Abstract
Milei's victory in the 2023 presidential election in Argentina triggered a major change in economic policies. The new administration implemented a program aimed at avoiding hyperinflationary risks. In this article, we describe the program and argue that the risks that justified its implementation were overestimated, in light of historical data on hyperinflations. We also argue that this program imposes unnecessarily large costs on economic activity and assumes large risks of currency crises. Based on international evidence, we advocate an alternative approach to mitigate social impacts and reduce dependence on risky exchange rate dynamics.
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