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EM by EM #31: It’s time for Milei to grapple with the real world

We still don't have much faith in Argentine dollarization, and it seems that the markets have jumped the gun. The real question is whether Milei has also followed suit?
2023-11-24

Much to the astonishment and delight of many, Javier Milei has assumed residence in la Casa Rosada following his weekend election victory. As the dust settles, financial markets are exuberant over the anticipation of a right-leaning president taking office.

Latin America often boasts flamboyant and eccentric politicians, yet libertarian presidents are a rare occurrence. Nevertheless, the initial market reaction appears to be more akin to euphoria than grounded realism at this point:

Chart 1: ARSUSD vs Merval

We still don’t have much faith in Argentine dollarization, and it seems that the markets have jumped the gun. The real question is whether Milei has also followed suit?

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