Libro-Exabruptos.Pdf

Total Page:16

File Type:pdf, Size:1020Kb

Libro-Exabruptos.Pdf Exabruptos de Javier Finkman : textos seleccionados + 9 ensayos in memoriam / Sebastián Campanario...[et al.]i ; compilado por Eduardo Levy Yeyati. - 1a ed adaptada. - Ciudad Autónoma de Buenos Aires : María Victoria Giarrizzo, 2020. 301 p. ; 22 x 15 cm. ISBN 978-987-86-3975-8 1. Economía Argentina. I. Levy Yeyati, Eduardo, comp. II. Título. CDD 330.82 © de cada texto, su autor ISBN: 978-987-86-3975-8 Impreso en Argentina Idea, dirección y edición: Eduardo Levy Yeyati Diseño gráfico: Karin Bremer Ilustración de portada: Matilda Finkman 1ª edición, marzo de 2020 300 ejemplares Este libro se terminó de imprimir en el mes de marzo de 2020 en Docuprint, Panamericana km 37,5, Centro Industrial Garín, Calle Haendel, Lote 3, Buenos Aires, Argentina EXABRUPTOS de JAVIER FINKMAN TEXTOS SELECCIONADOS + 9 ENSAYOS IN MEMORIAM Editado por EDUARDO LEVY YEYATI Para Malena Mia Matilda Valeria ÍNDICE No olvidaremos a Javier, por Eduardo Levy Yeyati .......... 9 Tendencias (1992) ...................................... 13 Los intereses creados .................................... 15 La edad de oro ......................................... 21 La política industrial importa. 27 De lo general a lo particular .............................. 33 Innovación, divino tesoro ................................ 37 El orden de los factores… ................................ 41 La resurrección ......................................... 45 Apertura que me hiciste mal… ........................... 49 Crecimiento: Que nada se sabe ........................... 53 La economía se calienta .................................. 57 El desarrollo sostenible .................................. 61 Lecturas económicas de Francisco Sánchez (1993-1995) ..... 65 La flexibilidad laboral ................................... 67 Un país no es una empresa ............................... 71 ¿Por qué Argentina no fue Australia? ...................... 75 Los nuevos revisionistas: Visión liberal de la decadencia.. 79 Consenso de Washington, un intento fallido ................ 83 Cavallo, el hacedor ...................................... 87 La economía vista por un psicólogo ....................... 91 Lecturas económicas de Javier Finkman (1993-1996) ........ 95 Who´s bashing whom? Trade conflict in high-technology industries, de Laura D’Andrea Tyson ....... 97 El mercado de trabajo como institución social, de Robert M. Solow .................................... 101 21st Century capitalism, de Robert Heilbroner ............. 105 The world trading system at risk, de Jagdish Bhagwati ..... 109 Un olvido de la teoría económica .........................113 ¿Mercados emergentes o sumergidos? .....................117 The good society: The human agenda, de John Kenneth Galbraith .............................. 121 Columnas de Francisco Sánchez ........................ 125 Entre la teoría y la experiencia ........................... 127 Kydland y Prescott, un Premio Nobel muy conservador .... 133 El largo brazo de la economía ........................... 137 Lavagna, retrato de época ............................... 143 Influencia de los economistas en la política ................ 149 Galbraith, una vida prolífica. 153 Inflación: ¿viejos o nuevos fantasmas? .................... 159 2006: ¿Cambió la Argentina? ............................ 165 Festival de ideas: el regreso del estructuralismo ............ 171 Económica-mente ..................................... 177 La poscrisis ........................................... 179 Reinventar la clase media ............................... 183 Tipo de cambio y turismo médico ........................ 189 El crecimiento y el campo: una aclaración ................. 191 ¿El fin del peso barato? ................................. 193 No estamos solos ...................................... 197 Ahorrar crudo ......................................... 199 Estabilización ......................................... 201 Predecir es difícil... especialmente el futuro ................ 205 La Nación ............................................ 209 Embarazos, crimen y educación bajo la lupa de economistas: lo freak que es chic .......................211 A portarnos mal: lo último en economía del comportamiento .................................... 215 El naturalismo: una puerta de entrada a la economía ....... 219 La economía del engaño ................................ 