Resumo

MUSACCHIO, Andrés. Las oscilaciones cíclicas de la economía argentina en las dos últimas décadas. Prob. Des [online]. 2009, vol.40, n.159, pp.143-168. ISSN 0301-7036.

The article proposes analyzing, in an integrated way, the external and fiscal gaps, trying to evaluate the macroeconomic consistency of Argentina's policies in the last two decades. The question is of great importance, because for a country like Argentina, with a high external public debt, a structural need exists to achieve external and fiscal surpluses that generate resources to pay for the servicing of this debt. It therefore comes concludes that at the time of the Convertibility Plan, the expansionary stages generated an external deficit, while during the recessionary stages a fiscal deficit appeared. In one way or another, the policy was sustained at the cost of a growing indebtedness.

Palavras-chave : Argentina; external gap; fiscal gap; macroeconomic consistency; external indebtedness.