Interactions between the macroeconomy and microeconomy in Argentina in the 1990s: Effects on growth, development and distribution of income

The present study retakes the analitical structure of macro-micro interactions in order to show that said interactions exacerbated the unsustainability of the Convertibility regime. The opening of comercial borders, in a context of real exchange rate apreciation and high exante volatility, caused a 'corrective racionalization' process in the local industry and the change in the composition of manufacturing production. In the middle term, the industrial reconstruction created macro inconsistencies, specially unemployment and commercial deficit. In the long term, said reconstruction slanted human capital inversion against industry, which explains current supply deficits in the manufacturing labor market.