Regulationist Macro-Models for Developing Countries. An Application to the Argentine New Development Pattern

PANIGO, DEMIAN TUPAC; CHENA, PABLO IGNACIO

Revue de la régulation

Maison des Sciences de l’Homme Paris Nord

Lugar: Paris; Año: 2012 p. 2 - 24

1957-7796

The crisis undergone by the Argentine economy by the end of the 1990’s, with its most severe period between 2001 and 2002, meant the end of a pattern of development based on the articulation of a classical regulation mode (with preponderance of monetary and international regimes over the rest of the institutional forms) and a rentier-type accumulation regime 1 (led by the influx of foreign capital attracted by rents generated from financial services, primary resources and privatized utilities) characterized to be capital intensive and mostly extroverted In order to counterbalance the socio-economic and institutional effects of the crisis, from 2003 onwards, a series of measures has been implemented, aimed at generating a transition towards a new development mode that reverts the hierarchy of institutional forms (proceeding to give priority to the State and the wage relation) so as to promote an industrial, extensive and introverted accumulation regime. With the purpose of making the most appropriate interpretation of the different functional relationships combined in this new development pattern, we have generated (for the National Ministry of Economy and Public Finance of Argentina; see Panigo et al., 2009) a regulationist structural macroeconometric model (RSMM), that has the quality of: 1) endogenizing the potential output (which became dependent of the aggregate demand because of significant dynamic scale economies associated to the new sectors leading the growth process); 2) highlighting the macroeconomic effects of income distribution (minimized in the preceding development pattern as a result of a greater availability of domestic credit in US dollars in the medium and long run); and 3) considering the consequences of Argentina´s unbalanced production structure (Diamand, 1972) on the dynamics of the current account (crucial after 2002 default, due to the reversal of financial capital flows). The main goal of the present paper is to stress the most important contributions of the RSMM in order to achieve a better interpretation of Argentina´s new development pattern