Marketing

Shares are mixed in Asia after Wall Street benchmarks edged lower as investors looked ahead to updates on inflation and how American consumers are feeling about the economy

. Argentina’s recent presidential election saw the victory of Javier Milei, whose unconventional and worrying views, such as his opposition to abortion and ambivalent attitude towards the military government, have drawn attention. His economic proposals, such as replacing the peso with the dollar and eliminating the Central Bank, have also been debated. Dollarisation can act as a solution to hyperinflation, incentivising the economy to focus on export successes and easing conditions for foreign capital. Experiences of some countries, such as Ecuador, hold out promise for the project of dollarisation, with the economy showing considerable progress since 2000. However, the adoption of an external currency without the ability to chart independent policy can be seen in the case of Greece, where crushing austerity was adopted in exchange for financial assistance. Dollarisation is not a silver bullet, but if used well in conjunction with nimble domestic policy, can offer a route to success.

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