阿根廷央行要负主要责任，其政策对于让通胀降低到目标水平基本无效（年通胀率仍在25%左右 ） ， 高利率倒是带来了投机性资本的流入，从而恶化了其外部失衡，增加了阿根廷面对外部冲击的脆弱性。
Argentina’s central bank bears a significant share of the responsibility; while its approach proved largely ineffective in reducing inflation to the target level (the annual rate is still at about 25%), high interest rates encouraged inflows of speculative capital, which worsened the external imbalances and heightened Argentina’s vulnerability to external shocks.