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Knocking on “Hell's door”. 2023: The Year Argentina Lived again (in Danger of) Hyperinflation

Author

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  • Ariel Coremberg

    (Universidad de Buenos Aires, Universidad del CEMA)

Abstract

This paper examines the critical hypothesis that Argentina was immersed in a hyperinflation crisis in 2023. If inflation were to escalate to a hyperinflation level, that society's urgent demands: Stabilize and Else! Moreover, a credible stabilization plan could yield rapid results after hyperinflation compared to a chronic high-inflation regime. Furthermore, if Argentina were to face hyperinflation in 2023, a situation reminiscent of the 1989-1990 crisis, it would be a unique occurrence in world history. This would be the second instance, after Russia, of a country experiencing hyperinflation twice, indicating a lack of institutional and generational memory of past crises in Argentina. The paper reviews economic definitions of quantitative thresholds but primarily examines qualitative responses to hyperinflation compared to a chronic high inflation regime. We demonstrate that Argentina reached a hyperinflation level for some quantitative thresholds. Moreover, Argentine society exhibited the same adaptive behavior in 2023 as it had during its previous hyperinflations, similar to the Germans during their hyperinflation in 1923. At least, during 2023, even under financial repression, Argentina was knocking again on hell's door of hyperinflation.

Suggested Citation

  • Ariel Coremberg, 2025. "Knocking on “Hell's door”. 2023: The Year Argentina Lived again (in Danger of) Hyperinflation," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(86), pages 28-69, November.
    • Handle: RePEc:bcr:ensayo:v:1:y:2025:i:86:p:28-69
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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