Financialization in large Argentine companies: The Pampa Energía group (2004-2019)

Abstract

The financialization processes, which had their origin after the end of the Bretton-Woods agreements, also reached peripheral countries during the following decades. In the Argentine case, they gained relevance from the liberalization and privatization of the economy during the 1990s. Starting in the 2000s, and after the economic recovery after the crisis of the early 21st century, it is possible to point out a greater linkage of Argentina with financialization processes on a global scale, both due to a reorientation in the role of financial institutions and non-financial companies. This article deals with the study of the financialization of large companies in Argentina based on the case study, the economic group Pampa Energía. The hypothesis holds that during the period 2004-2019, Pampa Energía consolidated itself as a holding company specialized in the electric power sector, but under the strategy of a financialized company.