSRU'RPLQJR&DYDOOR
GHVGHHOPLQLVWHULRGH(FRQRPtD\TXHHO&RQJUHVRGH
OD1DFLyQWUDQVIRUPyHQ/H\6HJ~QHOQXHYRUpJLPHQ
HO%DQFR&HQWUDOIXHDXWRUL]DGRWDPELpQDFDPELDUOD
GHQRPLQDFLyQGHOVLJQRPRQHWDULR(QFRQVHFXHQFLDD
SDUWLUGHOžGHHQHURGHVHHVWDEOHFLyHOSHVRFRPR
PRQHGDGHFXUVROHJDOHTXLYDOHQWHDDXVWUDOHV
\VH¿MyHOWLSRGHFDPELRGHSHVRSRUGyODUSHURFRQ
XQDGHYDOXDFLyQGHDUUDVWUHGHFHUFDGHO
(OFXDGURVHFRPSOHWDFRQXQDHYROXFLyQGHFUHFLHQWH
SHURSRVLWLYDGHORVSUHFLRV(ODQFODFDPELDULDVRODPHQWHDIHFWDEDDORVSUHFLRVGHORVSURGXFWRV³WUDQVDEOHV´HVGHFLUDTXHOORVTXHVHSXHGHQLPSRUWDU\H[SRUWDURFRQVXPLUGHQWURGHODVHFRQRPtDVHQODVTXH
VHSURGXFHQ&RQXQGyODU¿MRVLORVSUHFLRVLQWHUQRVVH
LQFUHPHQWDQODVLPSRUWDFLRQHVGHHVWHWLSRGHELHQHV
VHDEDUDWDQ\ORVSURGXFWRUHVORFDOHVTXHQRUHWRUQDQ
DOSUHFLRDQWHULRUVRQH[SXOVDGRVGHOPHUFDGR3HURWDO
PHFDQLVPRQRULJHSDUDORVSUHFLRVGHORVELHQHV³QR
WUDQVDEOHV´RVHUYLFLRVTXHSXHGHQVHJXLUDXPHQWDQGR
(VRJHQHUDXQSHUtRGRGRQGHODLQÀDFLyQVHPDQWLHQH\
HOWLSRGHFDPELRVHUHWUDVDPLQDQGRODFRPSHWLWLYLGDG
GHODLQGXVWULDIUHQWHDODVLPSRUWDFLRQHVDVtFRPROD
(VHPLVPRDxROD&DUWD2UJiQLFDGHO%DQFR&HQWUDO GHODVH[SRUWDFLRQHVHQORVPHUFDGRVH[WHUQRV
YROYLy D PRGL¿FDUVH 3HUR HVWD YH] FRQ XQ IXQFLRQDPLHQWR GH OD LQVWLWXFLyQ GH PD\RU VLPLOLWXG DO GH (VWHIHQyPHQRTXH\DKDEtDRFXUULGRGXUDQWHODGLFOD &DMD GH &RQYHUVLyQ TXHGDQGR DQXODGD WRGD SRVL- WDGXUD VH DJUDYy GH PDQHUD VLVWHPiWLFD /D GHFLVLyQ
ELOLGDGGHSROtWLFDPRQHWDULDDFWLYDSDUDVXDYL]DUODV GHSULYDWL]DUDFWLYRVS~EOLFRVFRPRIRUPDGHFDQFHODU
ÀXFWXDFLRQHVHFRQyPLFDV3RUHOFRQWUDULRFDGDFULVLV SDUWHGHODGHXGDH[WHUQD\DFRUGDUFRQORVRUJDQLVPRV
GH ORV PHUFDGRV H[WHUQRV ±TXH HQ ORV DxRV ¶ IXH- GHFUpGLWRLQWHUQDFLRQDOHVXQDUHHVWUXFWXUDFLyQGHSDVLURQPXFKDVFRPRODGHO³WHTXLOD´HQODDVLiWL- YRVREOLJyHQORVFRPLHQ]RVDPHMRUDUODUHQWDELOLGDG
FDHQODUXVDHQODEUDVLOHxDHQOD GHODVHPSUHVDVGHO(VWDGRFX\DVWDULIDVVHHOHYDURQ
GHODVSXQWRFRPHQSRUPHQFLRQDUVyORODVPiV 3RUHVRODLQÀDFLyQLQLFLDOIXHSDUWHH[SOtFLWDGHOHVLPSRUWDQWHVUHVLQWLyODSURGXFFLyQ\HOHPSOHRHQOD TXHPD LPSXHVWR \ GLR SLH D OD H[LVWHQFLD GH XQ GHV$UJHQWLQDSHURHO%&5$VyORDFWXyIUHQWHDHOODVHQ HTXLOLEULRFRPHUFLDOFXELHUWRFRQGHXGDH[WHUQD(VWDV
VDOYDJXDUGDGHOVLVWHPD¿QDQFLHURDSHVDUGHORVHOH- SROtWLFDVFRQWULEX\HURQDSURGXFLUMXQWRFRQRWUDVPiV
YDGtVLPRVtQGLFHVGHGHVHPSOHRTXLHEUDV\FDtGDGH HVSHFt¿FDVXQDVLVWHPiWLFDGHVWUXFFLyQGHODLQGXVWULD
ODSURGXFFLyQ
QDFLRQDO OR TXH VXPDGR D OD UHHVWUXFWXUDFLyQ GH ODV
HPSUHVDVSULYDWL]DGDVJHQHUyXQFUHFLHQWHGHVHPSOHR
/RVHQFDMHVEDQFDULRVVREUHORVGHSyVLWRVHQPRQHGD TXHHQHOSLFRGHODFULVLVDOFDQ]yXQUpFRUGKLVWyULFR
QDFLRQDOIXHURQUHEDMDGRVPLHQWUDVTXHVHDXPHQWDURQ GHFHUFDGHOGHODSREODFLyQDFWLYDPLHQWUDVFDVL
ORV TXH DIHFWDEDQ D ORV GHSyVLWRV HQ PRQHGD H[WUDQ- ODPLWDGGHODSREODFLyQFDtDEDMRODOtQHDGHSREUH]D\
MHUDWUDWDQGRGHHVWLPXODUODVWUDQVDFFLRQHVHQSHVRV VHKDFtDPiVUHJUHVLYDODGLVWULEXFLyQGHLQJUHVRV
HQOXJDUGHODVUHDOL]DGDVFRQGLYLVDV$OLJXDOTXHHQ
pSRFDVGHOD³WDEOLWD´GH0DUWtQH]GH+R]ODDSHUWXUD /DFODYHGHOVLVWHPDIXHXQWLSRGHFDPELR¿MR\FRQFRPHUFLDO \ OD OLEHUDOL]DFLyQ GH ORV ÀXMRV GH FDSLWDO YHUWLEOHHVWDEOHFLGRSRUOH\TXHIXQFLRQyDOHVWLORGHO
DFRPSDxDURQHVWDVPHGLGDV(OWLSRGHFDPELRVHFRQ- SDWUyQRURGHOVLJOR;,;(QXQVLVWHPDDVtFRQDSHUYLUWLyHQWRQFHVHQHODQFODGHOVLVWHPDGHSUHFLRV
WXUDLUUHVWULFWDGHORVPHUFDGRV\VLQVLTXLHUDHOWLSRGH
6HSURFXUDEDHYLWDUTXHHO(VWDGRHPLWLHVHGLQHURSDUD LQVHUFLyQLQWHUQDFLRQDOTXHVXSRQtDHOPRGHORDJURH[VROYHQWDU HO Gp¿FLW S~EOLFR /D FUHDFLyQ \ OD DEVRU- SRUWDGRUFX\DHFRQRPtDFUHFtDHQIXQFLyQGHODVQHFHVLFLyQGHGLQHURTXHGDEDQOLPLWDGDVDOLQJUHVRRHJUHVR GDGHVGHODPHWUySROLEULWiQLFDOD~QLFDIRUPDGHFRQGHGLYLVDVORTXHWUDQVIRUPDEDODRIHUWDPRQHWDULDHQ WURODUORVGp¿FLWVH[WHUQR\¿VFDOHUDDSOLFDQGRSROtWLFDV
XQDYDULDEOHH[yJHQDTXHQRSRGtDVHUFRQWURODGDSRU GHDMXVWHDODHVSHUDGHXQPLODJURVRÀXMRGHFDSLWDOHV
ODSROtWLFDHFRQyPLFD
TXHSXGLHVHWHPSRUDOPHQWHUHYHUWLUODVLWXDFLyQ
Cuadro 7: Emisiones de cuasimonedas
hacia diciembre de 2002.
HQPLOORQHVGHSHVRVVHJ~QHQWHHPLVRU)
Título
Emisor
Lecop
Nación
Patacón
Buenos Aires
Lecor
Córdoba
Federal
Entre Ríos
Cecacor
Corrientes
Bocado
Tucumán
Quebracho
Chaco
Boncafor
Formosa
Petrom
Mendoza
Bono Público
Catamarca
/D5LRMD
/D5LRMD
Patacón I
-XMX\
Total
Monto
3.225
2.705
800
237
206
173
100
73
70
32
17
6
7.645
)XHQWH6FKYDU]HU-\)LQNHOVWHLQ+
25
“Era una economía que crecía sólo con el
endeudamiento externo, proceso cuya falencia pudo observarse una vez agotadas
las privatizaciones, que significaron una importante pérdida del patrimonio nacional”.
