Una Hipótesis Sobre El Sesgo a La Dolarización De Activos Desde El Enfoque De Las Finanzas Conductuales (original) (raw)

Recurring economic and financial turmoil in some countries, such as Argentina, has led residents to adopt the dollar as a store of value currency, causing what is known as asset dollarization. In this framework, the residents of Argentina are the second holders of dollars per capita in the world, becoming this foreign currency as popular as the national one. The objective of this article is to present, from the perspective of behavioral finance, a plausible explanation on the mental processes involved, as well as how an individual decision of financial management could be transformed into a social artifact. It is concluded that, as soon as the agents are conceived as psychologically constructed, the recurrent and deep macroeconomic crises permanently reconfigure them cognitively, biasing them towards dollarized assets to the detriment of those denominated in national currency. Therefore, agents may also be inclined to think that crises will continue to repeat themselves, and they wi...