Exchange rate of the Argentinean currency, pesos per one US-dollar

This paper was first published on January 9, 2002 at the Mises Wire under the title “No Tears for Argentina”. Now, at the end of 2019, the analysis is as relevant as it was almost two decades ago. Having not learnt its lesson, more tears are there for Argentina.

Argentina’s default came as no surprise. The amazing thing is not that the collapse of the Argentinean economy finally occurred, but the length of time it took…