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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.
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We make in-company presentations on the Argentine and international economic situation, adjusting to the client's needs.
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We prepare detailed long-term economic forecasts and alternative scenarios for budgeting and decision making.
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Last Reports
- monthly, New challenges in the second phase of the program
New challenges in the second phase of the program

There is increasing evidence that after an initial period in which the government was very successful in getting the economy out of intensive care, the program is now entering a new phase, which involves trade-offs, more fine tuning in the design of policy, and in which it will be more difficult to show impressive results.

Subió la liquidez. El lunes se acreditaron los vencimientos que no se renovaron en la última licitación del Tesoro, lo que implicó una inyección de unos AR$ 4 billones al sistema financiero. Esto empujó las tasas de corto plazo a la baja, con la caución perforando el 25%. También contribuyó la menor demanda estacional de pesos, ya superados los pagos de aguinaldos y vencimientos impositivos. De todos modos, esperamos que se mantenga el sesgo restrictivo de la política monetaria.

During the early months of the economic program, the decline in inflation had an expansionary effect on economic activity. The drop in the inflation tax eased the burden on real incomes, negative interest rates encouraged households to spend, credit grew strongly, and a part of consumption, which was repressed, rebounded in a meaningful way. In that context, the economy outperformed expectations and even allowed for talk of a V-shaped recovery.

Un segundo semestre más picante. El gobierno termina el primer semestre con el dólar controlado cerca del centro de la banda. La segunda mitad del año luce un poco más desafiante. Los dólares del agro van a seguir fluyendo con fuerza hasta finales de julio, pero después esperamos que el tipo de cambio se acomode un poco más arriba. También habrá más demanda por turismo en los meses fuertes del verano europeo y por el ruido electoral. Se confirmó que el Banco Central intervino fuerte en el mercado de futuros en mayo, y no descartamos que siga haciéndolo.

Seeking the waiver. The government has been “passing the hat” in recent days with new debt issuances. Bonte (hard peso) bonds have already contributed around USD 1.5 billion, to which USD 2 billion from the repo were added, bringing gross reserves above USD 40 billion and liquid reserves above USD 20 billion. To meet the IMF target, about USD 2.5 billion is still missing, but at least the government is showing a willingness to move closer, hoping to secure the waiver that would unlock the next USD 2 billion disbursement.
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