Argentina

  ABSTRACT This paper summarizes the stabilization plan implemented by Javier Milei in Argentina between December 2023 and April 2026, while also outlining expectations for the remainder of his term in office. The plan includes “three anchors” (fiscal, monetary, and exchange-rate), along with the deregulation process and the structural reforms that gained momentum during the […]

The puzzle that keeps repeating Argentina has tried to stabilize its economy before. It has done so under military governments and democratic ones, under heterodox programs and orthodox ones, under economists who believed in markets and politicians who did not. Each episode produced a period of relative calm. Each period eventually ended the same way. […]

  How do you get from a distorted economy to a free market without the transition destroying the reform itself? The recent public clash between President Javier Milei and businessmen such as Paolo Rocca over a pipeline contract exposes a deeper question that every market-oriented government must eventually confront: How do you actually get from […]

  There’s been an ongoing debate in Argentina about the federal budget results under the Milei administration. I want to be very clear: the numbers show significant improvement, and Milei’s administration has been successful in putting the “deficit issue” on center stage. Yet, there are also good reasons why some Argentine economists point to potential problems and […]

A “historical” agreement that reveals economic desperation The United States’ intervention to support Argentina’s peso has been described as “historical”—and it is. But this historical nature tells us as much about the strength of the bilateral relationship as it does about the depth of Argentina’s crisis. Argentina has effectively moved its lender-of-last-resort function even further […]