223 El economista como predicador .......................... 227 El Plan Propinar ....................................... 231 El legado de Julio Olivera ............................... 235 In memoriam ......................................... 241 Ideas a las 4 a.m.: apuntes sobre un economista de otra galaxia, por Sebastián Campanario ................ 243 El alma de los argentinos y el déficit fiscal, por Ana Claudia Alfieri ................................. 251 Sobre élites, reformas fallidas y cambio estructural regresivo, por José María Fanelli ......................... 257 Sobre las ficciones: el mercado y el Estado, por Mariana Chudnovsky ............................... 265 La economía ¿es “fácil” o “difícil”? Planck vs Scalabrini Ortiz, por Andrés López .............. 271 Empresas transnacionales e inversiones (dos temas en memoria de un grande, Javier Finkman), por Bernardo Kosacoff .................................. 277 Estructura financiera y creación monetaria: interacciones en la génesis de la crisis financiera global, por Sebastián Katz ..................................... 283 Heterodoxo y fiscalmente consistente: la argentinidad en la macroeconomía de Javier, por Gustavo Cañonero ................................. 293 Pajaritos familiares, por Roberto Frenkel .................. 299 Los autores ........................................... 301 NO OLVIDAREMOS A JAVIER Eduardo Levy Yeyati La reseña biográfica dirá que Javier Finkman, fallecido a los 54 años, estudió economía en la Universidad de Buenos Aires (UBA), trabajó como investigador en el CEDES, fue profesor de Mercado de Capitales de grado, profesor de Finanzas de posgrado en la carrera de Economía de la UBA y profesor visitante en la Universidad Di Tella. Y que, desde 1996, trabajaba en el banco HSBC, donde fue eco- nomista jefe para la Argentina y jefe de Estudios para Sudamérica. La reseña también dirá que fue un profesor admirado y querido y un economista financiero de referencia internacional, muchas veces reconocido por la industria financiera como el mejor en su área. Quienes lo conocimos de cerca sabemos que este escueto currí- culum dista de hacerle justicia a la riqueza de sus ideas y a su contribución al debate económico en el país. Antes de enseñar política monetaria y finanzas, campos que dominaba en la teoría y en la práctica como ninguno, Javier fue profesor de epistemología en la carrera de Economía de la UBA (¿hay indicio más claro de un pensamiento crítico que un macro- economista que empieza por cuestionar sus propios axiomas y teorías?). Su pasión por confrontar los orígenes de lo que en la práctica cotidiana (o incluso en la academia) damos convenien- temente por sentado fue el motor de sus lecturas, así como el de varias de sus columnas. Con el heterónimo Miguel Olivera (elegido en honor a dos eco- nomistas que admiraba: Miguel Sidrauski y Julio Olivera) encontró la libertad de la imparcialidad para comentar y difundir el trabajo de otros, admirados o no, o para inaugurar la blogósfera económica argentina con el sitio Exabruptos, nombre con el que se convirtió en un referente respetado a ambos lados de la grieta de Twitter. Con esta segunda personalidad, fue construyendo silenciosamente un personaje inusual en la profesión: el del polemista informado y objetivo, el estudiante crónico, el economista intelectual en el 9 mejor sentido del término. Usó el humor, la pregunta retórica y la ironía no para la agresión o el libelo, sino para mover al otro al mismo plano de permanente interrogación en el que él mismo había decidido ubicarse. Javier padecía y ejercitaba su insomnio: fue un gran curioso y un lector obsesivo sin fronteras temáticas, a contrapelo de los des- órdenes de atención que sufrimos algunos de sus colegas (afuera quedaba la ficción, salvo por las recomendaciones literarias de Tasas Chinas –el programa de radio que compartimos con Javier y Karina Galperín–, que se esmeraba en seguir o en hacernos creer que lo hacía). En una entrevista de hace años al ficticio Miguel Olivera –que muchos crían de carne y hueso–, Javier listaba algunos de sus autores preferidos, todos fuera del mainstream: Schelling, Fisher, McCloskey, Taylor, Díaz Alejandro. «Keynes es una revo- lución. Friedman, una restauración. El economista que no lee a ambos es un economista berreta», decía en la misma entrevista. Alguna vez el diario Crítica publicó columnas firmadas porOlivera e ilustradas con la foto de un señor