External finance, subordinated financialisation: a reflection on Argentina’s currency flights in the last three decades
以阿根廷为例，研究发展中国家金融一体化如何强化了从属性和对外部融资的依赖，大企业通过金融操作将利润转移至国外，导致货币外逃和汇率波动。
Abstract We use the example of Argentina to argue that the changing characteristics of developing countries’ financial integration may have reinforced the old dynamics of subordination and reliance upon external finance where large firms, foreign and domestic, engage in practices that allow for securing their surplus abroad in precious hard currency. Financial practices and openness have allowed these firms to navigate through the multiple interconnections between financial and productive spheres, resulting in extraordinary profits, which have been systematically remitted abroad, political and trade cycles notwithstanding. We find that rather than setting against investment and financial speculation, financialisation in Argentina highlights that both capital and exchange market volatility have also been triggered by industrial investment and the subsequent financial re-investment of profits in the international markets. We conclude with policy recommendations to attempt to lessen the effect of monetary subordination and capital dependence.