A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica

Abstract

The article discusses Argentine financial liberalization experience in the 1990's, which illustrates the risks and costs associated with an acellerated liberalization. This policy has molded a typical universal banking system in Argentina, following the international tendency. But this process engendered a serious banking crisis, in 1995, and has resulted in a banking system characterized by high level ofdollarization and foreign hegemony. Despite the indubtable improvements ofthe country's prudencial regulation after the crisis, denationalization ofbanking system has been the principal "anchor" ofArgentine financial stability, explaining its resistance to contagion of asiatic, russian and brazilian recent crises. On the other hand, dollarization and foreign banks leadership increase country's external dependence and, hence, its currency and banking risks. Thus, contrary to the predictions of Shaw-McKinnon model, in Argentina liberalization has reduced the "non-unstable" potencial economic growth, suggesting that current exchange and financial policy models must be revised.