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Full Description
A major, new, and comprehensive look at six decades of macroeconomic policies across the region
What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region's countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies.
Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country's fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences-hosted in all but one case, in the focus country-with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors' introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research.
A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960-2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America's largest countries.
Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; SimÓn Cueva, TNK Economics; JuliÁn P. DÍaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo FernÁndez Arias, Peking U; Carlos FernÁndez Valdovinos (former Central Bank of Paraguay); Arturo JosÉ Galindo, Banco de la RepÚblica, Colombia; MÁrcio Garcia, PUC-Rio; Felipe GonzÁlez Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; JoaquÍn Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto TecnolÓgico AutÓnomo de MÉxico; Pablo AndrÉs Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la RepÚblica; Daniel Osorio, Banco de la RepÚblica; JosÉ Peres CajÍas, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; JosÉ A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U CatÓlica del PerÚ; Carlos VÉgh, Johns Hopkins U; FranÇois R. Velde, Chicago Fed; Alejandro Werner, IMF.
Contents
Contents
Foreword
FranÇois R. Velde
Acknowledgments
Detecting Fiscal-Monetary Causes of Inflation
Fernando Alvarez, Lars Peter Hansen, and Thomas Sargent
A Framework for Studying the Monetary and Fiscal History of Latin America
Timothy J. Kehoe, Juan Pablo Nicolini, and Thomas Sargent
The Case of Argentina
Francisco J. Buera and Juan Pablo Nicolini
Discussion of the Case of Argentina
Guillermo Calvo
Discussion of the Case of Argentina
Andrew Powell
The Case of Bolivia
Timothy J. Kehoe, Carlos Gustavo Machicado Salas, and JosÉ Peres CajÍas
Discussion of the Case of Bolivia
Manuel Amador
The Case of Brazil
MÁrcio Garcia, Joao Ayres, Diogo Guillen, and Patrick Kehoe
Discussion of the Case of Brazil
JosÉ A. Scheinkman
Discussion of the Case of Brazil
Teresa Ter-Minassian
The Case of Chile
Rodrigo Caputo and Diego Saravia
Discussion of the Case of Chile
Sebastian Edwards
The Case of Colombia
David Perez-Reyna and Daniel Osorio
Discussion of the Case of Colombia
Arturo JosÉ Galindo
The Case of Ecuador
SimÓn Cueva and JuliÁn P. DÍaz
Discussion of the Case of Ecuador
Alberto Martin
The Case of Mexico
Felipe Meza
Discussion of the Case of Mexico
Alejandro Werner
The Case of Paraguay
Carlos Javier Charotti, Carlos FernÁndez Valdovinos, and Felipe GonzÁlez Soley
Discussion of the Case of Paraguay
Roberto Chang
Discussion of the Case of Paraguay
Pablo AndrÉs Neumeyer
The Case of Peru
CÉsar Martinelli and Marco Vega
Discussion of the Case of Peru
Mark Aguiar
Discussion of the Case of Peru
Saki Bigio
The Case of Uruguay
Gabriel Oddone and JoaquÍn Marandino
Discussion of the Case of Uruguay
Eduardo FernÁndez Arias
Discussion of the Case of Uruguay
Carlos VÉgh
The Case of Venezuela
Diego Restuccia
Discussion of the Case of Venezuela
Luigi Bocola
Discussion of the Case of Venezuela
Fabrizio Perri
Lessons from the Monetary and Fiscal History of Latin America
Carlos Esquivel, Timothy J. Kehoe, and Juan Pablo Nicolini
Contributors
Index