adusto y constipado, una foto que Javier había tomado prestada de internet para darle un rostro a su alter ego. Javier no solo pensaba y dialogaba a través de la grieta tribal de escuelas y políticas; también unía generaciones, liderando encuen- tros con economistas jóvenes y manteniendo la mente abierta con humildad y genuino amor por el aprendizaje. Tal vez ayudó para este rol el hecho de que Javier haya sido un luchador incansable. Un sobreviviente desde que un trasplante a temprana edad le dio una sobrevida que él abrazó con coraje. Y una persona íntegra, un socio indulgente siempre dispuesto a escuchar y asistir y un amigo entrañable para a quienes tuvimos la suerte de tenerlo cerca. ¿Puede un pensador sin opus dejar una marca
Recommended publications
  • Social and Economic Impact of COVID-19
    Social and economic impact of COVID-19 Eduardo Levy Yeyati Federico Filippini BROOKINGS GLOBAL WORKING PAPER #158 JUNE 2021 Social and economic impact of COVID-19 Eduardo Levy Yeyati Nonresident Senior Fellow, Global Economy & Development at Brookings Institution Dean of the School of Government at Universidad Torcuato Di Tella Federico Filippini Visiting Professor at Universidad Torcuato Di Tella June 2021 Brookings Global Working Paper #158 Global Economy and Development program at Brookings www.brookings.edu/global Acknowledgements Prepared for The Independent Panel of the World Health Organization. We are grateful to Mauricio Cárdenas, Ricardo Hausmann, Anders Nordstrom, Rodrigo Valdés, Andrés Velasco, Alejandro Werner, Ernesto Zedillo and members of The Independent Panel for their useful comments, and Joaquin Marandino for excellent research assistance. The usual disclaimers apply. The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. The conclusions and recommendations of any Brookings publication are solely those of its author(s), and do not reflect the views of the Institution, its management, or its other scholars. Brookings recognizes that the value it provides is in its absolute commitment to quality, independence and impact. Activities supported by its donors reflect this commitment and the analysis and recommendations are not determined or influenced by any donation. A full list of contributors to the Brookings Institution can be found in the Annual Report at www.brookings.edu/about-us/annual-report/. 1. Introduction .......................................................................................................... 1 2.
    [Show full text]
  • CID Working Paper No. 150 :: a Balance-Sheet Approach to Fiscal
    A Balance-Sheet Approach to Fiscal Sustainability Eduardo Levy-Yeyati and Federico Sturzenegger CID Working Paper No. 150 October 2007 © Copyright 2007 Eduardo Levy-Yeyati, Federico Sturzenegger, and the President and Fellows of Harvard College Working Papers Center for International Development at Harvard University A Balance-Sheet Approach to Fiscal Sustainability† Eduardo Levy-Yeyati and Federico Sturzenegger‡ Abstract Recent empirical research on emerging markets debt, currency crises and fiscal sustainability has placed a significant focus on the role of currency mismatches with the emphasis placed on the currency composition of explicit government liabilities. The key insight of this paper is that these liabilities, while relevant, usually represent a small share of actual government liabilities: indeed, as an indicator of fiscal solvency, they are relatively uninformative – and possibly misleading – if not matched with the remaining liabilities (promises of wage and pension payments among others) and the asset side of the government’s balance sheet: financial and real government assets as well as the present value of future tax collection. These non-debt liabilities and assets may be affected by changes in the real exchange rate in a way that dwarfs the effect on the explicit liabilities which are typically the focus of attention. With this in mind, this paper proposes a balance-sheet approach that, as illustrated by the practical applications included here, may radically alter the results from traditional sustainability evaluations – and, more generally, the perception of a country’s fiscal vulnerability. Keywords: assets, balance-sheet approach, currency, debt, emerging markets, fiscal sustainability, liabilities JEL codes: P43, H20, H60, H61 † This paper was also published in the KSG Faculty Research Working Papers Series as Working Paper #RWP07- 044.
