Argentina Is a Textbook Case of ‘Fiscal Dominance’

Argentina is the bedtime horror story that other economies use to scare each other. Long after other emerging markets had internalized fiscal and monetary rectitude, Argentina has continued to lurch from default to hyperinflation and back.

So other countries may be tempted to conclude there is nothing to learn from the economic catastrophe that swept the radical populist Javier Milei to victory in this past weekend’s presidential election.