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quasi-fiscal deficit through the use of the inflation tax but as inflation increases money demand drops and there is a limit … high inflation can arise even if money demand is perfectly inelastic with respect to inflation and the real value of … interest payments is relatively low. The key insight is that if expected inflation is a function of the current state of the …
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On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund's history, in support of Argentina's 2018-21 economic program. After an augmentation in October 2018, access under the arrangement amounted to USD 57 billion (1,227 percent of Argentina's IMF quota). The...
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