Rising inflation: King Canute´s new tide

ARGENTINA - Report 12 Feb 2021 by Esteban Fernández Medrano

The government’s attempt to stop inflation with price controls, export regulations and wage agreements, while simultaneously financing the fiscal deficit with expanding monetary aggregates and rising BCRA debt, reminds us of the legend of King Canute and his futile order to the sea, to stop the rising tide. We think the current government, like King Canute, will get its feet wet.

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