Devaluation, economic growth and terms of trade: Argentina during 2003-2007
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Abstract
The objective of the paper is evaluating the Argentine post-convertibility economy during the presidency of Néstor Kirchner, 2003-2007 and postulate that there was no a structural change, but an advantage of a highly favorable international situation due to the high terms of trade. The tradable sectors led the recovery after the 2002 devaluation, with the automobile sector being the most dynamic industrial block. The period was characterized by twin surpluses - fiscal and commercial - these being one of the strengths of the
model. However, the external constraint remained present due to the structural deficit of the industrial balance, the outflow of foreign currency for dividends and profits because of the foreignization of the means of production and the loss of competitiveness due to the resurgence of inflation that eroded the Real exchange rate.
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Obra disponible en acceso abierto bajo licencia Creative Commons Atribución-
NoComercial-SinDerivadas 2.5 Argentina (http://creativecommons.org/licenses/by-nc-nd/2.5/ar/)
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