A Monetary and Fiscal History of Latin America, 1960–2017
A Monetary and Fiscal History of Latin America, 1960–2017

Author: Timothy J. Kehoe

Publisher: U of Minnesota Press

Published: 2022-01-11

Total Pages: 643

ISBN-13: 1452965846

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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.

The Macroeconomics of Populism in Latin America
The Macroeconomics of Populism in Latin America

Author: Rudiger Dornbusch

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 416

ISBN-13: 0226158489

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Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions. Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar. Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.

Latin America
Latin America

Author: Mauricio Tenorio-Trillo

Publisher: University of Chicago Press

Published: 2017-04-13

Total Pages: 250

ISBN-13: 022644306X

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“Latin America” is a concept firmly entrenched in its philosophical, moral, and historical meanings. And yet, Mauricio Tenorio-Trillo argues in this landmark book, it is an obsolescent racial-cultural idea that ought to have vanished long ago with the banishment of racial theory. Latin America: The Allure and Power of an Idea makes this case persuasively. Tenorio-Trillo builds the book on three interlocking steps: first, an intellectual history of the concept of Latin America in its natural historical habitat—mid-nineteenth-century redefinitions of empire and the cultural, political, and economic intellectualism; second, a serious and uncompromising critique of the current “Latin Americanism”—which circulates in United States–based humanities and social sciences; and, third, accepting that we might actually be stuck with “Latin America,” Tenorio-Trillo charts a path forward for the writing and teaching of Latin American history. Accessible and forceful, rich in historical research and specificity, the book offers a distinctive, conceptual history of Latin America and its many connections and intersections of political and intellectual significance. Tenorio-Trillo’s book is a masterpiece of interdisciplinary scholarship.

The Last Colonial Massacre
The Last Colonial Massacre

Author: Greg Grandin

Publisher: University of Chicago Press

Published: 2011-07-30

Total Pages: 346

ISBN-13: 0226306909

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After decades of bloodshed and political terror, many lament the rise of the left in Latin America. Since the triumph of Castro, politicians and historians have accused the left there of rejecting democracy, embracing communist totalitarianism, and prompting both revolutionary violence and a right-wing backlash. Through unprecedented archival research and gripping personal testimonies, Greg Grandin powerfully challenges these views in this classic work. In doing so, he uncovers the hidden history of the Latin American Cold War: of hidebound reactionaries holding on to their power and privilege; of Mayan Marxists blending indigenous notions of justice with universal ideas of equality; and of a United States supporting new styles of state terror throughout the region. With Guatemala as his case study, Grandin argues that the Latin American Cold War was a struggle not between political liberalism and Soviet communism but two visions of democracy—one vibrant and egalitarian, the other tepid and unequal—and that the conflict’s main effect was to eliminate homegrown notions of social democracy. Updated with a new preface by the author and an interview with Naomi Klein, The Last Colonial Massacre is history of the highest order—a work that will dramatically recast our understanding of Latin American politics and the role of the United States in the Cold War and beyond. “This work admirably explains the process in which hopes of democracy were brutally repressed in Guatemala and its people experienced a civil war lasting for half a century.”—International History Review “A richly detailed, humane, and passionately subversive portrait of inspiring reformers tragically redefined by the Cold War as enemies of the state.”—Journal of American History

Hemispheric Imaginations
Hemispheric Imaginations

Author: Helmbrecht Breinig

Publisher: Dartmouth College Press

Published: 2016-12-06

Total Pages: 410

ISBN-13: 1611689910

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What image of Latin America have North American fiction writers created, found, or echoed, and how has the prevailing discourse about the region shaped their work? How have their writings contributed to the discursive construction of our southern neighbors, and how has the literature undermined this construction and added layers of complexity that subvert any approach based on stereotypes? Combining American Studies, Canadian Studies, Latin American Studies, and Cultural Theory, Breinig relies on long scholarly experience to answer these and other questions. Hemispheric Imaginations, an ambitious interdisciplinary study of literary representations of Latin America as encounters with the other, is among the most extensive such studies to date. It will appeal to a broad range of scholars of American Studies.

