Microeconomic behavior in high uncertainty environments: the case of Argentina

Ramos, Adrián
Kosacoff, Bernardo

2006-08

LC/W.101
LC/BUE/W.10

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Over the last three decades Argentina's real output underwent violent and with frequent fluctuations. Moreover, the trend growth rates also varied with large amplitudes. The economic oscillations interacted with sometimes drastic changes in economic policies. Agents adapted to that environment with heterogeneous and variable results. This document tries to identify the interrelations between that macro performance and private behaviors, and their effects on the industrial structure. Fundamental dimensions of those behaviors include investment criteria, the time horizon over which corporate decisions are made, attitudes towards innovation and technological learning. The Argentine case highlights the consistency requirements between micro and macro policies and the connections between macroeconomic sustainability and medium-term economic performance.

Includes bibliography

CAPACIDAD DE CIENCIA Y TECNOLOGIA; FINANCIAL RESOURCES; INDUSTRIAL DEVELOPMENT; SCIENCE AND TECHNOLOGY CAPABILITY; STATISTICAL DATA; MONETARY SYSTEMS; SISTEMAS MONETARIOS; RECURSOS FINANCIEROS; CAPITAL MARKETS; ECONOMIC CONDITIONS; GROSS DOMESTIC PRODUCT; PRODUCTO INTERNO BRUTO; MERCADOS DE CAPITAL; DESARROLLO INDUSTRIAL; DATOS ESTADISTICOS; CONDICIONES ECONOMICAS;