Savings, investment and financing, a macroeconomic vision of the Argentine experience

Abstract

In the present article we attempt a first approach to the issue of savings, investment and financing in Argentina based on the analysis of the existing evidence of the economic evolution in the last two decades. The approach is aggregated and the object of the study is threefold. Firstly, it is about providing an analytical framework to address future research based on the “stylization” of the observed facts. Secondly, a first evaluation of the role of the financial system in the process of accumulation and allocation of capital resources is made, marking the differences observed between the 1964-74 period of sustained growth and the subsequent period of stagnation in productive activity. Finally, it is worth mentioning that throughout the article, hypotheses are established in order to guide future research, especially with regard to the relevance of orthodox adjustment policies.

JEL classification: E21 ; E22 ; G20 ; O10