    [Show full text]
  • Sovereign Debt in the Americas: New Data and Stylized Facts
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Cowan, Kevin; Levy-Yeyati, Eduardo; Panizza, Ugo; Sturzenegger, Federico Working Paper Sovereign debt in the Americas: New data and stylized facts Working Paper, No. 577 Provided in Cooperation with: Inter-American Development Bank (IDB), Washington, DC Suggested Citation: Cowan, Kevin; Levy-Yeyati, Eduardo; Panizza, Ugo; Sturzenegger, Federico (2006) : Sovereign debt in the Americas: New data and stylized facts, Working Paper, No. 577, Inter-American Development Bank, Research Department, Washington, DC This Version is available at: http://hdl.handle.net/10419/51530 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von
    [Show full text]
  • To Dollarize Or De-Dollarize: Consequences for Monetary Policy
    To dollarize or de-dollarize: Consequences for Monetary Policy Patricia Alvarez-Plata and Alicia García-Herrero September, 2007 Paper prepared for the Asian Development Bank *We thank Eric Girardin, Jay Menon and Alfred Steinherr for very constructive comments. 1 1. Introduction: In the last decade, several emerging economies experienced severe financial crises. This led to the acknowledgement of a need to revise exchange rate and monetary theory, taking into account more specifically the conditions under which these countries operate. Topics such as dollarization, and balance sheet effects, have become central to the formulation and conduct of monetary policy and exchange rate regimes. This is specially relevant for the countries included in this book, as residents in ASEAN economies in transition save and borrow in large part in US-dollar and, in some cases also use hard currencies as means of payments. The aim of this paper is to review the experience of various dual-currency economies and analyze the main challenges faced by policymakers in formulating and conducting monetary policy. To that end, it distinguishes between countries with growing dollarization and those which have managed to revert such trend. In addition to the Asian countries of interest we look at a number of Latin American countries, Israel and Russia. All of these countries have experienced – and in some cases still do – a high degree of dollarization. Though there are several other countries within Central and Eastern Europe where a hard currency, i.e. the euro, is frequently used for financing and saving purposes, an important difference of this region and the ASEAN countries in transition, is that the latter are nowhere close to adopting the dollar as an official currency or to enter a monetary union.
    [Show full text]
  • Ugo Panizza Experience Education Papers & Publications
    Ugo Panizza Department of International Economics The Graduate Institute, Geneva Maison de la Paix, Chemin Eugène-Rigot 2 Case Postale 136, CH1211 Genève 21, Switzerland Tel: +41 22 908 59 52; Fax: +41 22 733 30 49 [email protected] Experience The Graduate Institute, Geneva. • — Professor of Economics, Pictet Chair in Finance and Development (September 2012-) — Director of the Centre for Finance and Development (September 2016-) — Director of the International Centre for Monetary and Banking Studies (September 2018-) — Editor in Chief of International Development Policy (2018-) — Deputy director of the Centre for Finance and Development (2012-2016) — Head of the Department of International Economics (2013-2016) United Nations Conference on Trade and Development (UNCTAD). Chief of the • Debt and Finance Analysis Unit (November 2006-September 2012) Inter-American Development Bank, Research Department. Senior Economist (Au- • gust 1998—November 2006. On LOA from August 2000 to September 2001) American University of Beirut, Department of Economics. Visiting Professor (Au- • gust 2000—September 2001) The University of Turin, Department of Economics. Assistant Professor (October • 1996-August 1998) The World Bank, Africa Region. Economist (October 1995-October 1996) • The Johns Hopkins University. Lecturer and Teaching Assistant (September 1993- • September 1995) R&P Ricerche e Progetti. Junior Economist (July 1991-August 1992) • Other Consulting and Teaching Experience: The Graduate Institute, Geneva. Visiting Professor (Development Economics and Econo- • metrics, February 2008-June 2012) CORIPE Piemonte. Lecturer (Fall 1997) • Consulted with Inter-American Development Bank, World Bank, and World Intellectual • Property Organization. Executive Education courses in: Azerbaijan, Bosnia, China, Colombia, Egypt, Lebanon, • Peru, Saudi Arabia, Serbia, Tanzania, Tunisia, Uganda, and Vietnam.
    [Show full text]
  • The Elusive Costs of Sovereign Defaults
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Levy-Yeyati, Eduardo; Panizza, Ugo Working Paper The elusive costs of sovereign defaults Working Paper, No. 581 Provided in Cooperation with: Inter-American Development Bank (IDB), Washington, DC Suggested Citation: Levy-Yeyati, Eduardo; Panizza, Ugo (2006) : The elusive costs of sovereign defaults, Working Paper, No. 581, Inter-American Development Bank, Research Department, Washington, DC This Version is available at: http://hdl.handle.net/10419/51519 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten
    [Show full text]
  • Liquidity Insurance in a Financially Dollarized Economy
    This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Financial Markets Volatility and Performance in Emerging Markets Volume Author/Editor: Sebastian Edwards and Márcio G. P. Garcia, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-18495-1 Volume URL: http://www.nber.org/books/edwa05-1 Conference Date: December 1-3, 2005 Publication Date: March 2008 Title: Liquidity Insurance in a Financially Dollarized Economy Author: Eduardo Levy Yeyati URL: http://www.nber.org/chapters/c4778 6 Liquidity Insurance in a Financially Dollarized Economy Eduardo Levy Yeyati 6.1 Introduction While the foreign currency denomination (dollarization, for short) of external liabilities typical of most financially integrated developing econ- omies has been the subject of a vast body of academic work,1 the dollar- ization of domestic financial assets has received comparatively less atten- tion until very recently, when it has been increasingly seen as a key source of real exchange rate exposure and banking (and macroeconomic) fra- gility.2 There is, however, an angle of domestic financial dollarization (FD) that, while intuitive, has been somewhat overlooked: the limit it imposes on the central bank as domestic lender of last resort (LLR) and the resulting exposure to dollar liquidity runs à la Diamond and Dyvbig (1983).3 Thus, the growing literature on balance-sheet effects and dedollarization con- Eduardo Levy Yeyati is Financial Sector Advisor for Latin America and the Caribbean at The World Bank, and professor of economics (on sabbatical leave) at the Business School of Universidad Torcuato Di Tella and The World Bank, Buenos Aires.
