Monthly Reports

The Lack of International Reserves is Reaching a Critical Point

May 2023
The macroeconomic problems remain the same. Policy dilemmas have not changed, but the situation is rapidly deteriorating, and the outcomes remain uncertain. The government’s unwillingness to tackle the critical policy problems, perhaps hoping that the bleeding of reserves would miraculously come to an end or that in...

New Challenges on the Exchange Rate and Inflation Fronts

April 2023
The macroeconomic situation is deteriorating rapidly in Argentina. There is little chance to imagine that it can improve on the way to the elections.  The pressing problem is the lack of reserves, which is a direct consequence of a grossly overvalued currency and the inability to control the spread between the ...

The costs and perils of policies to muddle through

November 2022
The economy continues to be in slow motion mode, as there is a gradual deterioration in economic activity, inflation remains relatively stable in the 6.3% range, international reserves dropped but have not collapsed while the parallel exchange rates remain relatively stable. While there are still concerns about one ...

The IMF Meeting in Washington: Concerns about the world and still little interest in Argentina

October 2022
We attended the IMF meetings that took place in Washington in mid-October.  The main theme was world inflation, where the discussions centered on whether the burst of world inflation was just caused by temporary supply shocks due to the pandemic and the war in Ukraine, or in if instead it was mainly driven by t...