This is the wrong pitch: “The risk of hyperinflation in Argentina does not arise from the intention to dollarize but from a central bank that appears incapable or unwilling to exercise restraint. “
Inflation is always and only about one thing and one thing only: central bank dutifully creating enough new money to accommodate whatever excess spending above tax collections the government wishes to make.
They do this buying bonds in the open market sufficient to induce the bond holders to buy the new deficit financed issue. The resulting new created money inflation has the economic function of reducing all asset real value denominated in fixed return monies.
This reduction in wealth releases the resources to pay for the original debt financed consumption by government. The inflation will stop when this resource demand is satisfied. The inflation will only continue if the central bank continues to support continued deficit financing.