ES UNA PUBLICACIÓN NACIONAL DE LA ASOCIACIÓN BANCARIA - Junio 2010 Nº 203

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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
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alguna vez entre las principales economías
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se fehacientemente por medio de cifras
porque en esa época no existían cálculos
del producto y del ingreso nacional”.
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“Prevalecía el criterio de que la inter-
*Ui¿FR vención del sector privado en el mane-
jo de la entidad garantizaba la inde-
1935: Creación del Banco Central pendencia de la misma con respecto
“Regular la cantidad de crédito y de los medios al gobierno”.
de pago, adaptándolos a las necesidades de
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continuación, optaría por un país in-
dustrializado, y una concepción mo-
netaria diferente, con todas las res-
tricciones que en aquel momento esa
decisión implicaba”.
“Era preciso superar las limitaciones
ya notorias del modelo agroexporta-
dor, que se habían expresado en la
crisis de los años ’30”.
5. EL PERONISMO, LA INDUSTRIALIZACIÓN
Y LOS CAMBIOS EN EL SISTEMA MONETA-
RIO Y FINANCIERO
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“Con Perón elegido presidente, la po-
lítica económica mantuvo una orienta-
ción industrializadora y de redistribu-
ción de ingresos, en función de la cual
las instituciones monetarias sufrieron
importantes cambios”.
“Una política monetaria flexible y se-
lectiva en favor de la nacionalización
de la economía favoreció el financia-
miento bancario a rubros como los
transportes, la construcción y la pro-
ducción de caucho y de metales”.
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Dto. 11.554 Nacionalización del BCRA

(OGHFUHWRQDFLRQDOL]DEDWDPELpQORVGHSyVLWRVUHDOL]D- - Nacionalizaba también los depósitos reali-

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zados en los bancos privados.
- La garantía del Estado de todos los depó-
VLWRVHIHFWXDGRVWDQWRHQEDQFRVR¿FLDOHV
como privados.
(O(VWDGRHUDTXLHQGHFLGtDHOGHVWLQR¿QDO
GHORVFUpGLWRVWHQtDDVLPLVPRXQDLQÀXHQFLD
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cuyos valores diferían según el destino de los
préstamos
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UHFLyHO¿QDQFLDPLHQWREDQFDULRDUXEURVFRPR
los transportes, la construcción y la producción
de caucho y metales
A partir de 1952, con la nueva orienta-
ción 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

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“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 dispu-
Hacienda, Adalbert Krieger Vasena”. so la autarquía del BCRA y comenzó
el proceso de reforma financiera cul-
3HURHOSULPHUDFXHUGR6WDQGE\FRQHVDVFRQGLFLRQD- minado en diciembre de 1957. Esta eli-
OLGDGHVVHFRQFUHWyUHFLpQHQGLFLHPEUHGHEDMRHO minó el sistema de nacionalización de
JRELHUQRGH)URQGL]L depósitos y la asignación estatal del
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
bierno de Frondizi”. crédito doméstico”.

52ODUUD-LPpQH]RSFLWS

15
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la ley de entidades financieras de Mar-
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Cuadro 5: GRUPOS ECONÓMICOS CON MAYOR ENDEUDAMIENTO EXTERNO AL

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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”.
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5.500 millones de dólares”.
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Patacón Buenos Aires 2.705
Lecor Córdoba 800
Federal Entre Ríos 237
Cecacor Corrientes 206
Bocado Tucumán 173
Quebracho Chaco 100
Boncafor Formosa 73
Petrom Mendoza 70
Bono Público Catamarca 32
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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”.