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Left, Right, Left : Income, Learning and Political Dynamics
Morrow, John - 2013
The political left turn in Latin America, which lagged its transition to liberalized market economies by a decade or more, challenges conventional economic explanations of voting behavior. This paper generalizes the forward-looking voter model to a broad range of dynamic, non-concave income...
Persistent link: https://www.econbiz.de/10013074913
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Monetary Unions, External Shocks and Economic Performance : A Latin American Perspective
Edwards, Sebastian - 2006
During the last few years there has been a renewed analysis in currency unions as a form of monetary arrangement. This new interest has been largely triggered by the Euro experience. Scholars and policy makers have asked about the optimal number of currencies in the world economy. They have...
Persistent link: https://www.econbiz.de/10012780126
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Endogenous Presidentialism
Robinson, James A. - 2009
We develop a model to understand the incidence of presidential and parliamentary institutions. Our analysis is predicated on two ideas: first, that minorities are relatively powerful in a parliamentary system compared to a presidential system, and second, that presidents have more power with...
Persistent link: https://www.econbiz.de/10012765565
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The Size and Timing of Devaluations in Capital-Controlled Developing Countries
Flood, Robert P.; Marion, Nancy Peregrim - 2021
higher inflation rate than the country to which it is pegged. As a consequence, it experiences real exchange …
Persistent link: https://www.econbiz.de/10013219189
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Money-Based Versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy
Tornell, Aaron; Velasco, Andrés - 2021
We present a standard intertemporal model in which fiscal policy is determined by an optimizing but non-benevolent fiscal authority. If the fiscal authority is impatient, a money-based stabilization provides more fiscal discipline and higher welfare for the representative agent than does an...
Persistent link: https://www.econbiz.de/10013221928
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A Model of Crises in Emerging Markets
Dooley, Michael P. - 2021
First generation models of speculative attacks show that apparently random speculative attacks on policy regimes can be fully consistent with rational and well-informed speculative behavior. Unfortunately, models driven by a conflict between exchange rate policy and other macroeconomic...
Persistent link: https://www.econbiz.de/10013238941
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Financial Repression and Economic Growth
Roubini, Nouriel; Sala-i-Martin, Xavier - 2021
distorted. We find that financial repression has negative consequences for growth. We also find that inflation- is negatively …
Persistent link: https://www.econbiz.de/10013248697
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Trade Policy, Exchange Rates and Growth
Edwards, Sebastian - 2021
This paper analyzes the relationship between trade policy and economic performance. The paper is divided in two fundamental parts. The first one uses a cross country data set to investigate the relationship between trade policy and productivity growth. It is found that countries that are more...
Persistent link: https://www.econbiz.de/10013230598
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The Conquest of South American Inflation
Sargent, Thomas J. - 2007
financed by money creation and to destabilizing expectations dynamics that can occasionally divorce inflation from fundamentals …. Our maximum likelihood estimates allow us to interpret observed inflation rates in terms of variations in the deficits … that cut inflation without reforming deficits. Our estimates also allow us to infer the deficit adjustments that seem to …
Persistent link: https://www.econbiz.de/10012778239
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The Short-Run Relation between Inflation and Growth in Latin America
Edwards, Sebastian - 2021
This paper investigates the relationship between monetary policy and growth in five Latin American countries (Brazil, Chile, Colombia, Mexico and Peru).The analysis focuses on the effects of expected and unexpected monetary growth on output, and explicitly incorporates the relationship between...
Persistent link: https://www.econbiz.de/10013225850