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ES UNA PUBLICACIÓN NACIONAL DE LA ASOCIACIÓN BANCARIA - Junio 2010 Nº 203
REDACCIÓN: SARMIENTO 341 (A1041AAG) C.A.B.A. TEL. 4341-4413
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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
Por Mario Rapoport*
1. LAS DIFICULTADES INICIALES PARA
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“Frente a la crisis, el gobierno de Avellaneda tomó severas medidas de austeridad fiscal. Redujo los gastos para
equilibrarlos con las rentas, bajó los
sueldos de los empleados de la administración pública, redujo el plantel y
decidió no recurrir al crédito”.
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tantes del patrón oro en la época del
apogeo británico es que su mecanismo
2. EL MODELO AGROEXPORTADOR: ENTRE dependía de los ciclos económicos de
LA BONANZA Y LAS CRISIS RECURRENTES
la metrópoli imperial”.
¡Viva la República Argentina! ¡Viva el Banco de
Londres y Río de la Plata!
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1935: Creación del Banco Central
“Regular la cantidad de crédito y de los medios
de pago, adaptándolos a las necesidades de
los negocios”
3UHYDOHFtDHOFULWHULRGHTXHODLQWHUYHQFLyQGHOVHFWRU
SULYDGRHQHOPDQHMRGHODHQWLGDGJDUDQWL]DEDODLQGHSHQGHQFLDGHODPLVPDFRQUHVSHFWRDOJRELHUQR/R
FLHUWRHVTXHODGLVWULEXFLyQGHORVYRWRVHQOD$VDPEOHD WHUPLQy EULQGDQGR XQ SHVR GHVSURSRUFLRQDGR D
ODEDQFDSULYDGD\HQSDUWLFXODUDODH[WUDQMHUD\OD
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GLVHxRLQVWLWXFLRQDOTXHSURYRFyHOUHFKD]RGHVHFWRUHV
SROtWLFRVGHODRSRVLFLyQ
“Prevalecía el criterio de que la intervención del sector privado en el manejo de la entidad garantizaba la independencia de la misma con respecto
al gobierno”.
(O%&5$VLJXLyKDVWDHOHVWDOOLGRGHODJXHUUDXQDSROtWLFDPDUFDGDPHQWHDQWLFtFOLFD(QVXVSULPHURVDxRV
)XQFLRQHV
ODPHMRUtDGHODVFRQGLFLRQHVHFRQyPLFDVFRQUHVSHFWR
- Detentar el privilegio de la emisión de
DOSLFRGHODFULVLVGLROXJDUDXQFLFORDVFHQGHQWHTXH
billetes en el territorio nacional.
IXHPRULJHUDGRSRUXQDSROtWLFDPRQHWDULDFRQWUDFWLYD
0DQWHQHUXQDUHVHUYDVX¿FLHQWHSDUD
(VWRSHUPLWLyVXSHUDUHQSDUWHODIDOWDGHGLYLVDVFDUDFasegurar el valor del peso, ya sea en oro,
WHUtVWLFDGHOSHUtRGRDOFRPSUDUXQDLPSRUdivisas o cambio extranjero.
WDQWHFDQWLGDGGHPRQHGDH[WUDQMHUDORTXHVXSRQtDLQ- Regular la cantidad de crédito y de los me\HFWDUGLQHURORFDOHQHOPHUFDGR3RUHVRSDUDHYLWDU
dios de pago adaptándolos al volumen real
SRVLEOHVWHQVLRQHVLQÀDFLRQDULDVODQ]yWtWXORVS~EOLFRV
de los negocios.
SDUDYROYHUDVDFDUGHOPHUFDGRSDUWHGHHVHGLQHUR
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Llevó adelante políticas anticíclicas
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“El gobierno peronista, que vendría a
continuación, optaría por un país industrializado, y una concepción monetaria diferente, con todas las restricciones que en aquel momento esa
decisión implicaba”.
“Era preciso superar las limitaciones
ya notorias del modelo agroexportador, que se habían expresado en la
crisis de los años ’30”.
5. EL PERONISMO, LA INDUSTRIALIZACIÓN
Y LOS CAMBIOS EN EL SISTEMA MONETARIO Y FINANCIERO
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“Con Perón elegido presidente, la política económica mantuvo una orientación industrializadora y de redistribución de ingresos, en función de la cual
las instituciones monetarias sufrieron
importantes cambios”.
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“Una política monetaria flexible y selectiva en favor de la nacionalización
de la economía favoreció el financiamiento bancario a rubros como los
transportes, la construcción y la producción de caucho y de metales”.
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Dto. 11.554 Nacionalización del BCRA
- Nacionalizaba también los depósitos realizados en los bancos privados.
- La garantía del Estado de todos los depóVLWRVHIHFWXDGRVWDQWRHQEDQFRVR¿FLDOHV
como privados.
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cuyos valores diferían según el destino de los
préstamos
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los transportes, la construcción y la producción
de caucho y metales
A partir de 1952, con la nueva orientación 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 dispuso la autarquía del BCRA y comenzó
Hacienda, Adalbert Krieger Vasena”.
el proceso de reforma financiera cul3HURHOSULPHUDFXHUGR6WDQGE\FRQHVDVFRQGLFLRQD- minado en diciembre de 1957. Esta eliOLGDGHVVHFRQFUHWyUHFLpQHQGLFLHPEUHGHEDMRHO minó el sistema de nacionalización de
depósitos y la asignación estatal del
JRELHUQRGH)URQGL]L
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
crédito doméstico”.
bierno de Frondizi”.
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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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Cuadro 7: Emisiones de cuasimonedas
hacia diciembre de 2002.
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Título
Emisor
Lecop
Nación
Patacón
Buenos Aires
Lecor
Córdoba
Federal
Entre Ríos
Cecacor
Corrientes
Bocado
Tucumán
Quebracho
Chaco
Boncafor
Formosa
Petrom
Mendoza
Bono Público
Catamarca
/D5LRMD
/D5LRMD
Patacón I
-XMX\
Total
Monto
3.225
2.705
800
237
206
173
100
73
70
32
17
6
7.645
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“Era una economía que crecía sólo con el
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las privatizaciones, que significaron una importante pérdida del patrimonio nacional”.
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“En marzo de 2001, a diez años del establecimiento de la convertibilidad, su
autor, Domingo Cavallo retornó al ministerio de Economía para observar su
agonía y posterior derrumbe”.
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Cuadro 8: Participación por grupos de bancos en depósitos y préstamos
1991-2001 en %
Dic. 91
Dic. 93
Dic. 95
Dic. 97
Dic. 99
Dic. 01
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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”.