This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other...

Latin America is attracting increasing interest due to the strong economic performance of the last decade and to the political changes that are taking place. This book gives a unique, comprehensive, and up to date view of Latin America economic development over the two centuries since...

This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other...

This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The...

Latin America has been central to the main debates on development economics, ranging from the relationships between income inequality and economic growth, and the importance of geography versus institutions in development, to debates on the effects of trade, trade openness and protection on...