The combination of prudential and countercyclical policies that the central bank has developed on the monetary and financial level, added to the fiscal and external surplus, will therefore allow for the impacts of the international disruptions on domestic macroeconomic performance to be cushioned.
Although the reversal of the capital movements seen in Argentina since the second half of last year is significantly larger than what happened during the “tequila effect”, the impact on real variables has been so far limited. Aggregate activity has maintained a rising trend, although not as steep as at the beginning of the current expansive cycle.