Argentina: Economic Developments; April 29, 2015

Volume/Issue: Volume 2016 Issue 069
Publication date: February 2016
ISBN: 9781498399746
$18.00
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Topics covered in this book

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Inflation , Money and Monetary Policy , ISCR , CR , GDP , price , Argentina , central bank , U , S , dollar , foreign currency , exchange rate depreciation , market share , realigning inflation dynamics , foreign exchange control , capital goods , inflation expectation , swap line , FX position , Inflation , Exchange restrictions , Exchange rates , Currencies , Caribbean

Summary

This paper presents an overview of Argentina’s economic developments in the past 10 years. Argentina’s impressive growth over the past decade has been accompanied by the accumulation of a number of major vulnerabilities. Policy inconsistencies were exposed in early 2014 when mounting balance-of-payments pressures culminated in a sharp devaluation of the peso. Subsequent to the devaluation, domestic imbalances were exacerbated by a deteriorating external environment. At the same time, the dispute with holdout creditors continued to impede Argentina’s access to international capital markets. The combination of weak external demand, fast eroding competitiveness, and compromised access to international capital markets fueled balance of payments pressures in 2014.