The Fiscal History of the Latin America
In this workshop, organizers and participants discussed a series of papers using a common conceptual framework based on comparable data sets across seven of the largest Latin American countries, including Bolivia, Brazil, Chile, Ecuador, Mexico and Peru. The analyses are based on rich historical data collected from 1960s to the present.
The 1960s are an interesting starting point for analyses; beginning in this decade, Latin America was plagued by macroeconomic crises including defaults, devaluations, balance of payments crises, and banking crises or sudden stops. Current research suggests that these crises have a strong detrimental effect on output and employment.
Moreover, the events of the last five years made clear that developed economies are not immune to crises. While bad macroeconomic fundamentals like chronic deficits and high public debt appear as potential causes for the crisis, this is not always the case. Expectations and multiplicity may play a key role in these events.
In addition to the case studies, organizers presented several theoretical papers that examine the role of fiscal and monetary policies and the role of expectations on the probability of the crisis.
- See more at: bfi.uchicago.edu/events/monetary-and-fiscal-history-latin...
The Fiscal History of the Latin America
In this workshop, organizers and participants discussed a series of papers using a common conceptual framework based on comparable data sets across seven of the largest Latin American countries, including Bolivia, Brazil, Chile, Ecuador, Mexico and Peru. The analyses are based on rich historical data collected from 1960s to the present.
The 1960s are an interesting starting point for analyses; beginning in this decade, Latin America was plagued by macroeconomic crises including defaults, devaluations, balance of payments crises, and banking crises or sudden stops. Current research suggests that these crises have a strong detrimental effect on output and employment.
Moreover, the events of the last five years made clear that developed economies are not immune to crises. While bad macroeconomic fundamentals like chronic deficits and high public debt appear as potential causes for the crisis, this is not always the case. Expectations and multiplicity may play a key role in these events.
In addition to the case studies, organizers presented several theoretical papers that examine the role of fiscal and monetary policies and the role of expectations on the probability of the crisis.
- See more at: bfi.uchicago.edu/events/monetary-and-fiscal-history-latin...