(UDXQDHFRQRPtDTXHFUHFtDVyORFRQHOHQGHXGDPLHQWRH[WHUQRSURFHVRFX\DIDOHQFLDSXGRREVHUYDUVHXQD
YH]DJRWDGDVODVSULYDWL]DFLRQHVTXHVLJQL¿FDURQXQD
LPSRUWDQWHSpUGLGDGHOSDWULPRQLRQDFLRQDO$OPLVPR
WLHPSRODYHQWDGHHPSUHVDVSULYDGDVDUJHQWLQDVGLR
OXJDUDXQDH[WUDQMHUL]DFLyQVLQSUHFHGHQWHVGHODHFRQRPtDVLQTXHVHDPSOLDUDVXFDSDFLGDGSURGXFWLYD
3RU VXSXHVWR ODV WDVDV GH FUHFLPLHQWR UHODWLYDPHQWH
DOWDV GH FRPLHQ]RV GH OD GpFDGD GHO VH UHYHODURQ
PX\IUiJLOHV1RVyOREHQH¿FLDURQDSHTXHxRVVHFWRUHV
GHODVRFLHGDGVLQRTXHQRSXGLHURQVRVWHQHUVHHQHO
WLHPSRKDVWDTXHVHSURGXMRXQDFULVLVFDVLWHUPLQDO
'HVSXpVGHFDVLXQDGpFDGDGHPDQWHQLPLHQWRGHOWLSR
GHFDPELR¿MR\DFRQHOJRELHUQRGH'HOD5~D\HQ
HOPDUFRGHODFRQWLQXLGDGGHODVSROtWLFDVGHOLEHUDOL]DFLyQ¿QDQFLHUDGHVUHJXODFLyQHFRQyPLFD\DSHUWXUD
FRPHUFLDOODGHPDQGDDJUHJDGDHVWDEDGHSULPLGDOD
VREUHYDOXDFLyQFDPELDULDLQKLEtDHOFUHFLPLHQWRGHODV
H[SRUWDFLRQHV\ORVHOHYDGRVQLYHOHVGHGHVHPSOHROLPLWDEDQODUHYLWDOL]DFLyQGHOFRQVXPRPLHQWUDVTXHOD
FULVLV GHO HQGHXGDPLHQWR H[WHUQR DPHQD]DED DO UpJLPHQGHFRQYHUWLELOLGDG\VXERUGLQDEDDODSROtWLFDHFRQyPLFD'HVGHHOSXQWRGHYLVWDGHOVLVWHPDEDQFDULR
ODVREUHYDOXDFLyQGHOWLSRGHFDPELRVHH[SUHVDEDHQ
ODHOHYDGDGLIHUHQFLDHQWUHODVWDVDVGHLQWHUpVVREUHHO
SHVR\VREUHHOGyODU
(OGHVHTXLOLEULRH[WHUQRHPHUJtDFRPRXQDFDUDFWHUtVWLFD HVWUXFWXUDO TXH DFRPSDxDED DO PRGHOR GHVGH VXV
LQLFLRV(OJRELHUQRQDFLRQDOWRPyFUpGLWRVHQHOH[WHULRU QR VyOR SDUD ¿QDQFLDU VX SURSLR SUREOHPD ¿VFDO
*Ui¿FR
Depósitos Bancarios
HQPLOORQHVGHSHVRV
(ODERUDFLyQSURSLD)XHQWH%&5$
(OJUi¿FRPXHVWUDODOyJLFDGHODHFRQRPtDSROtWLFD
GHODFRQYHUWLELOLGDGHQHOVHFWRUH[WHUQR
(Q HO IRQGR HVH HQGHXGDPLHQWR H[WHUQR S~EOLFR DFXPXODGRGHVGHFRPHQ]yDJHQHUDUXQQXHYRFLFOR
HVWUHFKDPHQWHYLQFXODGRDODHYROXFLyQGHODVEUHFKDV
H[WHUQD\¿VFDO/RVSHUtRGRVGHH[SDQVLyQVHDVRFLDEDQDXQLQJUHVRGHGLYLVDVGHVGHHOH[WHULRUTXHSHUPLWtDQ VRVWHQHU HO Gp¿FLW FRPHUFLDO 3HUR FXDQGR ORV
ÀXMRVGHFDSLWDOVHLQWHUUXPStDQHOFLFORHQWUDEDHQVX
IDVHGHSUHVLYD\HODMXVWHHTXLOLEUDEDSDXODWLQDPHQWHODV
FXHQWDV H[WHUQDV 6LQ HPEDUJR OD UHFHVLyQ GLVPLQXtD
ORVLQJUHVRVS~EOLFRV\RULJLQDEDXQDFULVLV¿VFDOTXHDO
TXHUHUVHUUHSDUDGDFRQUHFRUWHVHQORVJDVWRVSURIXQGL]DEDODFDtGDGHODDFWLYLGDGHFRQyPLFD&RPRGHFtD
HQORVDxRVWUHLQWDIUHQWHDSROtWLFDVVLPLODUHV$OHMDQGUR
%XQJH³ODYtERUDVHFRPHVXSURSLDFROD´(VTXHOD
EUHFKD¿VFDOVHWRUQDEDLQÀH[LEOHSRUHOSHVRFUHFLHQWH
GHORVVHUYLFLRVGHODGHXGDTXHFUHFtDQH[SRQHQFLDOPHQWH DXQ FXDQGR VH WUDQV¿ULHUDQ VXPDV HQRUPHV GH
UHFXUVRVDOH[WHULRU
VLQR WDPELpQ SDUD DFXPXODU UHVHUYDV \ FRPSHQVDU HO
Gp¿FLW H[WHUQR GHO VHFWRU SULYDGR (VWR SHUPLWtD SURORQJDU OD YLGD GHO UpJLPHQ DXQTXH D FRVWD GH OHYDQWDU XQD SHVDGD KLSRWHFD SDUD HO IXWXUR (O LQFUHPHQWR
VRVWHQLGR GHO QLYHO GH UHVHUYDV HUD IXQGDPHQWDO SDUD
HOFUHFLPLHQWRGHODHFRQRPtDSXHVGHpOGHSHQGtDHO
FRPSRUWDPLHQWRGHODRIHUWDPRQHWDULD\GHOFUpGLWR\
SRUWDQWRODHYROXFLyQGHODGHPDQGDS~EOLFD\SULYDGD(VWHPHFDQLVPRLPSOLFDEDTXHODDFWLYLGDGLQWHUQD
HVWXYLHUDHVWUHFKDPHQWHOLJDGDDODSRVLFLyQ¿QDQFLHUD
H[WHULRUDWUDYpVGHOQLYHOGHUHVHUYDVTXHGHWHUPLQDED
ODEDVHPRQHWDULD
(QHOPDUFRGHOUpJLPHQGHFRQYHUWLELOLGDGSDUDHYLWDU
XQDFRQWUDFFLyQGHHVDEDVHPRQHWDULDUHVXOWDEDLQGLVpensable que el gobierno proporcionara más divisas
endeudándose. Esta lógiFDVHUHSURGXFtD\DJUDYDED
SRUTXHORVLQJUHVRVGHGLYLVDVJHVWLRQDGRVSRUHO(VWDGRHUDQUiSLGDPHQWHIXJDGRVSRUHOVHFWRUSULYDGRTXH
UHGXMRVXVSDVLYRV\DXPHQWyVXVDFWLYRVHQHOH[WHULRU
0DULR5DSRSRUW³(O3ODQGH&RQYHUWLELOLGDG\ODHFRQRPtDDUJHQWLQD´HQ(FRQRPLDH6RFLHGDGH5HYLVWDGR,QVWLWXWRGH
(FRQRPtDGD8QLFDPS&DPSLQDV1URIHEUHURSS$QGUHV0XVDFFKLR³/RV³GHVOLFHVWpFQLFRV´GHODFRQYHUWLELOLGDGOD
FULVLV\ODVFRQGLFLRQHVGHODUHFXSHUDFLyQ´;;-RUQDGDV1DFLRQDOHVGH+LVWRULD(FRQyPLFD0DUGHO3ODWDRFWXEUHGH
&I0DULR'DPLOO³(OEDODQFHGHSDJRV\ODGHXGDH[WHUQDS~EOLFDEDMRODFRQYHUWLELOLGDG´HQHO%ROHWtQ,QIRUPDWLYR7HFKLQW
1ƒ
26
DFRVWDGHXQDXPHQWRFRORVDOGHODGHXGDH[WHUQDS~EOLFD/DUHGXFFLyQGHODOLTXLGH]HOHYDEDODVWDVDVGH
LQWHUpV\SRUHVDYtDDIHFWDEDQXHYDPHQWHORVQLYHOHV
GHDFWLYLGDGHFRQyPLFD(ODFKLFDPLHQWRGHOFRQVXPR
\VREUHWRGRGHODLQYHUVLyQUHSHUFXWtDVREUHHOQLYHO
GHLPSRUWDFLRQHV$~QDVtHOVXSHUiYLWGHODEDODQ]D
FRPHUFLDOHUDLQVX¿FLHQWHSDUDFRQWUDUUHVWDUHOSDJRGH
LQWHUHVHV\HOFRQVLGHUDEOHLQFUHPHQWRHQODUHPLVLyQ
GHGLYLGHQGRV
VXVGp¿FLWV(OFRQÀLFWRIXHDOLYLDGRSDUFLDOPHQWHDWUDYpVGHODHPLVLyQGHFXDVLPRQHGDVTXHSHUPLWLHURQD
