Argentina FMVM Dataset (2015–2025): Monthly and Structured Data Supporting the Study on Equity-Market Risk Transformation under the Milei Reform Cycle

This dataset supports the paper “An applied, data-driven analysis of Argentina’s equity-market risk transformation through the Milei reform cycle (2015–2025)”, published in Research in International Business and Finance. It provides the complete Frontier Market Valuation Model (FMVM) dataset for Argentina, capturing the evolution of the country’s equity-market risk profile across multiple policy regimes and reform phases.

The data are organized into two complementary Excel files:

Argentina_FMVM_REC_clean.xlsx – the main monthly dataset (January 2015–September 2025) containing the raw and computed FMVM variables:

GERP (%) – Global Equity Risk Premium

CRP (%) – Country (Sovereign) Risk Premium

LP – Liquidity Premium (decimal)

BP – Behavioral Premium (decimal)

IQP – Institutional Quality Premium (decimal)

FMVM Cost of Equity (%) – Composite cost of equity as modeled under FMVM.
The file ensures chronological consistency, full monthly coverage, and verified arithmetic coherence between sovereign and total risk premia.

Argentina_Struc_filled.xlsx – the structured analytical version used for visualization and interpretation, providing both aggregated period indicators and the complete monthly expansion by policy phase. The dataset highlights the four identified reform regimes:
(1) Post-2015 liberalization,
(2) 2018 capital-control reinstatement,
(3) 2020–2021 COVID-19 and inflationary stagnation,
(4) 2024–2025 Milei deregulation and FX unification.

All values are expressed in decimal or percentage terms consistent with the FMVM specification. Dates are formatted as yyyy-mm-dd.

The dataset underpins the empirical evidence that Argentina’s cost of equity and component risk premia shifted substantially following Milei’s structural reforms—showing compression of sovereign and institutional risk, but temporary increases in behavioral volatility. It is intended to facilitate replication, cross-country comparison, and future frontier-market valuation research.