Argentina inflation Fabian Gredillas/Getty Images

Die zerstörerische Kraft der Inflation

CAMBRIDGE – Als ich letzte Woche in Argentinien war, kam mir wieder die Zerstörungskraft hoher Inflation in den Sinn. Die jährliche Preissteigerungsrate ist in Argentinien von geschätzten 40% im letzten Jahr auf momentan etwa 20% gefallen. Die Zentralbank bemüht sich, die Wirtschaft auf einem disinflationären Weg zu halten, und will in drei Jahren einen Wert von 5% erreichen.

In der Vergangenheit war die Inflation in Argentinien viel höher. Während der fünfzehn Jahre von 1975 bis 1990 lag sie bei durchschnittlich 300% im Jahr, was bedeutet, dass sich die Preise alle paar Monate verdoppelten. 1989 stiegen sie sogar um über 1000%, bevor sie schließlich unter Kontrolle gebracht werden konnten.

Aber tatsächlich war die Inflation keineswegs besiegt. Als ich Mitte der 1990er in Argentinien war, war so gut wie nichts mehr von ihr übrig. Damals war der argentinische Peso an den Dollar gekoppelt, und auf den Straßen von Buenos Aires wurden beide Währungen für die täglichen Einkäufe benutzt.

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