La reforma del sistema financiero argentino de 1977 como factor fundamental para la instauración del modelo económico neoliberal en la Argentina

This work analyzes the Argentinean financial system reform of 1977. Through this reform the militar government deepened the structural change that they have already started with the Coup D´etat in March 1976. The new scheme benefited strongly Capital in the functional income distribution, though going against the participation of Labor and workers The reform, implemented in 1977, was essential within the monetarist policies impulsed by the agropecuary oligarchy dominant sectors and the international capital lobbys (which were the economic power behind the militar government). The reform changed the banking and financial structure designed to impulse the sustitutive industrialization, ending with the bank nationalization implemented in the 1973-1976 Peronist government that allowed credit reallocation within productive activities. The reform also allowed the liberalization of interest rates and the possibility of public and private sector to increase their external debt. This was an essential factor to explain the high levels of debt that would mark the period 1977-1983 This work also anlyzes fundametal aspects such as the creation of the "Cuenta Regulación Monetaria" that caused a fast increase in the Central Bank´s quasifiscal deficit. Central de la República Argentina