Monetary arithmetic revisited

ARGENTINA - Report 30 Nov 2018 by Esteban Fernández Medrano and Domingo Cavallo

Local attention these days is naturally focused on the G20 Summit in Buenos Aires, which, from a geopolitical perspective, represents a genuinely historical event for Argentina, and in particular for the Macri administration. Holding the G20 presidency and therefore hosting the annual summit is probably, after the IMF agreement, one of the most explicit expressions of the political backing of the international community for Argentina. Moreover, it contrasts with the situation just some years ago, when the discussion in this exclusive club was whether or not Argentina still met the conditions to remain a member.

However, in this report, for the time being, we set aside political discussions and analyze the evolution of the recent monetary policy implemented by the new Central Bank President, Guido Sandleris. We focus on this issue again because some recent decisions remind us of the debt sustainability concerns we had with the LEBAC debt.

Now read on...

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