L'etat, les groupes financiers et le systeme financier en argentine 1976-1983
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Paris 8Disciplines:
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Abstract EN:
The main objective of this thesis is to determine who, during the period of the military regime 1976-1983, were the shareholders of the oligopolistic or financial capital in argentina and in particular the local, private fraction. In addition, we will attempt to discover the structure and the strategy of the local, private, oligopolistic or financial groups during this period. We will also try to determine what position the directors of the local, private, oligopolistic or financial groups hold within the state-controlled economic structure and the principal employers' organisations. In argentina, during the period considered 1976-1983, we note that the local component of the oligopolistic capital is characterised by the creation of oligopolistic or financial groups under familly control and by a strategy of conglomeral diversification within the country. In general, during this period, the groups combined expansion within their existing companies with mergers and take-overs. In addition to financing by their own banks, this expansion was financing by self-financing, by long-term and medium-term loans. After the 1977 financial reforms and the lifting of controls on the movements of international capital, external debts (euro-credit market) became the principal source of financing for industrial firms and for the whole economic system. These new sources of finance were used by the oligopolistic groups, especially local private groups, to increase the strength of their monopoly and, moreover, they were the basis of the incredible fligth of capital (approx. 20. 000 million dollars) carried out mainly by these same groups.
Abstract FR:
L'objectif principal de cette these est de savoir qui sont, durant la periode du regime militaire 1976-1983, les porteurs de la propriete economique du capital oligopolistique ou financier en argentine et en particulier de sa fraction privee locale. De plus, nous nous posons la question de savoir quelle est la structure et la strategie des groupes oligopolistiques ou financiers prives locaux pendant cette periode. En outre, nous essayons de determiner quelle est la place qu'occupent les dirigeants des groupes oligopolistiques ou financiers prives locaux dans l'appareil economique d'etat et au sein des principales organisations patronales. En argentine, durant notre periode 1976-1983, nous constatons que la composante locale du capital oligopolistique se caracterise par la constitution de groupes financiers ou oligopolistiques sous controle familial et par une strategie de diversification conglomerale a l'interieur de l'espace national. En general, les groupes ont combine pendant la periode la croissance interne et externe. En plus du financement de leurs propres banques, le financement de cette croissance a ete fait par autofinancement, par endettement a long terme et par endettement a moyen terme. Apres la reforme financiere de 1977 et l'ouverture financiere au marche international des capitaux, l'endettement externe (marche de l'euro-credit) sera la principale source de financement pour les firmes industrielles et pour l'ensemble du systeme economique. Ces nouvelles sources de financement vont servir aux groupes oligopolistiques, notamment prives locaux, a augmenter leur pouvoir de monopole. De plus, elles ont ete a la base de la fantastique fuite des capitaux (environ 20 milliards de dollars), realisee en bonne partie par ces memes groupes.