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What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the regionâs 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.Â
Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the countryâs fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferencesâhosted in all but one case, in the focus countryâwith participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editorsâ 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, 1960â2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin Americaâs 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; SimÃŗn Cueva, TNK Economics; JuliÃĄn P. DÃaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo FernÃĄndez Arias, Peking U; Carlos FernÃĄndez Valdovinos (former Central Bank of Paraguay); Arturo JosÊ Galindo, Banco de la RepÃēblica, Colombia; MÃĄrcio Garcia, PUC-Rio; Felipe GonzÃĄlez 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; JoaquÃn Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto TecnolÃŗgico AutÃŗnomo de MÊxico; Pablo AndrÊs Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la RepÃēblica; Daniel Osorio, Banco de la RepÃēblica; JosÊ Peres CajÃas, 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; JosÊ A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U CatÃŗlica del PerÃē; Carlos VÊgh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.
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Timothy Kehoe is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minneapolis. He was formerly adviser to the Mexican government in joining the North American Free Trade Agreement. His books include Great Depressions of the Twentieth Century.Â
Juan Pablo Nicolini is a senior research economist with the Federal Reserve Bank of Minneapolis. He has taught at the Instituto TecnolÃŗgico AutÃŗnomo de MÊxico in Mexico City and the Universidad Torcuato Di Tella in Buenos Aires, where he still holds a part-time position.
François R. Velde is a senior economist and research advisor in the economic research department at the Federal Reserve Bank of Chicago. He is the co-author, with Thomas Sargent, of The Big Problem of Small Change.