ODVSURYLQFLDVLQFUHPHQWDUODOLTXLGH]SHVHDODHVFDVH]
GHGyODUHV
$VtSUROLIHUDURQODVHPLVLRQHVGHPiVGHFXDVLPRQHGDVLQFOX\HQGRXQDGHO(VWDGRQDFLRQDOORV/HFRS
HPLWLGRV SRU HO %DQFR &HQWUDO /RV /HFRS SRGtDQ VHU
XWLOL]DGRVSDUDSDJDULPSXHVWRVQDFLRQDOHV\ELHQHV\
VHUYLFLRV\DGLIHUHQFLDGHORV3DWDFRQHVTXHFRQDQ(QHVHPDUFRWDQWRODFDQFHODFLyQGHORVSDVLYRVFRPR WHULRULGDGKDEtDODQ]DGROD3URYLQFLDGH%XHQRV$LUHV
HOPDQWHQLPLHQWRGHODFREHUWXUDGHODEDVHPRQHWDULD QRGHYHQJDEDQLQWHUpV(VWRVERQRVIXHURQHPLWLGRVHQ
GHPDQGDURQ XQ HQGHXGDPLHQWR FUHFLHQWH D WDVDV GH IUDFFLRQHVSHTXHxDVKDVWDSHVRQRPLQDOSDUDIDFLOLLQWHUpVYDULDVYHFHVVXSHULRUHVDODVLQWHUQDFLRQDOHV
WDUVXFLUFXODFLyQ
'tDDGtDVHFRQ¿UPDEDPiVFODUDPHQWHODLQYLDELOLGDG
GHOUpJLPHQGHFRQYHUWLELOLGDG/DUHFHVLyQVHWRUQyOD )RUPDOPHQWHODVLWXDFLyQLPSOLFDEDXQGHFHVRGHKH~QLFDDOWHUQDWLYDSDUDFHUUDUHVWDVEUHFKDVDWUDYpVGH FKRGHOUpJLPHQGHFRQYHUWLELOLGDGSXHVHQHOWHUULWRSROtWLFDVGHDMXVWHUHFRPHQGDGDVSRUHO)0,UHEDMDV ULRQDFLRQDOFLUFXODEDQWHUFHUDVPRQHGDVDYDODGDVSRU
GHVXHOGRV\MXELODFLRQHVFRQWUDFFLyQGHOJDVWRS~EOL- ODVSURYLQFLDVVLQUHVSDOGRHQGyODUHV3HURODTXLHEUD
FR³LPSXHVWD]R´DORVVHFWRUHVPHGLRVDORTXHVHVX- GHODV¿QDQ]DVS~EOLFDVQRRIUHFtDRWUDVSHUVSHFWLYDV
PDEDQODFRQWUDFFLyQGHODVLPSRUWDFLRQHV\HOLQFUH- SDUDVROXFLRQDUODLOLTXLGH]DFRUWRSOD]R\HOUHFXUVR
PHQWRGHORVVDOGRVH[SRUWDEOHV(QPDU]RGHD DODHPLVLyQGHFXDVLPRQHGDVVHH[WHQGLyWDPELpQSRU
GLH]DxRVGHOHVWDEOHFLPLHQWRGHODFRQYHUWLELOLGDGVX PRWLYRV SROtWLFRV ORV JREHUQDGRUHV GH OD RSRVLFLyQ
DXWRU'RPLQJR&DYDOORUHWRUQyDOPLQLVWHULRGH(FR- HQFRQWUDEDQ HQ HOODV XQD YtD ySWLPD SDUD VROXFLRQDU
QRPtDSDUDREVHUYDUVXDJRQtD\SRVWHULRUGHUUXPEH VXV SUREOHPDV ¿QDQFLHURV HQ HO FRUWR SOD]R IDYRUH7LHPSRWXYRSDUDSURFODPDUHOGp¿FLWFHUR\QHJRFLDU FLHQGRDGHPiVORVGHVHTXLOLEULRVGHQWURGHOUpJLPHQ
GHFRQYHUWLELOLGDG
XQUXLQRVRPHJDFDQMH
“En marzo de 2001, a diez años del establecimiento de la convertibilidad, su
autor, Domingo Cavallo retornó al ministerio de Economía para observar su
agonía y posterior derrumbe”.
$XQTXH ODV FXDVLPRQHGDV IXHURQ PX\ FXHVWLRQDGDV
SRUODYLVLyQRUWRGR[DDOJXQRVDQDOLVWDVODVMX]JDQGH
XQDPDQHUDPXFKRPHQRVQHJDWLYD$QWHXQDPDVDGH
GLQHURTXHVHUHGXFtDUiSLGDPHQWHSRUODVDOLGDGHFDSLWDOHV\TXHKDEtDKHFKRGLVPLQXLUODEDVHPRQHWDULD
GH PLOORQHV GH SHVRV D PLOORQHV D OR
3HUR HO GHWHULRUR GHO VHFWRU S~EOLFR FRQ HO HPSHRUD- ODUJRGHODVPRQHGDVSURYLQFLDOHVDPRUWLJXDEDQ
PLHQWR SURJUHVLYR GH VXV ¿QDQ]DV WHQtD XQD GLPHQ- OD FDtGD GH OD GHPDQGD LPSXOVDGD GHVGH HO JRELHUQR
VLyQ DGLFLRQDO HQ ODV GLVSXWDV FRQ ODV SURYLQFLDV TXH QDFLRQDOGDQGRDOJRGHR[tJHQRDODV¿QDQ]DVSURYLQSUHDQXQFLDEDHO¿QGHOVLVWHPD$FRVDGDVSRUODVUHV- FLDOHV 3RU OR WDQWR HUDQ ~WLOHV SDUD HYLWDU XQD FULVLV
Depósitos
%DQF3~EO
%DQF3ULY
&RRS
([WUDQMHURV
7RWDO
Préstamos
%DQF3~EO
%DQF3ULY
&RRS
([WUDQMHURV
7RWDO
Cuadro 8: Participación por grupos de bancos en depósitos y préstamos
1991-2001 en %
Dic. 91
Dic. 93
Dic. 95
Dic. 97
Dic. 99
Dic. 01
Dic. 91
Dic. 93
Dic. 95
Dic. 97
Dic. 99
Dic. 01
)XHQWH/%OHJHU
WULFFLRQHV¿QDQFLHUDVpVWDVHQFRQWUDURQFUHFLHQWHVGL¿- D~QPiVSURIXQGD
FXOWDGHVSDUD¿QDQFLDUVXVJDVWRVHQWDQWRHOJRELHUQR 'HVGHORVLQLFLRVGHOFRPHQ]yXQGUHQDMHGHGHQDFLRQDOOHVUHFODPDEDFRPSURPLVRVD¿QGHHOLPLQDU SyVLWRVWDQWRHQODVFXHQWDVFRUULHQWHVFRPRHQODVFD-
&I-RUJH6FKYDU]HU\+HUQiQ)LQNHOVWHLQ³%RQRVFXDVLPRQHGDV\SROtWLFDHFRQyPLFD´1RWDVGH&R\XQWXUD1ƒ&(63$HQHURGH
27
MDVGHDKRUUR\HQORVSOD]RV¿MRVVLPXOWiQHRDODJUDYDPLHQWRGHODUHFHVLyQHFRQyPLFD\DODVFUHFLHQWHV
H[SHFWDWLYDVGHGHYDOXDFLyQ/RVGHSyVLWRVHUDQFRQYHUWLGRVHQGyODUHV\IXJDGRVDOH[WHULRUSURYRFDQGR
XQDPD\RUFDtGDGHODVUHVHUYDVGHO%&5$TXHDVHJXUDEDVX SURYLVLyQ FRQIRUPHDODOH\ GH FRQYHUWLELOLGDG
(OGUHQDMHGHGHSyVLWRVSXVRDOVLVWHPDDOERUGHGHOFRODSVR\REOLJyDOJRELHUQRDVDQFLRQDUSULPHURXQD³OH\
GHLQWDQJLELOLGDGGHORVGHSyVLWRV´\DLQVWDXUDUSRFR
GHVSXpVHO³FRUUDOLWR´(OžGHGLFLHPEUHGHDTXHODxR
HOJRELHUQRLPSXVRUHVWULFFLRQHVVHPDQDOHVDO
UHWLURGHIRQGRVGHORVEDQFRV\XQWRSHGyODUHVDODVWUDQVIHUHQFLDVDOH[WHULRU\RIUHFLyDOPLVPR
WLHPSRODRSFLyQGHGRODUL]DUORVGHSyVLWRVHQSHVRV
PLHQWRH[WHUQRDV¿[LDQWHTXHGHPLOPLOORQHVGH
GyODUHVHQSDVyYHLQWHDxRVPiVWDUGHDPLO
PLOORQHV\XQGHUUXPEHGHOVLVWHPDSROtWLFR
“La adopción del “corralito” fue el reconocimiento de que la convertibilidad
se había derrumbado por completo y
la cadena de pagos estaba rota”.