Hispanic Immigrant Literature
Hispanic Immigrant Literature

Author: Nicolás Kanellos

Publisher: University of Texas Press

Published: 2011-07-01

Total Pages: 212

ISBN-13: 0292744722

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Immigration has been one of the basic realities of life for Latino communities in the United States since the nineteenth century. It is one of the most important themes in Hispanic literature, and it has given rise to a specific type of literature while also defining what it means to be Hispanic in the United States. Immigrant literature uses predominantly the language of the homeland; it serves a population united by that language, irrespective of national origin; and it solidifies and furthers national identity. The literature of immigration reflects the reasons for emigrating, records—both orally and in writing—the trials and tribulations of immigration, and facilitates adjustment to the new society while maintaining links with the old society. Based on an archive assembled over the past two decades by author Nicolás Kanellos's Recovering the U. S. Hispanic Literary Heritage project, this comprehensive study is one of the first to define this body of work. Written and recorded by people from Mexico, Cuba, Puerto Rico, the Caribbean, and Central and South America, the texts presented here reflect the dualities that have characterized the Hispanic immigrant experience in the United States since the mid-nineteenth century, set always against a longing for homeland.

Law and Employment
Law and Employment

Author: James J. Heckman

Publisher: University of Chicago Press

Published: 2007-11-01

Total Pages: 585

ISBN-13: 0226322858

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Law and Employment analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that were introduced or reformed in Latin America in the past thirty years have had important economic consequences. Nobel Prize-winning economist James J. Heckman and Carmen Pagés document the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this volume shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, Law and Employment provides comparative analysis of Latin American economies against a range of European countries and the United States. The book breaks new ground by quantifying not only the cost of regulation in Latin America, the Caribbean, and in the OECD, but also the broader impact of this regulation.

The Internationalization of Palace Wars
The Internationalization of Palace Wars

Author: Yves Dezalay

Publisher: University of Chicago Press

Published: 2010-02-15

Total Pages: 347

ISBN-13: 0226144275

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How does globalization work? Focusing on Latin America, Yves Dezalay and Bryant G. Garth show that exports of expertise and ideals from the United States to Argentina, Brazil, Chile, and Mexico have played a crucial role in transforming their state forms and economies since World War II. Based on more than 300 extensive interviews with major players in governments, foundations, law firms, universities, and think tanks, Dezalay and Garth examine both the production of northern exports such as neoliberal economics and international human rights law and the ways they are received south of the United States. They find that the content of what is exported and how it fares are profoundly shaped by domestic struggles for power and influence—"palace wars"—in the nations involved. For instance, challenges to the eastern intellectual establishment influenced the Reagan-era export of University of Chicago-style neoliberal economics to Chile, where it enjoyed a warm reception from Pinochet and his allies because they could use it to discredit the previous regime. Innovative and sophisticated, The Internationalization of Palace Wars offers much needed concrete information about the transnational processes that shape our world.

Dragon in the Tropics
Dragon in the Tropics

Author: Javier Corrales

Publisher: Brookings Institution Press

Published: 2015-02-25

Total Pages: 272

ISBN-13: 0815725949

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"This new and expanded edition of Dragon in the Tropics—the widely acclaimed account of how president Hugo Chávez (1999–2013) revamped Venezuela’s political economy—examines the electoral decline of Chavismo after Chavez’s death and the policies adopted by his successor, Nicolás Maduro, to cope with the economic chaos inherited from previous radical populist policies. Corrales and Penfold argue that Maduro has had to struggle with the inherent contradictions of a large and heterogeneous social coalition, a declining oil sector, the strength of entrenched military interests, and fewer resources to appease international allies, which have strenghtened the autocratic features of an already consolidated hybrid regime. In examining the new political realities of Venezuela, the authors offer lessons on the dynamics of succession in hybrid regimes. This book is a must-read for scholars and analysts of Latin America. "