    [Show full text]
  • Ugo Panizza Graduate Institute of International and Development Studies
    Graduate Institute of International and Development Studies Working Paper No: 03/2013 Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion Ugo Panizza Graduate Institute of International and Development Studies Abstract This paper uses the rules of engineering as a rhetorical device to discuss why the international financial architecture needs a structured mechanism for dealing with sovereign insolvency. The paper suggests that the most important problem with the status-quo relates to delayed defaults and sketches a proposal aimed at mitigating this problem. © The Authors. All rights reserved. No part of this paper may be reproduced without the permission of the authors. Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion Ugo Panizza* Department of International Economics The Graduate Institute, Geneva Preliminary and unedited February 2013 Abstract This paper uses the rules of engineering as a rhetorical device to discuss why the international financial architecture needs a structured mechanism for dealing with sovereign insolvency. The paper suggests that the most important problem with the status- quo relates to delayed defaults and sketches a proposal aimed at mitigating this problem. Keywords: Sovereign debt, Sovereign default JEL Codes: F34, H63 * This paper is based on a presentation at the International Conference on Sovereign Default which took place at Humboldt University in Berlin in January 2012. I would like to thank Professor Christoph Paulus for inviting me to write the paper, conference participants for helpful comments and suggestions, and Tito Cordella, Eduardo Fernández-Arias and Andy Powell for detailed comments on a previous draft.
    [Show full text]
  • To Dollarize Or De-Dollarize: Consequences for Monetary Policy
    To Dollarize or De-dollarize: Consequences for Monetary Policy 1 Nº 0808 To Dollarize or De-dollarize: Consequences for Monetary Policy Patricia Álvarez-Plata and Alicia García-Herrero German Institute for Economic Research (DIW) and BBVA December, 2008 Abstract The aim of this paper is to review the experience of various dual-currency economies and analyze the main challenges faced by policymakers in formulating and conducting monetary policy. To that end, it distinguishes between countries with growing dollarization and those which have managed to revert such trend. In addition to the Asian countries of interest we look at a number of Latin American countries, Israel and Russia. All of this countries have experienced – and in some cases still do – a high degree of dollarization. Though there are several other countries within Central and Eastern Europe where a hard currency, i.e. the euro, is frequently used for financing and saving purposes, an important difference of this region and the ASEAN countries in transition, is that the latter are nowhere close to adopting the dollar as an official currency or to enter a monetary union. Israel is chosen as a case study, because it is one of the few countries in the world that were highly dollarized, and could succesfully de- dollarize. Also Russia, has been trying to de-dollarize in the last couple of years. However, as we will discuss below they did not manage to lower the deposit dollarization ratio on a sustained basis. *Paper prepared for the Asian Development Bank, also DIW Discussion Paper 842.We thank Eric Girardin, Jay Menon and Alfred Steinherr for very constructive comments.