(Q FXDQWR DO VLVWHPD ¿QDQFLHUR HQ Vt PLVPR VXV
IXQFLRQHV\GLPHQVLyQHVWXYLHURQVLHPSUHHQFXHVWLyQHQOD$UJHQWLQD\PiVD~QHQORV~OWLPRVWUHLQWD
DxRV/RVLGHyORJRVGHOOLEHUDOLVPRFODPDURQSRUOD
H[LVWHQFLD GH XQ Q~PHUR GH HQWLGDGHV GHWHUPLQDGD
SRUHOPHUFDGR\GHWDVDVGHLQWHUpVOLEUHV\HOHYDGDVPX\VXSHULRUHVDODVWDVDVGHUHQWDELOLGDGGHOD
(UDODWHUFHUDYtDGHUHFRQRFLPLHQWRGHTXHODULTXH]D DFWLYLGDGSURGXFWLYD
¿QDQFLHUDFUHDGDSRUODHVSHFXODFLyQQRWHQtDFRQWUDSDUWLGDUHDOHQELHQHV\VHUYLFLRV(OFRUUDOLWRHUDXQD (VWRVHH[SUHVyHQHOSUHGRPLQLRGHOVHFWRU¿QDQFLHUR
DOWHUQDWLYDDOSODQ%RQH[RDGHMDUVLPSOHPHQWHTXH- VREUHHOUHDOHQHOGLUHFFLRQDPLHQWRGHOFUpGLWRKDFLD
EUDUDORVEDQFRV\DVtHOLPLQDUGHSyVLWRVLPSRVLEOHV ODVJUDQGHVHPSUHVDV\HQODHVFDVH]\DOWRFRVWRGHO
GHGHYROYHU(OSUREOHPDQRHUDHOFRUUDOLWRHQVtPLV- ¿QDQFLDPLHQWR SDUD ODV 3\PHV R ORV SUpVWDPRV SDUD
PRVLQRODSROtWLFDHFRQyPLFDTXHKDEtDJHQHUDGROD ODYLYLHQGD7RGRHOOR¿QDOL]yFRPRVDEHPRVHQXQD
HVSHFXODFLyQ\ODKLSHUWUR¿D¿QDQFLHUD3RUHVRFXDQ- FULVLVFDVLWHUPLQDO\HQXQQXHYRGLPHQVLRQDPLHQWR
GR(GXDUGR'XKDOGHDVXPLyODSUHVLGHQFLD\DQXOyOD GHO VLVWHPD ¿QDQFLHUR FDUDFWHUL]DGR SRU VX DOWD FRQFRQYHUWLELOLGDG QR SXGR FXPSOLU FRQ VX SURPHVD GH FHQWUDFLyQ \ DO PLVPR WLHPSR SRU VX H[WUDQMHUL]DGHYROYHUGyODUHVDTXLHQHVKDEtDQGHSRVLWDGRGyODUHV FLyQFRPRORPXHVWUDHOFXDGURDQWHULRU
(VTXHVHWUDWDEDGHXQVLPSOHHVSHMLVPR
$HOORGHEHDJUHJDUVHOD¿QDQFLDUL]DFLyQGHOVLVWHPD
/DDGRSFLyQGHO³FRUUDOLWR´IXHHOUHFRQRFLPLHQWRGH SUHYLVLRQDO FRQ OD LPSOHPHQWDFLyQ GH ODV $)-3 XQ
TXHODFRQYHUWLELOLGDGVHKDEtDGHUUXPEDGRSRUFRP- MXJRVR QHJRFLR SDUD ODV HQWLGDGHV GHO UXEUR /D UHSOHWR\ODFDGHQDGHSDJRVHVWDEDURWD/DGHYDOXDFLyQ IRUPDGHGLVPLQX\yHOQ~PHURGHEDQFRVSHUR
PDQWXYRWDVDVGHLQWHUpVHOHYDGDVHQWpUPLQRVUHDOHV
IXHDQXQFLDGD¿QDOPHQWHHQHQHURGHO
\HQGLYLVDV
3HURODFULVLVHUDPXFKRPiVSURIXQGDTXHHOVyORTXLHEUHGHOUpJLPHQPRQHWDULR\GHMDEDVHFXHODVGHPiV (O FDPLQR D OD GRODUL]DFLyQ VLQ VHU HO %&5$ SUHVWDODUJR SOD]R HO GHWHULRUR GHO FDSLWDO ItVLFR \ OD GHVLQ- PLVWDGH~OWLPDLQVWDQFLDHQODPRQHGDHVWDGRXQLGHQGXVWULDOL]DFLyQ XQD FULVLV VRFLDO VLQ SUHFHGHQWHV FRQ VHFUHDEDSRUVtPLVPRFRQGLFLRQHVH[SORVLYDV9DOH
DOWRV QLYHOHV GH SREUH]D \ GHVHPSOHR XQ HQGHXGD- OD SHQD UHFRUGDU TXH HVWD UHIRUPD GHO VLVWHPD ¿QDQ-
*Ui¿FR
)XHQWH%&5$0LQLVWHULRGH(FRQRPtD
&I-RVp6EEDWHOOD³&ULVLV¿VFDO\UROGHODPRQHGD/DH[SHULHQFLDDUJHQWLQDGHODGpFDGDGH´HQ5%R\HU\-&1HIID/DHFRQRPtDDUJHQWLQD\VXVFULVLVYLVLRQHVLQVWLWXFLRQDOLVWDV\UHJXODFLRQLVWDV0LxR\'iYLOD%XHQRV$LUHV
28
FLHUR±FRPRODGHWXYRODDSUREDFLyQGHO)0,
\VHDGRSWyHQHOPDUFRGHUHIRUPDVGHORVPHUFDGRV
¿QDQFLHURVLQWHUQDFLRQDOHVTXHWHUPLQDURQOOHYDQGRD
ODDFWXDOFULVLVPXQGLDO
9. LA RECUPERACIÓN ECONÓMICA Y EL
SECTOR FINANCIERO
/DSURIXQGDFULVLVGHREOLJyDXQUHSODQWHRLQWHJUDO GH OD HFRQRPtD DUJHQWLQD TXH IXH FRQFUHWiQGRVH GH D SRFR (O SULPHU SDVR IXH OD VDOLGD PLVPD
GHODFRQYHUWLELOLGDGTXHQRVHWUDWDEDVLPSOHPHQWH
GHXQDGHYDOXDFLyQ7HUPLQDUFRQODFRQYHUWLELOLGDG
LPSOLFDEDUHVROYHUXQDVHULHGHFXHVWLRQHVGHIRQGR
HQWUH ODV TXH VH GHVWDFDEDQ LPSRQHU XQ QXHYR UpJLPHQFDPELDULRHYLWDUHOVKRFNLQÀDFLRQDULRGHODGHYDOXDFLyQ\UHGLVFXWLUORVFRQWUDWRVGRODUL]DGRVGHODV
HPSUHVDVSULYDWL]DGDV$GHPiVVHGHEtDDFWXDUVREUH
HOLPSDFWR¿VFDOSXHVHOSHVRGHORVVHUYLFLRVGHOD
GHXGD H[WHUQD PDQWHQtD GRODUL]DGD GH KHFKR SDUWH
GHORVJDVWRVPLHQWUDVODUHFDXGDFLyQVHHQFRQWUDED
HQSHVRV(QWHUFHUWpUPLQRHUDPHQHVWHUDFRWDUODV
WUDQVIHUHQFLDVLQWHUVHFWRULDOHVGHLQJUHVRVGHODGHYDOXDFLyQTXHVHJXUDPHQWHLPSDFWDUtDQVREUHHOVDODULR
UHDO\DGHSRUVtSXOYHUL]DGR$HVRVHOHVXPDEDQHO
UDGLFDOFXHVWLRQDPLHQWRSROtWLFRGHODVRFLHGDGKDFLD
ODFODVHSROtWLFDTXHGHMDEDXQPDUJHQGHPDQLREUD
HVFDVR\ODVGHPDQGDVGHPHGLRSDtVVLWXDGRSRUGHEDMRGHODOtQHDGHSREUH]D
9DULDV GH ODV HPSUHVDV SULYDWL]DGDV FX\RV SUHFLRV
IXHURQ SHVL¿FDGRV \ FRQJHODGRV D SHVDU GH TXH ORV
FRQWUDWRV KDEODEDQ GH WDULIDV HQ GyODUHV SUHVHQWDURQ GHPDQGDV HQ HO WULEXQDO GHO %DQFR 0XQGLDO HO
&,$', SXHV VRVWHQtDQ TXH OD SHVL¿FDFLyQ DIHFWDED
ORVFRQWUDWRVRSRUWXQDPHQWH¿UPDGRV6LQHPEDUJR
HVDIDFHWDGHODSHVL¿FDFLyQHUDFODYHSDUDVDOLUGHOD
FULVLVSXHVFRQVWLWXtDOD~QLFDIRUPDGHPRGL¿FDUOD
HVWUXFWXUD GH SUHFLRV UHODWLYRV REMHWLYR HVHQFLDO GH
WRGDGHYDOXDFLyQ
(OSUREOHPDGHORVMXLFLRVVHIXHUHVROYLHQGRSDXODWLQD\SDUFLDOPHQWH$OJXQDVGHODVHPSUHVDVIXHURQ
UHDGTXLULGDV SRU HO (VWDGR RWUDV HQ IXQFLyQ GH VXV
QHJRFLRVHLQWHUHVHVHQHOSDtVVHDYLQLHURQDOHYDQWDU
ODVGHPDQGDV
/DV QXHYDV FRQGLFLRQHV ORJUDGDV FRQ OD GHYDOXDFLyQ
VHDFRSODURQFRQSUHFLRVLQWHUQDFLRQDOHVHQDO]DSDUD
ODVH[SRUWDFLRQHVGHPDQHUDTXHUiSLGDPHQWHVHORJUy
