atility and realized volatility 120 100 so 60 40 20 0 Dec-04 Dec-06 Dec-C6 Dec-I0 —ARS lm Invalid Val Sam Orancher Bar* Dec-12 Dec-14 Dec-I6 ARS IrnfloalascIVol In December 2015, the new government led by President Mauricio Macri dismantled most of the FX controls introduced by the p