Una Historia Monetaria y Financiera Del Bicentenario Mario-Rapoport

ES UNA PUBLICACIN NACIONAL DE LA ASOCIACIN BANCARIA - Junio 2010 N 203
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UNA HISTORIA MONETARIA Y FINANCIERA

DE LA ARGENTINA
LAS LECCIONES
DEL BICENTENARIO
Por Mario Rapoport
EDICIN ESPECIAL XXXVII CONGRESO NACIONAL BANCARIO

Serie REFORMA DEL SISTEMA FINANCIERO
UNA HISTORIA MONETARIA Y FINANCIERA DE LA ARGENTINA

LAS LECCIONES DEL BICENTENARIO
Por Mario Rapoport*
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apogeo britnico es que su mecanismo
2. EL MODELO AGROEXPORTADOR: ENTRE dependa de los ciclos econmicos de
LA BONANZA Y LAS CRISIS RECURRENTES
la metrpoli imperial.
Viva la Repblica Argentina! Viva el Banco de
Londres y Ro de la Plata!
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1935: Creacin del Banco Central
Regular la cantidad de crdito y de los medios
de pago, adaptndolos a las necesidades de
los negocios
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Prevaleca el criterio de que la intervencin del sector privado en el manejo de la entidad garantizaba la independencia de la misma con respecto
al gobierno.
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)XQFLRQHV
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- Detentar el privilegio de la emisin de
DOSLFRGHODFULVLVGLROXJDUDXQFLFORDVFHQGHQWHTXH
billetes en el territorio nacional.
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0DQWHQHUXQDUHVHUYDVXFLHQWHSDUD
(VWRSHUPLWLyVXSHUDUHQSDUWHODIDOWDGHGLYLVDVFDUDFasegurar el valor del peso, ya sea en oro,
WHUtVWLFDGHOSHUtRGRDOFRPSUDUXQDLPSRUdivisas o cambio extranjero.
WDQWHFDQWLGDGGHPRQHGDH[WUDQMHUDORTXHVXSRQtDLQ- Regular la cantidad de crdito y de los me\HFWDUGLQHURORFDOHQHOPHUFDGR3RUHVRSDUDHYLWDU
dios de pago adaptndolos al volumen real
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de los negocios.
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El gobierno peronista, que vendra a

continuacin, optara por un pas industrializado, y una concepcin monetaria diferente, con todas las restricciones que en aquel momento esa
decisin implicaba.
Era preciso superar las limitaciones
ya notorias del modelo agroexportador, que se haban expresado en la
crisis de los aos 30.
5. EL PERONISMO, LA INDUSTRIALIZACIN
Y LOS CAMBIOS EN EL SISTEMA MONETARIO Y FINANCIERO
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las instituciones monetarias sufrieron
importantes cambios.
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Una poltica monetaria flexible y selectiva en favor de la nacionalizacin

de la economa favoreci el financiamiento bancario a rubros como los
transportes, la construccin y la produccin de caucho y de metales.
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Dto. 11.554 Nacionalizacin del BCRA
- Nacionalizaba tambin los depsitos realizados en los bancos privados.
- La garanta del Estado de todos los depVLWRVHIHFWXDGRVWDQWRHQEDQFRVRFLDOHV
como privados.
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cuyos valores diferan segn el destino de los
prstamos
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los transportes, la construccin y la produccin
de caucho y metales
A partir de 1952, con la nueva orientacin de la poltica econmica, tambin el
sector agropecuario comenz a gozar de
mayor facilidad en el acceso al crdito.
Cuadro 4: Creacin de medios de pago y precios minoristas, 1945-1955

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Se firm adems 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 autarqua del BCRA y comenz
Hacienda, Adalbert Krieger Vasena.
el proceso de reforma financiera cul3HURHOSULPHUDFXHUGR6WDQGE\FRQHVDVFRQGLFLRQD- minado en diciembre de 1957. Esta eliOLGDGHVVHFRQFUHWyUHFLpQHQGLFLHPEUHGHEDMRHO min el sistema de nacionalizacin de
depsitos y la asignacin estatal del
JRELHUQRGH)URQGL]L
crdito, apunt a liberalizar el sistema
Pero el primer acuerdo Stand-by con financiero, a restringir la participacin
esas condicionalidades se concret re- de los bancos pblicos, y a limitar la
cin en diciembre de 1958 bajo el go- expansin monetaria basada en el
crdito domstico.
bierno de Frondizi.

