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On December 17, 2015 Macri released the exchange restrictions, which meant, according to the opinion of some, that the peso undergoes a devaluation near 40%, It would be the largest recorded since 2002, when convertibility ended. For example, during the 1980s, the purchasing power of the middle class shrunk by 30%. And, although the Big Mac Index, as well as more sophisticated estimates of equilibrium exchange rates, should be treated with skepticism, a careful study of the matter using data from 1993 to 1999 indicated that the peso was always within 6% of its so-called fundamental equilibrium real exchange rate.So, a second lesson derived from the Argentine peso is that one should look carefully at the evidence before jumping to conclusions about overvaluation (or undervaluation).When it comes to the peso, my School Boy’s Theory of History applies: it’s just one damn thing after another. Inflation in the Latin American country is currently running at 25.4 per centThe Latin American country’s central bank announced the hike on Friday, the third in seven days, saying it would keep using the tools at its disposal to get inflation back down to it 15 per cent target.Inflation in the country is currently running at 25.4 per cent, despite the investor-friendly economic reforms of President Mauricio Macri.Argentina is one of several emerging market economies that have suffered from currency pressure in recent weeks as the US dollar has strengthened and foreign capital has been withdrawn.“Investors are moving out of [emerging markets], frontier [economies], and other risky assets and so countries like Argentina remain at heightened risk,” said Win Thin of Brown Brothers Harriman.The value of the Argentinian peso has declined from 18.6 against the greenback in January to 23 this week.President Macri succeeded the Peronist Cristina Fernandez de Kirchner in 2015 and has been seeking to reverse her policies of protectionism and high government spending.“This crisis looks set to continue unless the government steps in to reassure investors that it will take more aggressive steps to fix Argentina’s economic vulnerabilities,” said Edward Glossop of Capital Economics.“Risks to the peso have been brewing for a while – large twin budget and current account deficits, a heavy dollar debt burden, entrenched high inflation and an overvalued currency. It has been a grim year for the Argentine economy and the national currency, the Peso. Inflation in the country is currently running at 25.4 per cent, despite the investor-friendly economic reforms of President Mauricio Macri. The latter tend to lack sufficient knowledge of the asset class into which they are venturing, and thus are notorious for contributing to price overshoots – both on the way up and the way down.Undeterred by Argentina’s history of chronic volatility and episodic illiquidity – including eight prior defaults – creditors gobbled up as much debt as the country and its companies would issue, including an oversubscribed The search for higher yields has been encouraged by unusually loose monetary policies – ultra-low (and, in the case of the European Central Bank, negative) policy rates and quantitative easing – in advanced economies. A classic sign of uncompetitiveness caused by an overvalued currency is declining exports. That has to be financed by foreign borrowing or investment, which is increasingly challenging at a time when US interest rates are rising. Argentina had its first IMF programme sixty years ago. Its sovereign debt has been downgraded deeper into junk territory by Moody’s, and to selective default by Standard & Poor’s. President Maurico Macri has implemented economic reforms and investor-friendly policies in ArgentinaArgentina hikes interest rates to 40% amid inflation crisisEmail already exists.
Indeed, the export sector was one of the few bright spots in the Argentine economy.
On December 17, 2015 Macri released the exchange restrictions, which meant, according to the opinion of some, that the peso undergoes a devaluation near 40%, It would be the largest recorded since 2002, when convertibility ended. For example, during the 1980s, the purchasing power of the middle class shrunk by 30%. And, although the Big Mac Index, as well as more sophisticated estimates of equilibrium exchange rates, should be treated with skepticism, a careful study of the matter using data from 1993 to 1999 indicated that the peso was always within 6% of its so-called fundamental equilibrium real exchange rate.So, a second lesson derived from the Argentine peso is that one should look carefully at the evidence before jumping to conclusions about overvaluation (or undervaluation).When it comes to the peso, my School Boy’s Theory of History applies: it’s just one damn thing after another. Inflation in the Latin American country is currently running at 25.4 per centThe Latin American country’s central bank announced the hike on Friday, the third in seven days, saying it would keep using the tools at its disposal to get inflation back down to it 15 per cent target.Inflation in the country is currently running at 25.4 per cent, despite the investor-friendly economic reforms of President Mauricio Macri.Argentina is one of several emerging market economies that have suffered from currency pressure in recent weeks as the US dollar has strengthened and foreign capital has been withdrawn.“Investors are moving out of [emerging markets], frontier [economies], and other risky assets and so countries like Argentina remain at heightened risk,” said Win Thin of Brown Brothers Harriman.The value of the Argentinian peso has declined from 18.6 against the greenback in January to 23 this week.President Macri succeeded the Peronist Cristina Fernandez de Kirchner in 2015 and has been seeking to reverse her policies of protectionism and high government spending.“This crisis looks set to continue unless the government steps in to reassure investors that it will take more aggressive steps to fix Argentina’s economic vulnerabilities,” said Edward Glossop of Capital Economics.“Risks to the peso have been brewing for a while – large twin budget and current account deficits, a heavy dollar debt burden, entrenched high inflation and an overvalued currency. It has been a grim year for the Argentine economy and the national currency, the Peso. Inflation in the country is currently running at 25.4 per cent, despite the investor-friendly economic reforms of President Mauricio Macri. The latter tend to lack sufficient knowledge of the asset class into which they are venturing, and thus are notorious for contributing to price overshoots – both on the way up and the way down.Undeterred by Argentina’s history of chronic volatility and episodic illiquidity – including eight prior defaults – creditors gobbled up as much debt as the country and its companies would issue, including an oversubscribed The search for higher yields has been encouraged by unusually loose monetary policies – ultra-low (and, in the case of the European Central Bank, negative) policy rates and quantitative easing – in advanced economies. A classic sign of uncompetitiveness caused by an overvalued currency is declining exports. That has to be financed by foreign borrowing or investment, which is increasingly challenging at a time when US interest rates are rising. Argentina had its first IMF programme sixty years ago. Its sovereign debt has been downgraded deeper into junk territory by Moody’s, and to selective default by Standard & Poor’s. President Maurico Macri has implemented economic reforms and investor-friendly policies in ArgentinaArgentina hikes interest rates to 40% amid inflation crisisEmail already exists.
Indeed, the export sector was one of the few bright spots in the Argentine economy.