Efectos redistributivos de la inflación en el sector manufacturero argentino

Abstract

This paper deals with the hypothesis according to which firms gain in wealth Turing an inflationary process. The so-called debtor-creditor hypothesis states that firms are generally net debtors and since the rate of interest negotiated in the market underestimates the actual rate of inflation, wealth is redistributed from creditors to debtors (Keynes- Fisher effect). The empirical data, drawn from the balance sheets of a sample of enterprises belonging to the Argentine manufacturing sector in the period 1961-1965 and the market price of its common over the same period, fail to provide support for the aforementioned hypothesis.