DOFDQ]DUGHPDQHUDVLPXOWiQHDXQVXSHUiYLWFRPHUFLDO
\¿VFDOTXHIXHOHYDQWDQGRODVUHVWULFFLRQHVH[LVWHQWHV
/D FRPELQDFLyQ GH H[SRUWDFLRQHV FUHFLHQWHV \ GH XQ
SURFHVRGHVXVWLWXFLyQGHLPSRUWDFLRQHVIDFLOLWyHOLQFUHPHQWRGHOSURGXFWR\GHOHPSOHRYDULDEOHVTXHVH
UHIRU]DURQPXWXDPHQWH\GLHURQSLHDXQDPHMRUDSDXODWLQD HQ ORV VDODULRV UHDOHV$Vt VH ORJUDURQ DOWDV GH
FUHFLPLHQWRGHO3,%FHUFDQDVDODQXDOHQWUH
\6HSRGtDWDPELpQDWHQGHUHOVHUYLFLRGHODGHXGDH[WHUQDFXDGUXSOLFDUVLJQL¿FDWLYDPHQWHHOQLYHOGH
UHVHUYDVHQWUH\HLQFUHPHQWDUORVGHSyVLWRV
EDQFDULRVFRPRORPXHVWUDHOJUi¿FRQ~PHUR
6LQ XQD VHFXHQFLD GH¿QLGD VLQR PiV ELHQ DFWXDQGR
GH PDQHUD UHÀHMD D ORV SUREOHPDV TXH VH LEDQ SUHVHQWDQGRVHSURFHGLyHQSULPHUOXJDUDPRGL¿FDUOD
SDULGDGFDPELDULD\OXHJRVHOLEHUyHOPHUFDGRFDPELDULR 6LQ DQFODV SDUHFtD HYLGHQWH XQD FRUULGD HQ
ORVSUHFLRV3RUHVRDSRFRGHDQGDUVHLQWURGXMHURQ
UHWHQFLRQHVDODVH[SRUWDFLRQHV(VWDVDGHPiVGHDFWXDUFRPRDPRUWLJXDGRUGHODLQÀDFLyQSHUPLWtDQDO
(VWDGRFDSWDUUHFXUVRV³GRODUL]DGRV´HLQWURGXFLUXQ
WULEXWRTXHUHFDtDHQTXLHQHVPiVVHEHQH¿FLDEDQSRU
ODGHYDOXDFLyQ3RURWUDSDUWHODFRPSUHVLyQGHOPHUFDGRLQWHUQRSURGXFLGDSRUODFDtGDGHOLQJUHVR\OD
GHVRFXSDFLyQVLQSUHFHGHQWHVDFWXDEDQHQGH¿QLWLYD
FRPRXQDQFODWHPSRUDOTXHLUtDGRVL¿FDQGRHQORV
DxRV VLJXLHQWHV OD WUDQVIHUHQFLD SDUFLDO D SUHFLRV GH
ODGHYDOXDFLyQ$XQDVtODVLPSHULFLDVWpFQLFDVHQOD
VDOLGDGHODGHYDOXDFLyQOOHYyHQSRFRVPHVHVHOGyODU
GHSHVRDFDVLFXDWURFXDQGRODSURSXHVWDRULJLQDO
HUDHVWDELOL]DUORHQSHVRV
¢6HWUDWDGHOLQLFLRGHXQQXHYRPRGHOR"(QSULQFLSLRORVFDPELRVRFXUULGRVDFWXDURQVREUHXQRGHORV
GRVHMHVSULQFLSDOHVGHOHVTXHPDLPSXHVWRHQORVµ
VHKDLGRGHVDUWLFXODQGRSDXODWLQDPHQWHODYDORUL]DFLyQ¿QDQFLHUDFRPRPRWRUGHODHFRQRPtD(OLQJUHVR GH GLYLVDV GHULYDGR GHO VXSHUiYLW FRPHUFLDO \ OD
PD\RUUHFDXGDFLyQ¿VFDOSURGXFWRGHODUHDFWLYDFLyQ
GHOPHUFDGRLQWHUQRUHVXOWDURQVX¿FLHQWHVSDUDFXEULU
ODV QHFHVLGDGHV SURSLDV \ GH OD GHXGD S~EOLFD \ VH
SXGRSUHVFLQGLUGHVDOLUDEXVFDU¿QDQFLDPLHQWRVFRQ
DOWDV WDVDV GH LQWHUpV 0iV WDUGH OD QDFLRQDOL]DFLyQ
GH ODV$)-3 YROYLHQGR DO (VWDGR ORV IRQGRV GH ORV
DSRUWHV SUHYLVLRQDOHV QR VyOR GHVDUPy XQ QHJRFLR
¿QDQFLHURSHUMXGLFLDOSDUDORVIXWXURVMXELODGRVVLQR
TXHFRQVROLGyHOIUHQWH¿VFDO(OPHUFDGRGHFDPELRV
VHOLEHUySHURODÀRWDFLyQVXFLDGHO%&5$OHSHUPLWLyFRPSUDU\YHQGHUGLYLVDVHYLWDQGRVHJ~QORVPRPHQWRV XQD H[FHVLYD UHYDOXDFLyQ R GHYDOXDFLyQ GHO
SHVR DXQTXH SURFXUDQGR PDQWHQHU VLHPSUH XQ WLSR
0LHQWUDV WDQWR FRPHQ]y XQD GXUD QHJRFLDFLyQ GH OD GHFDPELRFRPSHWLWLYR
GHXGD H[WHUQD TXH LQFOX\y XQ GHIDXOW LQLFLDO GH ODV
GHXGDV FRQ DFUHHGRUHV SULYDGRV \ XQD DPHQD]D GH “La nacionalización de las AFJP, volFHVDFLyQ GH SDJRV D ORV RUJDQLVPRV GH FUpGLWR LQWHU- viendo al Estado los fondos de los
QDFLRQDOHV )LQDOPHQWH OD GHXGD VH UHHVWUXFWXUy FRQ aportes previsionales, no sólo desarUHSURJUDPDFLyQ HQ ORV SDJRV \ TXLWD HQ ORV PRQWRV mó un negocio financiero perjudicial
GLVPLQX\HQGRHQHODPHQRVGHXQGHO3,% para los futuros jubilados sino que
consolidó el frente fiscal”.
$¿QHVGHVHFDQFHOyWDPELpQDQWLFLSDGDPHQWH
ODGHXGDTXHVHWHQtDFRQHO)0,SDUDJDQDUJUDGRVGH (Q FDPELR HO VHJXQGR HMH GH YDORUL]DFLyQ LPSXHVWR
HQ ORV µ YLQFXODGR D ODV H[SRUWDFLRQHV LQWHQVLYDV
OLEHUWDGHQODSROtWLFDHFRQyPLFD
9HU$ODQ&LELOV\&HFLOLD$OODPL³(OVLVWHPD¿QDQFLHURDUJHQWLQR'HVGHODUHIRUPDGHKDVWDODDFWXDOLGDG´5HDOLGDG(FRQyPLFD
1ƒPDU]R/HRQDUGR%OHJHU³$UJHQWLQDODERUDWRULRGHOD¿QDQFLDUL]DFLyQGHODVHFRQRPtDVHQGHVDUUROOR´HQ5%R\HU\-
1HIIDFRPS/DHFRQRPtDDUJHQWLQD\VXVFULVLV0LxD\'DYLOD%XHQRV$LUHV5DPyQ)UHGLDQL³(OVLVWHPDEDQFDULR
DUJHQWLQR3URSXHVWDVSDUDVXUHFRQVWUXFFLyQ´HQ$FWXDOLGDG(FRQyPLFD1ƒDJRVWRGLFLHPEUH
29
HQUHFXUVRVQDWXUDOHVSDVyDXQSULPHUSODQRFRQHO
FRQÀLFWRSRUODVUHWHQFLRQHVTXHWXYRHQYLORDOSDtV
$HVWHUHVSHFWRVHLQWHQWyDYDQ]DUFRQXQDSROtWLFD
TXHSRVLELOLWDUDDO(VWDGRWRPDUXQDSDUWHPD\RUFRQ
¿QHVUHGLVWULEXWLYRVGHODVH[WUDRUGLQDULDVJDQDQFLDV
GHODJURGHELGRDODXPHQWRLQWHUQDFLRQDOGHORVSUHFLRVGHOVHFWRU3HURQRVHPDQHMyDGHFXDGDPHQWHHO
HQIUHQWDPLHQWRFRQORVLQWHUHVHVFRUSRUDWLYRVTXHWHQtDQXQDODUJDWUD\HFWRULDGHSRGHUHFRQyPLFR\SROtWLFR HQ HO SDtV 1R VH FUHDURQ ORV PHFDQLVPRV SUHYLRV FRPR KLFLHURQ ORV JRELHUQRV FRQVHUYDGRUHV HQ
OD GpFDGD GHO ¶ ±GHIHQVRUHV HQ DTXHO PRPHQWR GH
HVRVVHFWRUHVSDUDUHJXODUORVPHUFDGRVDWUDYpVGHOD
FUHDFLyQGHMXQWDVQDFLRQDOHVGHFDUQHV\GHJUDQRV
DKRUDGLVXHOWDVXRUJDQLVPRVVLPLODUHV
“El problema no es sólo enfrentar con
éxito la crisis mundial sino resolver
la emergencia sin perder de vista la
necesidad de una transformación productiva del país”.
