Dollarization: Some theoretical preliminary thoughts

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Marco Missaglia

Resumen

En este artículo se argumenta que la dolarización introduce una asimetría fundamental en la forma cómo la política macroeconómica puede —o no puede— ser conducida. Cuando las cosas van bien, es perfectamente posible enfriar la economía y conducir una política keynesiana contracíclica estándar. Sin embargo, cuando las cosas van mal, una política expansionista contracíclica no puede ser ejecutada, lo cual complica la probabilidad de ser capaz de acomodar la demanda creciente de billetes y evitar un caos financiero. Todo esto posee profundas consecuencias distributivas y, en particular, favorece a la clase rentista —capitalistas financieros—, haciendo imposible —o extremadamente difícil— acercarse a la eutanasia keynesiana del rentista en favor de un proceso más sostenido de progreso económico y social. Estas conclusiones se basan en la perspectiva teórica clásica de Smith, Ricardo, Marx y Sraffa.

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Missaglia, M. (2019). Dollarization: Some theoretical preliminary thoughts. Revista Economía, 68(108), 59–73. https://doi.org/10.29166/economia.v68i108.2021
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