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Uno de los objetivos del gobierno militar fue el de detener el crecimiento del
sistema de cooperativas de crdito. .
De las mil cooperativas de este tipo
existentes en 1966, cerca de 200 que
pudieron sobrevivir se transformaron,
fusionndose, en 77 bancos cooperativos despus de la implementacin de
la ley de entidades financieras de Martnez de Hoz, en 1977.
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1975 y 1983.
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Cuadro 7: Emisiones de cuasimonedas

hacia diciembre de 2002.
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Ttulo
Emisor
Lecop
Nacin
Patacn
Buenos Aires
Lecor
Crdoba
Federal
Entre Ros
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Corrientes
Bocado
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Quebracho
Chaco
Boncafor
Formosa
Petrom
Mendoza
Bono Pblico
Catamarca
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Patacn I
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Total
Monto
3.225
2.705
800
237
206
173
100
73
70
32
17
6
7.645
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Era una economa que creca slo con el

endeudamiento externo, proceso cuya falencia pudo observarse una vez agotadas
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En marzo de 2001, a diez aos del establecimiento de la convertibilidad, su

autor, Domingo Cavallo retorn al ministerio de Economa para observar su
agona y posterior derrumbe.
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Cuadro 8: Participacin por grupos de bancos en depsitos y prstamos

1991-2001 en %
Dic. 91
Dic. 93
Dic. 95
Dic. 97
Dic. 99
Dic. 01

Dic. 91
Dic. 93
Dic. 95
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31
EDITORIAL
Bancarios Informacin inicia con la edicin de UNA HISTORIA MONETARIA
Y FINANCIERA DE LA ARGENTINA: LAS LECCIONES DEL BICENTENARIO,
del prestigioso economista e historiador Mario Rapoport, la publicacin de
una serie dedicada a nuestro reclamo de una reforma integral del Sistema
Financiero, para que ste sea lo que debe ser: un servicio pblico al alcance de
todos los argentinos.
Esta serie forma parte del trabajo que sobre esta necesidad de la sociedad
nacional y reivindicacin fundamental de nuestro gremio, decidi realizar el
Secretariado General Nacional de la Asociacin Bancaria con motivo del Ao
del Bicentenario de la Revolucin de Mayo.
No poda ser de otra manera: muchos parecen haber olvidado el quebranto sin precedentes del 2001, las crisis
antecedentes, la evaporacin del ahorro de los argentinos, las consecuencias que sufri y el costo que asumi el
Pueblo Argentino, mientras los responsables siguen impunes.
Es inexplicable que siga vigente la Ley 21.526 de Entidades Financieras impuesta por Jos A. Martnez de Hoz
durante la Dictadura, y una Carta Orgnica del Banco Central que permite confundir la autonoma de la entidad
con una imposible independencia de las decisiones econmico financieras del Poder Ejecutivo, obsequiada en
los 90 a los capitales ms concentrados a instancias de Domingo F. Cavallo. El rgimen cambiario sigue siendo
extremadamente liberal.
Es cierto, no podemos decir que nada se ha hecho: han crecido depsitos y prstamos, ha disminuido la
irregularidad de las carteras, hay esfuerzos de la banca pblica (falta an mucho), hay an dbiles- intentos de
control de capitales, hay iniciativas para una reforma legislativa. La Argentina, en definitiva y as se demostr, se
encuentra en mejores condiciones para afrontar las consecuencias de la crisis mundial que iniciada en 2007, ya
no quedan dudas, es sistmica.
Pero, precisamente por esto ltimo, a la vista del quebranto europeo y sus posibles derivaciones, nos preocupa
cada vez ms 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 crdito de mediano y largo plazo suficiente, a tasas asequibles, para atender las urgentes
necesidades de inversin de la economa real. No tenemos un sub-sistema real de banca de desarrollo. Millones
de argentinos siguen muy lejos de poder acceder a un crdito 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 dlares
desde mediados de 2007 a la fecha.
La Asociacin Bancaria ha reclamado y reclama: una reforma real del sistema, no slo 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, Andrs R. Castillo, Carlos Cisneros, Claudia Ormachea, Jos Lupiano, Cristina Maino,
Patricia Rinaldi, Walter Rey, Mara del Carmen Goniel, Gustavo Daz, Carlos A. Irrera (h), Liliana Lafauci, Eduardo Negro,
Lisandro Aguirrezabal, Juan Pallo, Luis Ortega, Aldo Acosta, Stella Mena, Rosa Sorsaburu, Eduardo Berrozpe.
STAFF
Edicin Junio de 2010
Impreso Secretara Nacional de Prensa
DIRECTOR Y SECRETARIO DE PRENSA EDUARDO D. BERROZPE SECRETARIO DE REDACCIN ALEJANDRO FAGIANI

ARCHIVO Y DISTRIBUCIN EQUIPO METROPOLITANO DE DIFUSIN
Todas las imgenes corresponden a piezas que integran el patrimonio del Archivo y Museo Histricos del Banco de la Provincia de
Buenos Aires Dr. Arturo Jauretche.

Una Historia Monetaria y Financiera Del Bicentenario Mario-Rapoport

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ES UNA PUBLICACIN NACIONAL DE LA ASOCIACIN BANCARIA - Junio 2010 N 203

REDACCIN: SARMIENTO 341 (A1041AAG) C.A.B.A. TEL. 4341-4413

UNA HISTORIA MONETARIA Y FINANCIERA

EDICIN ESPECIAL XXXVII CONGRESO NACIONAL BANCARIO

UNA HISTORIA MONETARIA Y FINANCIERA DE LA ARGENTINA

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