Services
Reports
We offer reports on the Argentine economic and financial situation, focused on key aspects such as the level of activity, fiscal accounts, inflation, interest rates and exchange rates.
Presentations
We make in-company presentations on the Argentine and international economic situation, adjusting to the client's needs.
Consultations
We are available for specific queries from our clients on current issues via phone or email.
Forecasting
We prepare detailed long-term economic forecasts and alternative scenarios for budgeting and decision making.
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Last Reports
Dólar estresado. En una semana más tensa en el frente cambiario por el fixing del título dollar linked que vence a fin de mes, el dólar cerró ayer en AR$ 1,514, un nuevo nivel donde parece haberse plantado el Gobierno. El volumen operado en dollar linked venía subiendo desde el viernes pasado y ayer se disparó con el fixing, lo que sugiere bastante intervención del BCRA. También se vio al Tesoro vendiendo algunos dólares para contener la presión, según se desprende de los últimos datos monetarios. La semana que viene debería descomprimir un poco la presión, pero vemos la tendencia del tipo de cambio para arriba.
The decision to use the FGS, Argentina’s public pension fund, to finance mortgage lending is positive and consistent with what we have advocated in our reports. It is one of the few stimulus measures that does not require touching any of Milei’s sacred cows: the fiscal balance, the exchange rate, or monetary issuance. Together with the easing of restrictions on dollar-denominated lending, the measure suggests that the government recognizes the weakness in certain sectors of the economy and is willing to respond with pragmatism.
There is no doubt that the second half of the year presents a more complex outlook for the Argentine economy. The abundant supply of dollars that made it possible to keep the exchange rate stable and to buy more than USD 13 billion during the first part of the year seems to be behind us, and while economic activity remains weak, market sentiment has turned somewhat more negative. For now, the Government is concentrating its efforts on maintaining exchange-rate stability. The question is whether that is enough to reverse the trend.
Riesgo país a 517. El índice EMBI subió en torno a 100 puntos básicos desde el 3 de agosto, alcanzando el nivel más alto en dos meses. Empezó como algo idiosincrático, por el deterioro de Milei en las encuestas y los datos lúgubres de actividad, a contramano del resto de los países “de alto riesgo” como Ecuador o Egipto que veían bajar su costo de financiamiento. Esta semana, con las declaraciones de Trump sobre Ormuz y la intervención de Scott Bessent para bajar las tasas largas americanas, el clima risk-off fue global. A medida que se acercan las elecciones 2027, las ventanas para volver a los mercados se acortan.
It is an open secret that a large part of the economy is not getting off the ground. Consumer spending is falling, according to the firms that track it, while construction, industry and commerce are sluggish. The sectors that are growing (mining, agriculture and energy) account for barely 13% of GDP, which is not enough to lift the economy as a whole. We are not talking about a crisis, as there have been at other times, but a large part of the economy is still suffering. In fact, the latest data are feeding the nervousness, because the second quarter is on track to close with a drop in GDP and the first numbers for July are not too encouraging either.
Articles
Más rápido de lo que muchos economistas esperaban, el Gobierno va consolidando su objetivo de cerrar el año con déficit fiscal cero, mejora de las cuentas del Banco Central, y camino a la tasa de inflación de un dígito porcentual….
About Us
Graduate in Economics from the University of Buenos Aires and Ph.D. in Economics from Columbia University. Professor and researcher at the Di Tella University and academic advisor at FIEL
With vast experience as an advisor to multilateral organizations such as the IMF, the World Bank and the Inter-American Development Bank, as well as several Latin American countries, he held prominent roles in the financial sector, including the presidency of Banco Hipotecario S.A. and functions in the Ministry of Economy and the Central Bank of the Argentine Republic.
He was an Assistant Professor at the University of Maryland, and taught at institutions such as CEMA, Georgetown University, and Columbia University.
He is a columnist and author of numerous articles in international publications. Author of the book “The Argentine economic crisis, a history of adjustments and imbalances” with Sebastián Kiguel.
Graduate in Economics from the University of Buenos Aires and MSc in Economics from the University of Warwick (UK).
He was an economic consultant at the Inter-American Development Bank (IDB) and at Econviews. He also served as an advisor at the Ministry of Economy and the Ministry of Transport of Argentina.
Alejandro Giacoia
Economist
Bachelor of Economics (UBA).
Pursuing a Master’s Degree in Finance (Di Tella)
Pamela Morales
Economist
Bachelor of Economics (UCEMA).
Associate Professor of Macroeconomics UCEMA
Rafael Aguilar
Economist
Bachelor of Economics (UBA).
He was an assistant in the UBA National Accounts chair
Leila García
Economist
Bachelor of Economics (UBA).
Assistant in the UBA Argentine Economic History