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1 juin 2020
- handle: 10670/1.wxz4ly
Ce document est lié à :
10.15446/cuad.econ.v39n80.84163
info:eu-repo/semantics/openAccess
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Earnings Wage rates Wage-fund Departmental salaries Remuneration Pay Salaries Compensation Working class--Wages Papers Pattern Model Social inequality Social equality Inequality Egalitarianism Trade International payments, Balance of Current account balance (International trade)Citer ce document
Pablo Ignacio Chena et al., « BEYOND GOODWIN: FINANCIALIZATION AS A STRUCTURAL CHANGE TO EXPLAIN THE NEW ARGENTINIAN CRISIS », Cuadernos de Economía, ID : 10670/1.wxz4ly
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Résumé
This paper aims to explain the causes of the 2018/2019 Argentinian crisis by means of a growth cycle model a la Goodwin, where the aggregate demand is wage-led, the wage-share is predatory of the external sector, and the financial norm stands as an exogenous apex-predator of both real wages and the current account. Its main results allow us to understand the stylized facts of the Argentinian economy: a higher financial norm increases inequality and required current account surpluses, reduces stability, and increases volatility and recessions length. JEL: C61; E32; E37; F41.