(VDVVRQODVEDVHVSULQFLSDOHVSDUDSRGHUSUR\HFWDUVH
KDFLDHOH[WHULRU\QRVXIULUODVFRQVHFXHQFLDVGHXQD
SUHVHQFLD LUUHVSRQVDEOH HQ ORV PHUFDGRV PXQGLDOHV
FRPR OH RFXUULy D OD$UJHQWLQD GH ORV DxRV ¶ TXH
DFHSWy ORV FRQVHMRV GH ORV RUJDQLVPRV LQWHUQDFLRQDOHV\DEULyVXVFRPSXHUWDVDPSOLDPHQWHRULJLQDQGROD
EUXWDOFULVLVGH
8QDSROtWLFDGHHVWHWLSRQRVLJQL¿FDHQFHUUDUVHHQVt
PLVPRVLQRKDFHUORTXHKLFLHURQDTXHOORVTXHOOHJDURQ D OD FLPD HQ GLVWLQWRV PRPHQWRV KLVWyULFRV \ VH
WUDQVIRUPDURQHQSURWDJRQLVWDVGHODHFRQRPtDPXQGLDO *UDQ %UHWDxD SULPHUR (VWDGRV 8QLGRV OXHJR
&DQDGi$XVWUDOLD-DSyQORVSDtVHVGHOVXGHVWHDVLiWLFR &KLQD HQ GLVWLQWRV PRPHQWRV WRGRV SDtVHV FRQ
DYDQ]DGRVSURFHVRVGHLQGXVWULDOL]DFLyQ\WHFQRORJtDV
GHSXQWD
3RU RWUD SDUWH \ HQ WpUPLQRV PiV JHQHUDOHV DXQTXH
VHVRVWXYLHURQODVFRQGLFLRQHVPDFURHFRQyPLFDVSDUD
ODH[SDQVLyQGHODSURGXFFLyQQRKXERVX¿FLHQWHVSROtWLFDV VHFWRULDOHV LQFOX\HQGR ODV TXH SURYLHQHQ GHO
HVWtPXORFUHGLWLFLRDSXQWDQGRDODGLYHUVL¿FDFLyQ\D
XQLQFUHPHQWRGHOYDORUDJUHJDGRWDQWRGHOSURGXFWR
FRPRGHODVH[SRUWDFLRQHV'HVGHHOSXQWRGHYLVWDGH
ODGLVWULEXFLyQGHLQJUHVRVTXHGySHQGLHQWHXQDDPSOLDUHIRUPDWULEXWDULDVLELHQODVPHMRUDVVDODULDOHV /DQHFHVLGDGGHLQFRUSRUDUDOSURFHVRGHSURGXFFLyQ
ODDVLJQDFLyQXQLYHUVDOSRUKLMR\ORVSODQHVGHD\XGD \FRQVXPRDYDVWRVVHFWRUHVGHODSREODFLyQWRGDYtD
IDPLOLDUPHMRUDURQHVWDVLWXDFLyQ
H[FOXLGRV PHMRUDU OD GLVWULEXFLyQ GH ORV LQJUHVRV \
PDQWHQHU ORV QLYHOHV GH HPSOHR WRUQD LQGLVSHQVDEOH
$KRUD ELHQ ¢HV HO QXHYR VHQGHUR PHQRV SURFOLYH D ODSXHVWDHQPDUFKDGHPHFDQLVPRVTXHFRQWULEX\DQ
LQJUHVDUHQIDVHVGHFULVLV"¢2H[LVWHQIDFWRUHVLQWHU- DVRVWHQHUHOSURFHVRGHUHLQGXVWULDOL]DFLyQ3DUDHOOR
QRV\RH[WHUQRVTXHSXHGHQLQGXFLUGLFKDVIDVHV"3RU HO(VWDGRGHEHIRUWDOHFHUVHFRPRXQDFWRUHFRQyPLFR
OR SURQWR PXFKRV DQDOLVWDV MX]JDEDQ TXH XQD SDUWH UHOHYDQWHDWUDYpVGHSROtWLFDVGHLQYHUVLyQS~EOLFD\
LPSRUWDQWH GHO p[LWR HQ OD QXHYD HVWUDWHJLD VH GHEtD GHDUWLFXODFLyQFRQHOVHFWRUSULYDGR
DO³YLHQWRGHFROD´REWHQLGRSRUXQDFR\XQWXUDHVSHFLDOPHQWHUHFHSWLYDDODVH[SRUWDFLRQHVDUJHQWLQDV(Q 4XL]iVHVSUHFLVRUHFRUGDUTXHODGHSUHVLyQGHORVDxRV
HVHVHQWLGRHOSULPHUHVFROORJUDQGHTXHODHFRQRPtD ¶PDUFySDUDODPD\RUtDGHODVQDFLRQHVODWLQRDPHQDFLRQDOGHELyDWUDYHVDUGHVGHHOLQLFLRGHODUHFXSH- ULFDQDVHOLQLFLRGHXQSURFHVRGHLQGXVWULDOL]DFLyQ\
UDFLyQ IXH SUHFLVDPHQWH HO FDPELR QHJDWLYR HQ ODV GHH[SDQVLyQGHVXVPHUFDGRVLQWHUQRVTXHSURGXMRXQ
FRQGLFLRQHVHFRQyPLFDVLQWHUQDFLRQDOHVSRUODDFWXDO FDPELRHQODRULHQWDFLyQGHVXVHFRQRPtDV FULVLVPXQGLDO
/DDFWXDOFULVLVPXQGLDOSXHGHVHUWDPELpQXQDRSRU8QDVSHFWRDGHVWDFDUHVODEDMDYXOQHUDELOLGDG¿QDQ- WXQLGDGVLHOSDtVPDUFKDHQODE~VTXHGDGHVXSURSLD
FLHUDTXHHVWDHFRQRPtDYLHQHPRVWUDQGR&RPSDUDWL- FRKHVLyQ HFRQyPLFD \ VRFLDO SRU VREUH ORV LPSHUDWLYDPHQWHFRQORTXHRFXUUHHQRWURVODGRVHVWHDVSHFWR YRV GH FXDOTXLHU WLSR GH LQWHUpV SDUWLFXODU LQWHUQR R
GHODFULVLVKDJROSHDGRSRFRDOD$UJHQWLQDTXHSXGR H[WHUQR$HVWRGHEHDJUHJDUVHODSURIXQGL]DFLyQGHO
SUHVFLQGLUGHD\XGDVH[WHUQDVFRPRODVTXHUHTXLULy SURFHVRGHLQWHJUDFLyQUHJLRQDODOJXQRVGHFX\RVLQVHQHOSDVDGR(QFDPELRHOLPSDFWRVREUHORVVHFWR- WUXPHQWRV¿QDQFLHURVFRPRODFUHDFLyQGHO%DQFRGHO
UHVUHDOHVIXHPiVVHULRDXQTXHWDPELpQPDWL]DGR
6XUFRPHQ]DURQDSRQHUVHHQPDUFKD&RQHOORQRVH
/DVHVWDGtVWLFDVGLHURQFXHQWDGHXQDFDtGDPX\IXHU- HYLWDUiQODVFULVLVH[yJHQDVSHURVHSRGUiQDWHQXDUVXV
WHHQHOFRPHUFLRH[WHULRUVLQDIHFWDUPD\RUPHQWHOD FRQVHFXHQFLDV \ SUHFDYHUVH UHVSHFWR GH ODV TXH SURSURSRUFLyQ GHO VXSHUiYLW 3RU RWUD SDUWH VL ELHQ ORV YLHQHQGHORVFLFORVHFRQyPLFRVSURSLRV
QLYHOHV GH UHFDXGDFLyQ EDMDURQ \ HO FUHFLPLHQWR VH
GHVDFHOHUyQRWDEOHPHQWHODWDVDGHGHVRFXSDFLyQVH 'HVGH HO SXQWR GH YLVWD GHO VLVWHPD ¿QDQFLHUR ORFDO
PDQWXYRHVWDEOH
XUJHODQHFHVLGDGFRPRORSODQWHDQORVHFRQRPLVWDV
GHO3ODQ)pQL[\GHRWUDVLQVWLWXFLRQHVGHFUHDUXQD
'HWRGRVPRGRVHOSUREOHPDQRHVVyORHQIUHQWDUFRQ QXHYDOH\TXHUHJXOHHOVHFWRU\UHHPSODFHODWDQGHp[LWRODFULVLVPXQGLDOVLQRUHVROYHUODHPHUJHQFLDVLQ QRVWDGDGH6XVSXQWRVSULQFLSDOHVVHUtDQGHFODSHUGHU GH YLVWD OD QHFHVLGDG GH XQD WUDQVIRUPDFLyQ UDUDORVEDQFRVFRPRXQVHUYLFLRS~EOLFRGHYROYHU
SURGXFWLYD GHO SDtV (V SUHFLVR DVHJXUDU HO FRPDQGR DO(VWDGRODSRWHVWDGGHUHJXODUODVWDVDVGHLQWHUpV
SURSLRGHODFRQGXFFLyQHFRQyPLFD\ODGHIHQVDGHORV DVtFRPRWDPELpQORVPRQWRV\ODDVLJQDFLyQGHORV
LQWHUHVHVQDFLRQDOHVUHFRQRFLHQGRTXHODHFRQRPtDVH FUpGLWRV REOLJDU D ODV HQWLGDGHV D WHQHU VHGHV HQ HO
IRUWDOHFH QR VyOR D WUDYpV GH VXV H[SRUWDFLRQHV VLQR LQWHULRUGHOSDtVFHQWUDUHO¿QDQFLDPLHQWRHQODVDFWLWDPELpQGHVXPHUFDGRLQWHUQRTXHODSRQHPiVDFX- YLGDGHVSURGXFWLYDVVREUHWRGRHQODV3\PHVH[WHQELHUWRGHORVFDPELRVHQODFR\XQWXUDLQWHUQDFLRQDO
GHUHOFUpGLWRSDUDODYLYLHQGD\FUHDUXQLPSXHVWRD
6REUHODUHIRUPDWULEXWDULDYHU-RUJH*DJJHUR\)HGHULFR*UDVVR/DFXHVWLyQWULEXWDULDHQOD$UJHQWLQD/DKLVWRULDORVGHVDItRVGHO
SUHVHQWH\XQDSURSXHVWDGHUHIRUPD&(),'$5%XHQRV$LUHV
30
ODUHQWD¿QDQFLHUDHQWUHRWUDVPHGLGDVDFRUGHVFRQOD WDURQHVDSROtWLFDHQ$PpULFD/DWLQDWXYLHURQSURIXQQHFHVLGDGGHXQDUHIRUPDLQWHJUDOGHOVLVWHPDEDQFD- GDVFULVLV¿QDQFLHUDVFRPRIXHHOFDVRGH$UJHQWLQD
ULR\¿QDQFLHUR
(FXDGRU9HQH]XHOD\%UDVLO
&RPEDWLU PiV H¿FD]PHQWH HO ÀDJHOR GH OD LQÀDFLyQ
HVSHFLDOPHQWH VXV IDFWRUHV HVWUXFWXUDOHV \ PRQRSyOLFRVHVRWUDWDUHDQHFHVDULD3DUDHOORVHGHEHGDUFRQ¿DELOLGDGDODVHVWDGtVWLFDVSDUDFRQRFHUFRQH[DFWLWXG
HOWLSRGHSUREOHPDTXHVHHVWiHQIUHQWDQGRQRGHMDUOD
FXHVWLyQHQPDQRVGHLQWHUHVHVSULYDGRVRSROtWLFRV
(QFXDQWRDOWHPDGHOD³DXWRQRPtD´GHO%DQFR&HQWUDOpVWDJDUDQWL]DSDUDODWHVLVQHROLEHUDOHOSURSyVLWR
GHPDQWHQHUHOYDORUGHODPRQHGDOLEUHGHODLQÀXHQFLD
GHODSROtWLFDHFRQyPLFDGHORVJRELHUQRV
