Monthly

Argentina has done it once more, and the financial markets are desperately looking for answers. Uncertainty is the name of the game. First, the province of Chaco made a payment in pesos of a dollar denominated bond, while just three weeks later a New York Court of Appeals released a decision that represented a setba...

The recent economic indicators tend to confirm that the economy is entering in a period of stagflation. We have revised downward our estimates for this year and we now expect it to grow by around 0.5%, in spite of a statistical "carry over" effect of 1.4 percentage points from last year. On the other hand, we ...

The depreciation of the parallel exchange rate is taking center stage and is raising questions about what does it mean, whether it is sustainable at these levels and about the implications that it has for inflation, interest rates, growth and imports. More importantly, it also raises questions about what polic...

Is the expropriation of YPF a surprise or is part of a pattern? A little bit of both. It is in line with other extemporaneous decisions such as the introduction of the variable export taxes, the nationalization of the pension funds, the use of reserves to pay the debt, and the strict introduction of import and forei...