<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362018000300005</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2018.194.61588</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Desregulación cambiaria, fuga de capitales y deuda: la experiencia argentina reciente]]></article-title>
<article-title xml:lang="fr"><![CDATA[La déréglementation sur le marché des changes, la fuite des capitaux et la dette: l'expérience argentine récente]]></article-title>
<article-title xml:lang="pt"><![CDATA[Desregulamentação cambial, fuga de capitais e dívida: a recente experiência argentina]]></article-title>
<article-title xml:lang="en"><![CDATA[Foreign Exchange Deregulation, Capital Flight, and Debt: The Recent Experience in Argentina]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rua]]></surname>
<given-names><![CDATA[Magdalena]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zeolla]]></surname>
<given-names><![CDATA[Nicolás]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Buenos Aires  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<volume>49</volume>
<numero>194</numero>
<fpage>5</fpage>
<lpage>30</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362018000300005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362018000300005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362018000300005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen A partir de 2011, Argentina implementó una serie de controles cambiarios que llegaron a incluir la prohibición de adquisición de moneda extranjera para fines no productivos. En diciembre de 2015, tras el cambio de gobierno, se eliminaron todas las regulaciones cambiarias hasta niveles previos a la crisis de 2001-2002. La implementación de estas reformas estuvo basada en la visión mainstream, con la expectativa de que se revertiría la salida de fondos al exterior. Sin embargo, tras el levantamiento de los controles, según la información del balance cambiario del Banco Central de la República Argentina (BCRA) sobre la Formación de Activos Externos (FAE) se observa que, para el primer año, el monto fugado al exterior se duplicó. El financiamiento de la mayor salida de divisas fue posible mediante el incremento del endeudamiento externo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé En 2011, l'Argentine mit en place une série de contrôles des changes qui incluaient l'interdiction d'acquérir des devises étrangères à des fins non productives. En décembre 2015, après le changement de gouvernement, toutes les réglementations sur les changes ont été éliminées avant la crise de 2001-2002. La mise en &#339;uvre de ces réformes était basée sur la vision dominante, avec l'espoir que les sorties de fonds seraient annulées à l'étranger. Toutefois, après la levée des contrôles, selon les informations du solde d'échange de la Banque centrale de la République argentine (BCRA) sur la formation des actifs externes (FAE), il est observé que pour la première année le montant échappé à l'étranger avait doublé. Ainsi le financement de la plus grande sortie de devises fut possible à cause de l'augmentation de l'endettement extérieur.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo A partir de 2011, a Argentina implementou uma série de controles cambiais que chegaram a incluir a proibição de aquisição de moeda estrangeira para fins não produtivos. Em dezembro de 2015, após a mudança de governo, todas as regulamentações cambiais foram eliminadas para níveis até anteriores à crise de 2001-2002. A implementação dessas reformas foi baseada na visão mainstream, com a expectativa de que a saída de recursos para o exterior fosse revertida. No entanto, após a suspensão dos controles, de acordo com as informações da balança de câmbio do Banco Central da República Argentina (BCRA) sobre a Formação de Ativos Externos (FAE), se observa que, para o primeiro ano, o montante que "escapou" para o exterior duplicou. O financiamento da maior saída de divisas foi possível por meio do aumento do endividamento externo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In 2011, Argentina began to implement a series of foreign exchange controls, going so far as to prohibit the acquisition of foreign currency for non- productive purposes. In December 2015, after the change of administration, all of the foreign exchange regulations were eliminated and returned to their pre-2001-2002 crisis levels. These reforms were implemented under the mainstreaming vision, with the expectation that capital out flows would be reversed. Nevertheless, after the controls were lifted, according to information from the foreign exchange balance kept by the Central Bank of Argentina (BCRA) on Foreign Asset Formation (FAF), one year later, capital flight abroad had doubled. is increased currency outflow was financed by rising foreign debt.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[mercado cambiario]]></kwd>
<kwd lng="es"><![CDATA[regulación bancaria]]></kwd>
<kwd lng="es"><![CDATA[fuga de capitales]]></kwd>
<kwd lng="es"><![CDATA[deuda externa]]></kwd>
<kwd lng="es"><![CDATA[patrón de acumulación]]></kwd>
<kwd lng="es"><![CDATA[F31]]></kwd>
<kwd lng="es"><![CDATA[F34]]></kwd>
<kwd lng="es"><![CDATA[G12]]></kwd>
<kwd lng="es"><![CDATA[L43]]></kwd>
<kwd lng="es"><![CDATA[O24]]></kwd>
<kwd lng="fr"><![CDATA[marché des changes]]></kwd>
<kwd lng="fr"><![CDATA[régulation bancaire]]></kwd>
<kwd lng="fr"><![CDATA[fuite des capitaux]]></kwd>
<kwd lng="fr"><![CDATA[dette extérieure]]></kwd>
<kwd lng="fr"><![CDATA[modèle d'accumulation]]></kwd>
<kwd lng="pt"><![CDATA[mercado de câmbio]]></kwd>
<kwd lng="pt"><![CDATA[regulação bancária]]></kwd>
<kwd lng="pt"><![CDATA[fuga de capitais]]></kwd>
<kwd lng="pt"><![CDATA[dívida externa]]></kwd>
<kwd lng="pt"><![CDATA[padrão de acumulação]]></kwd>
<kwd lng="en"><![CDATA[Foreign exchange market]]></kwd>
<kwd lng="en"><![CDATA[banking regulations]]></kwd>
<kwd lng="en"><![CDATA[capital flight]]></kwd>
<kwd lng="en"><![CDATA[foreign debt]]></kwd>
<kwd lng="en"><![CDATA[accumulation pattern]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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