8QDPHWDTXHGHEHUtDVLWXDUVHSRUVREUHFXDOTXLHURWUD
TXHSXGLHUDFROLVLRQDUFRQHOOD±FRPRHOFUHFLPLHQWR
HOHPSOHRODSREUH]DDXQTXHHVWHQRVHDHOFDVRGH
OD 5HVHUYD )HGHUDO GH ORV (VWDGRV 8QLGRV TXH WLHQH
HQ FXHQWD WDPELpQ HVRV REMHWLYRV /R TXH OD KLVWRULD
PRQHWDULDQRFRQ¿UPDHVODUHODFLyQHQWUHODSUHVXQWD³DXWRQRPtD´GHORVEDQFRVFHQWUDOHV\ORVSURFHVRV
LQÀDFLRQDULRV HQ ORV SDtVHV HPHUJHQWHV 3RU XQ ODGR
SRUTXHODLQÀDFLyQHQHVWRVSDtVHVHVPiVHVWUXFWXUDO
TXHPRQHWDULD3RURWURSRUTXHWRGRVORVTXHDGRS-
³/D SROtWLFD PRQHWDULD QR SXHGH GHVYLQFXODUVH GH OD
JHVWLyQ JOREDO$TXHOORV TXH SODQWHDQ OD QHFHVLGDG GH
XQ %DQFR &HQWUDO SUHRFXSDGR H[FOXVLYDPHQWH SRU HO
SUREOHPDLQÀDFLRQDULREDVDQVXVSRVWXUDVVREUHWHRUtDV
IRUPXODGDVSDUDFRQWH[WRVVLPSOLVWDVTXHORUHGXFHQD
VXFRPSRQHQWHPRQHWDULRVHGHVFDUWDDVtODPXOWLSOLFLGDGGHIDFWRUHVQRPRQHWDULRVTXHLQFLGHQHQpO´VHxDODEDXQGRFXPHQWRGHO3ODQ)pQL[DSR\DQGRODSUHVHQWDFLyQ GH XQ SUR\HFWR GH /H\ GH OD HQWRQFHV GLSXWDGD
0HUFHGHV0DUFyGHO3RQWSURSLFLDQGRHQODUHIRUPDGHODUWtFXORƒGHOD&DUWD2UJiQLFDGHO%&5$
(Q YHUGDG OD SUHWHQGLGD ³DXWRQRPtD´ VyOR JDUDQWL]D
XQ UHQGLPLHQWR HVWDEOH PLHQWUDV HVWR VHD SRVLEOH GH
ORVÀXMRVGHFDSLWDOHVFRPRORKDFtDOD&DMDGH&RQYHUVLyQHQHOSDVDGRSHURQRODHVWDELOLGDGGHOVLVWHPD(OVLVWHPD¿QDQFLHURHVLQKHUHQWHPHQWHLQHVWDEOH
FRPRVHxDOD0LQVN\\VyORODLQWHUYHQFLyQGHO(VWDGR
SXHGHLQWHQWDUUHJXODUORRFRQWULEXLUDVDOYDUORFXDQGR
HVWDOODODFULVLV/DDFWXDOFULVLVPXQGLDOHVHO~OWLPR
HMHPSORTXHSRGHPRVVHxDODUHQHVWHVHQWLGR
BIBLIOGRAFÍA
$LVHQVWHLQ6DOYDGRU(O%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD\VXIXQFLyQUHJXODGRUDGHODPRQHGD\HOFUpGLWR%XHQRV$LUHV
$GHOPDQ-HUHP\³)LQDQFLDPLHQWR\H[SDQVLyQDJUtFRODHQOD$UJHQWLQD\HO&DQDGi´HQ&LFORVHQODKLVWRULDODHFRQRPtD\ODVRFLHGDG1ƒ%XHQRV$LUHV
$UQDXGR$OGR&LQFXHQWDDxRVGHSROtWLFD¿QDQFLHUDDUJHQWLQD(O$WHQHR%XHQRV$LUHV
%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD&LQFXHQWHQDULRGHO%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD%&5$%XHQRV$LUHV
%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD0HPRULDVDQXDOHV%XHQRV$LUHV
%DQFRGHOD1DFLyQ$UJHQWLQD0HPRULD\%DODQFH*HQHUDO
%HYHUDJJL$OOHQGH:DOWHU(OVHUYLFLRGHOFDSLWDOH[WUDQMHUR\HOFRQWUROGHFDPELRV)&(0p[LFR
%OHJHU/³$UJHQWLQDODERUDWRULRGHOD¿QDQFLDUL]DFLyQGHODVHFRQRPtDVHQGHVDUUROOR´HQ%R\HU5\1HIID-FRPS/DHFRQRPtDDUJHQWLQD\VXVFULVLV0LxD\'DYLOD
%XHQRV$LUHV
%UDXQ2VFDU\-R\/HRQDUG³$0RGHORI(FRQRPLF6WDJQDWLRQ$&DVH6WXG\RIWKH$UJHQWLQH(FRQRP\´(FRQRPLF-RXUQDOGLFLHPEUHGH
%UHQWD1RHPt$UJHQWLQDDWUDSDGD+LVWRULDGHODVUHODFLRQHVFRQHO)0,(G&RRSHUDWLYDV%XHQRV$LUHV
%XUJLQ0LURQ$VSHFWRVHFRQyPLFRVGHOIHGHUDOLVPRDUJHQWLQR6RODU+DFKHWWH%XHQRV$LUHV
&DOFDJQR$(\&DOFDJQR(/DGHXGDH[WHUQDH[SOLFDGDDWRGRV%XHQRV$LUHV
&LELOV$\$OODPL&³(OVLVWHPD¿QDQFLHURDUJHQWLQR'HVGHODUHIRUPDGHKDVWDODDFWXDOLGDG´5HDOLGDG(FRQyPLFD1ƒPDU]R
&RPLWp1DFLRQDOGH*HRJUDItD$QXDULRJHRJUi¿FRDUJHQWLQR%XHQRV$LUHV
&RUWpV&RQGH5REHUWR/DHFRQRPtDDUJHQWLQDHQHOODUJRSOD]R%XHQRV$LUHV
&RUWpV&RQGH5REHUWR'LQHURGHXGD\FULVLVHYROXFLyQPRQHWDULD\¿VFDOGHOD$UJHQWLQD%XHQRV$LUHV
&XULD(GXDUGR7HRUtDGHOPRGHORGHGHVDUUROORGHOD$UJHQWLQD*DOHUQD%XHQRV$LUHV
'DPLOO0DULR³(OEDODQFHGHSDJRV\ODGHXGDH[WHUQDS~EOLFDEDMRODFRQYHUWLELOLGDG´HQHO%ROHWtQ,QIRUPDWLYR7HFKLQWQƒ
'DPLOO0)UHQNHO5\0DXUL]LR5³0DFURHFRQRPLF3ROLF\&KDQJHVLQ$UJHQWLQDLQWKH7XUQRIWKH&HQWXU\´'RFXPHQWRV&HGHVQž
(LFKHQJUHHQ%\%RUGR0&ULVHVQRZDQGWKHQ:KDWOHVVRQVIURPWKHODVWHUDRI¿QDQFLDOJOREDOL]DWLRQ"1%(5:RUNLQJ3DSHU6HULHV:RUNLQJ3DSHU
),'(&R\XQWXUD\GHVDUUROOR1ƒMXOLRGH
)RUG$OHF*(OSDWUyQRUR,QJODWHUUD\$UJHQWLQD%XHQRV$LUHV
)UHQNHO5\5DSHWWL0³3ROtWLFD&DPELDULD\0RQHWDULDGHVSXpVGHOFRODSVRGHOD&RQYHUWLELOLGDG´(QVD\RV(FRQyPLFRV1ž%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD
*RQ]iOH]1\3ROORN'³'HORUWRGR[RDOFRQVHUYDGRULOXVWUDGR5D~O3UHELVFKHQOD$UJHQWLQD´HQ'HVDUUROORHFRQyPLFR1ƒ%XHQRV$LUHV
-RQHV&KDUOHV$³%ULWLVK&DSLWDOLQ$UJHQWLQD+LVWRU\6WUXFWXUHV5KHWRULFDQG&KDQJHVHQ$+HQQHVV\\-.LQJ7KH/DQGWKDW(QJODG/RVW%ULWLVK$FDGHPLF3UHVV
.DQGHO3DEOR&ODYHVGHODHFRQRPtDDUJHQWLQD%XHQRV$LUHV
/RUHQ]XWWL-RUJH$'LQHURSROtWLFD\EDQFRV+LVWRULDGHO%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD%XHQRV$LUHV
0DUWt*HUDUGR0³(OVLVWHPDEDQFDULRHQYtVSHUDVGHODFULVLVGH8QDUHYLVLyQFUtWLFDGHVXLQFLGHQFLDHQODSROtWLFDHFRQyPLFDGH-XiUH]&HOPDQ´&LFORVHQODKLVWRULD
ODHFRQRPtD\ODVRFLHGDG1ž%XHQRV$LUHV
0HGHLURV&DUORV$JXLDUGH³)LQDQFLDOGHSHQGHQF\DQGJURZWKF\FOHVLQ/DWLQ$PHULFDQ&RXQWULHV´-RXUQDORI3RVW.H\QHVLDQ(FRQRPLFV)DOO1ƒ
0LQVN\+\PDQ6WDELOL]LQJDQ8QVWDEOH(FRQRP\0DF*UDZ+LOO1XHYD<RUN
0XVDFFKLR$QGUpV³/RVµGHVOLFHVWpFQLFRV¶GHODFRQYHUWLELOLGDGODFULVLV\ODVFRQGLFLRQHVGHODUHFXSHUDFLyQ´;;-RUQDGDV1DFLRQDOHVGH+LVWRULD(FRQyPLFD0DUGHO3ODWDRFWXEUHGH
2ODUUD-LPpQH]5DIDHO(YROXFLyQ0RQHWDULD$UJHQWLQD(8'(%$%XHQRV$LUHV
2OPRV$OHMDQGUR7RGRORTXHXVWHGTXLHUHVDEHUVREUHODGHXGDH[WHUQD\VLHPSUHOHRFXOWDURQ%XHQRV$LUHV
3DODFLR'HKHVD&DUORV(OSODQ0DUWtQH]GH+R]\ODHFRQRPtDDUJHQWLQD%XHQRV$LUHV
3DQHWWLHUL-RVp'HYDOXDFLRQHVGHODPRQHGD%XHQRV$LUHV
3DQHWWLHUL-RVp³/D/H\GH&RQYHUVLyQ0RQHWDULDGHHQHOPDUFRGHODIRUPDFLyQGHOD$UJHQWLQDPRGHUQD´HQ'HVDUUROOR(FRQyPLFR1ƒMXOLRVHWLHPEUHGH
3ODQ)pQL[+DFLDHO3ODQ)pQL[8QDDOWHUQDWLYDHFRQyPLFD%XHQRV$LUHV
3ODQ)pQL[6RFLHGDG\GHXGDH[WHUQD%XHQRV$LUHV
3UHELVFK5D~O³+LVWRULDPRQHWDULDDUJHQWLQD´HQ5DSRSRUW0DULRFRPS(FRQRPtDHKLVWRULD&RQWULEXFLRQHVDODKLVWRULDHFRQyPLFDDUJHQWLQD%XHQRV$LUHV
3UHELVFK5D~O2EUDV7RPRV)XQGDFLyQ3UHELVFK%XHQRV$LUHV
4XLQWHUR5DPRVÈQJHO+LVWRULDPRQHWDULDDUJHQWLQD7HVLV'RFWRUDO1XHYD<RUN