    [Show full text]
  • Monetary Policy in Dollarized Economies
    Deutsches Institut für Wirtschaftsforschung www.diw.de Discussion Papers 842 Patricia Alvarez-Plata • Alicia Garcia-Herrero To Dollarize or De-dollarize: Consequences for Monetary Policy Berlin, December 2008 Opinions expressed in this paper are those of the author and do not necessarily reflect views of the institute. IMPRESSUM © DIW Berlin, 2008 DIW Berlin German Institute for Economic Research Mohrenstr. 58 10117 Berlin Tel. +49 (30) 897 89-0 Fax +49 (30) 897 89-200 http://www.diw.de ISSN print edition 1433-0210 ISSN electronic edition 1619-4535 Available for free downloading from the DIW Berlin website. Discussion Papers of DIW Berlin are indexed in RePEc and SSRN. Papers can be downloaded free of charge from the following websites: http://www.diw.de/english/products/publications/discussion_papers/27539.html http://ideas.repec.org/s/diw/diwwpp.html http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=1079991 To Dollarize or De-dollarize: Consequences for Monetary Policy Patricia Alvarez-Plate and Alicia Garcia-Herrero December, 2008 Paper Prepared for the Asian Development Bank *We thank Eric Girardin, Jay Menon and Alfred Steinherr for very constructive comments. 1. Introduction: In the last decade, several emerging economies experienced severe financial crises. This led to the acknowledgement of a need to revise exchange rate and monetary theory, taking into account more specifically the conditions under which these countries operate. Topics such as dollarization, and balance sheet effects, have become central to the formulation and conduct of monetary policy and exchange rate regimes. This is specially relevant for the countries included in this book, as residents in ASEAN economies in transition save and borrow in large part in US-dollar and, in some cases also use hard currencies as means of payments.
    [Show full text]
  • Insurance Underwriter Or Financial Development Fund: What Role for Reserve Pooling in Latin America?
    186 S E R I financiamiento del desarrollo Insurance underwriter or financial development fund: what role for reserve pooling in Latin America? Barry Eichengreen Development Studies Unit Economic Development Division Santiago, Chile, November 2006 This document was prepared by Barry Eichengreen, consultant for the Project "Strengthening the role of regional and national financial institutions for sustainable social development" (GER/03/002). This a project that the Economic Commission for Latina America and the Caribbean (ECLAC) is carrying out in the Development Studies Unit of the Economic Development Division, with the financial support of Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). The author thanks Humberto Mora and his colleagues at FLAR for helpful comments and Raul Razo-Garcia for research assistance. The views expressed in this document, which has been reproduced without formal editing, are those of the authors and do not necessarily reflect the views of the Organization. United Nations Publication ISSN printed version: 1564-4197 ISSN online version: 1680-8819 ISBN: 92-1-121616-8 LC/L.2621-P Sales Nº.: E.06.II.G.145 Copyright © United Nations, November 2006. All rights reserved. Printed in the United Nations, Santiago de Chile Applications for the right to reproduce this work are welcomed and should be sent to the Secretary of the Publications Board, United Nations Headquarters, New York, N.Y. 10017, U.S.A. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and inform the United Nations of such reproduction. CEPAL - SERIE Financiamiento del desarrollo N° 186 Contents Abstract ........................................................................................5 1.
    [Show full text]
  • Financial Dollarization and De-Dollarization in the New Millennium
    Financial dollarization and de-dollarization in the new millennium Working paper January 2021 Eduardo Levy - Yeyati Financial dollarization and de-dollarization in the new millennium Eduardo Levy - Yeyati* January 2021 Abstract Dollarization, in its many variants, is crucial to understanding Latin American macroeconomics, as well as that of many developing countries. This paper builds a new updated dataset on dollarization, reviews its evolution in Latin America since 2000, and summarizes the lessons learned from several de-dollarizing attempts in the region, based on a three-way taxonomy: 1) attempts that focus on the macroeconomic drivers, 2) microeconomic measures that deter investors from dollarizing their financial assets and liabilities based on market incentives or regulatory limits, and 3) regulations that affect the choice of foreign currency as a means of payment or a unit of account. The study provides examples using seven cases that may be considered paradigmatic of the different dollarization varieties: Bolivia, Peru, Uruguay, Costa Rica, El Salvador, Ecuador and Venezuela. * Prepared for Fondo Latinoamericano de Reservas (Latin American Reserve Fund - FLAR). The author thanks Camilo Contre- ras and Joaquín Marandino for their invaluable help. This version has been translated by FLAR from the original version in Spanish. Table of contents Executive summary 3 I. Introduction 6 II. Definitions 7 III. Data: Dollarization since 2000 8 A. Deposit dollarization 8 B. Debt dollarization 14 IV. Theory: Determinants of Currency Substitution (RD) 25 V. Theory: Determinants of Asset Substitution (FD) 26 A. Dollarization of savings portfolios 26 B. Market failure 28 C. Legal imperfections 29 D. The role of policy 30 E.
    [Show full text]