Miguel Kiguel, executive director of EconViews in Buenos Aires: “Argentina has been the preferred laboratory to study inflation for more than seven decades and has the answers to almost every question you are afraid to ask. Triple-digit rates of inflation in the 1970s and 1980s, hyperinflation in 1989 and 1991, single-digit rates in the 1990s and now, one more time, it is approaching the dreaded 100 percent rate. A few reflections on the current episode, which started during the Néstor and Cristina administration, could help. The main underlying problem is a large fiscal deficit that in contrast to many countries cannot be financed in the bond markets. The recurrent defaults on domestic and foreign debt have closed that venue. One of the lessons of the Argentine inflation process is that expectations matter, and they generate persistence or inertia that complicate stabilization efforts. Anchoring expectations is at the center of the problem and…”