5DSRSRUW0DULR³(O3ODQGH&RQYHUWLELOLGDG\ODHFRQRPtDDUJHQWLQD´HQ(FRQRPLDH6RFLHGDGH5HYLVWDGR,QVWLWXWRGH(FRQRPtDGD8QLFDPS&DPSLQDV1URIHEUHUR
5DSRSRUW0DULR7LHPSRVGHFULVLVYLHQWRVGHFDPELR$UJHQWLQD\HOSRGHUJOREDO%XHQRV$LUHV
5DSRSRUW0DULR(OYLUDMHGHOVLJOR;;,'HXGDV\GHVDItRVHQOD$UJHQWLQD$PpULFD/DWLQD\HOPXQGR1RUPD%XHQRV$LUHV
5DSRSRUW0DULR+LVWRULDHFRQyPLFDSROtWLFD\VRFLDOGHOD$UJHQWLQD(PHFp%XHQRV$LUHV
5DSRSRUW0DULR\=DLDW$OIUHGR+LVWRULDGHODHFRQRPtDDUJHQWLQDGHOVLJOR;;3iJLQD
5DSRSRUW0DULR\%UHQWD1RHPt/DVJUDQGHVFULVLVGHOFDSLWDOLVPRFRQWHPSRUiQHR/H0RQGH'LSORPDWLTXH%XHQRV$LUHV
5DSRSRUW0DULR$UJHQWLQD%UHYHKLVWRULDGHODVSROtWLFDVHFRQyPLFDVFRQWHPSRUiQHDV%RRNHW%XHQRV$LUHV
5HJDOVN\$QGUpV³(QGHXGDPLHQWR¿QDQ]DVS~EOLFDV\EDODQ]DGHSDJRVHQOD$UJHQWLQD´HQ%RY\NLQH69%URGHU$\0DUDQKDR53XEOLF'HEW3XEOLF)LQDQFH0RQH\
DQG%DODQFHRI3D\PHQWVLQ'HEWRU&RXQWULHV6HYLOOD
6EDWHOOD-RVp³&ULVLV¿VFDO\UROGHODPRQHGD/DH[SHULHQFLDDUJHQWLQDGHODGpFDGDGH´HQ%R\HU5\1HIID-&/DHFRQRPtDDUJHQWLQD\VXFULVLVYLVLRQHVLQVWLWXFLRQDOLVWDV\UHJXODFLRQLVWDV&(,/3,(77(%XHQRV$LUHV
6FKYDU]HU-RUJH\)LQNHOVWHLQ+HUQiQ³%RQRVFXDVLPRQHGDV\SROtWLFDHFRQyPLFD´1RWDVGH&R\XQWXUD1ƒ&(63$HQHURGH
9DOOH+pFWRU\0DUFyGHO3RQW0HUFHGHV&ULVLV\UHIRUPDHFRQyPLFD&ODYHVSDUDWRGRV%XHQRV$LUHV
:HFHVODR3DFKHFR%DQFRVGH(PLVLyQ\+DFLHQGD3~EOLFD0HPRULDVGHOD&DMDGH&RQYHUVLyQDxRV\
:LOOLDPV-RKQ+$UJHQWLQD,QWHUQDWLRQDO7UDGHXQGHU,QFRQYHUWLEOH3DSHU0RQH\+DUYDUG
3ODQ)pQL[$YDQ]DUKDFLDXQDPHMRULQVWLWXFLRQDOLGDGHOFDVRGHO%DQFR&HQWUDOGHOD5HS~EOLFD$UJHQWLQD%XHQRV$LUHVS
9HU+\PDQ0LQVN\6WDELOL]LQJDQ8QVWDEOH(FRQRP\0DF*UDZ+LOO1XHYD<RUN
31
EDITORIAL
“Bancarios Información” inicia con la edición de UNA HISTORIA MONETARIA
Y FINANCIERA DE LA ARGENTINA: LAS LECCIONES DEL BICENTENARIO,
del prestigioso economista e historiador Mario Rapoport, la publicación de
una serie dedicada a nuestro reclamo de una reforma integral del Sistema
Financiero, para que éste sea lo que debe ser: un servicio público al alcance de
todos los argentinos.
Esta serie forma parte del trabajo que sobre esta necesidad de la sociedad
nacional y reivindicación fundamental de nuestro gremio, decidió realizar el
Secretariado General Nacional de la Asociación Bancaria con motivo del Año
del Bicentenario de la Revolución de Mayo.
No podía ser de otra manera: muchos parecen haber olvidado el quebranto sin precedentes del 2001, las crisis
antecedentes, la evaporación del ahorro de los argentinos, las consecuencias que sufrió y el costo que asumió el
Pueblo Argentino, mientras los responsables siguen impunes.
Es inexplicable que siga vigente la Ley 21.526 de Entidades Financieras impuesta por José A. Martínez de Hoz
durante la Dictadura, y una Carta Orgánica del Banco Central que permite confundir la autonomía de la entidad
con una imposible independencia de las decisiones económico financieras del Poder Ejecutivo, obsequiada en
los 90 a los capitales más concentrados a instancias de Domingo F. Cavallo. El régimen cambiario sigue siendo
extremadamente liberal.
Es cierto, no podemos decir que nada se ha hecho: han crecido depósitos y préstamos, ha disminuido la
irregularidad de las carteras, hay esfuerzos de la banca pública (falta aún mucho), hay – aún débiles- intentos de
control de capitales, hay iniciativas para una reforma legislativa. La Argentina, en definitiva y así se demostró, se
encuentra en mejores condiciones para afrontar las consecuencias de la crisis mundial que iniciada en 2007, ya
no quedan dudas, es sistémica.
Pero, precisamente por esto último, a la vista del quebranto europeo y sus posibles derivaciones, nos preocupa
cada vez más que la realidad siga siendo que el sistema financiero en el que trabajamos mantenga una matriz
especulativa, que no responde adecuadamente a las necesidades de los sectores productivos y las familias.
Carecemos de crédito de mediano y largo plazo suficiente, a tasas asequibles, para atender las urgentes
necesidades de inversión de la economía real. No tenemos un sub-sistema real de banca de desarrollo. Millones
de argentinos siguen muy lejos de poder acceder a un crédito para la vivienda. Una gran parte de la actividad
financiera esta “en negro”. En tanto, la fuga de divisas es pavorosa: se acerca a los 50.000 millones de dólares
desde mediados de 2007 a la fecha.
La Asociación Bancaria ha reclamado y reclama: una reforma real del sistema, no sólo de la ley. No debemos
tropezar, como tantas veces en nuestra historia, con la misma piedra.
Eduardo Berrozpe
Director de “Bancarios”
Junio de 2010
SECRETARIADO GENERAL NACIONAL DE LA ASOCIACION BANCARIA
Sergio Palazzo, Andrés R. Castillo, Carlos Cisneros, Claudia Ormachea, José Lupiano, Cristina Maino,
Patricia Rinaldi, Walter Rey, María del Carmen Goniel, Gustavo Díaz, Carlos A. Irrera (h), Liliana Lafauci, Eduardo Negro,
Lisandro Aguirrezabal, Juan Pallo, Luis Ortega, Aldo Acosta, Stella Mena, Rosa Sorsaburu, Eduardo Berrozpe.
STAFF
Edición Junio de 2010
Impreso Secretaría Nacional de Prensa
DIRECTOR Y SECRETARIO DE PRENSA EDUARDO D. BERROZPE SECRETARIO DE REDACCIÓN ALEJANDRO FAGIANI
ARCHIVO Y DISTRIBUCIÓN EQUIPO METROPOLITANO DE DIFUSIÓN
Todas las imágenes corresponden a piezas que integran el patrimonio del Archivo y Museo Históricos del Banco de la Provincia de
Buenos Aires “Dr. Arturo Jauretche”.