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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
Semana de transición en la política monetaria. El jueves 10, el Banco Central dejará de ofrecer a los bancos la posibilidad de suscribir Lefis, lo que ya comenzó a generar una migración de esos fondos hacia Lecaps. Esto se reflejó en la licitación del Tesoro del lunes, donde se adjudicaron unos AR$ 5.6 billones netos. Estimamos que los bancos aún conservan cerca de AR$ 10 billones en Lefis, que deberán redistribuirse entre encajes y otros instrumentos de corto plazo, lo que podría presionar las tasas a la baja como en la última semana.
The IMF program has placed the need to accumulate reserves at the center of the economic agenda. Alarm bells rang when INDEC reported that Argentina posted a current account deficit of more than USD 5 billion in the first quarter. This means that imports of goods and services, tourism expenses, interest payments, profit remittances, and other transfers abroad significantly exceeded exports of goods and services. This deficit is concerning because, unless it is reversed, it will likely be difficult to accumulate reserves or maintain exchange rate stability.
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.
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