In this chapter, I propose an analytical framework specifically designed to capture the effects of financialization on the design and implementation of welfare policy. Then, I apply this framework to the Argentine case, analyzing three local examples of social debtfare policies that were implemented during the Cambiemos administration: the National Microcredit Program, ANSES Credits, and Mejor Hogar. As I show throughout the chapter, financialization does not impact in the same way on different state agencies and its effects on the management of welfare policies have variable intensities. The factors involved in its modulation are not exhausted in the political orientation of the ruling parties or macroeconomic trends but are closely related to the institutional dynamics of the agencies. As can be inferred from the analysis, institutional cultures, the nature of the experts involved in management, the type of demands and social needs addressed, the policies executed and the devices incorporated, are key elements to understand the nuances and intensities of financialization.