Macroeconomics and Development
Roberto Frenkel and the Economics of Latin America
Columbia University Press
Macroeconomics and Development
Roberto Frenkel and the Economics of Latin America
Columbia University Press
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory's core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies.
The essays in this collection assess Latin American neo-structuralism's theoretical contributions and viability as the world's economies evolve. The authors discuss Frenkel's work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.
The essays in this collection assess Latin American neo-structuralism's theoretical contributions and viability as the world's economies evolve. The authors discuss Frenkel's work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.
This rich collection of papers is a well-deserved recognition of Frenkel's pathbreaking contributions to our understanding of the Latin American and world's institutional and economic environment, and also provides adequate background teaching material for both graduate and undergraduate courses in economics. Jorge Katz, University of Chile
This accessible, varied, and rich collection reflects a broad spectrum of monetary challenges in Latin America, including the developmental consequences of the exchange rate, inflation, financial, and balance of payments crises. The volume will be a major reference for Latin American economies and macroeconomic development challenges and is a fitting acknowledgment of Roberto Frenkel, one of the world's 'master' development macroeconomists. Jomo Kwame Sundaram, former United Nations Assistant Secretary General for Economic Development
A collection of interesting and impressive papers on the areas in which Roberto Frenkel has worked: inflation, stabilization, crises, and macroeconomic policy for development. One hopes for a wide readership. Axel Leijonhufvud, professor emeritus of economics, University of California, Los Angeles
Acknowledgments
Preface, by Mario Damill, Martín Rapetti and Guillermo Rozenwurcell
1. An Introduction to Roberto Frenkel's Contributions to the Economic Ideas in Latin America, by Mario Damill, Daniel Kampel and Guillermo Rozenwurcell
Part I: Pricing Decisions, Inflation, and Stabilization
2. Markups Under Uncertainty: Variations on Price Decisions in High Inflation, by Daniel Heymann and Francisco Roldán
3. Financial Fragility, Price Indexes, and Investment Financing, by Julio Dreizzen
4. Uncertainty in Structural and Institutional Parameters and the Cost of Policy Mistakes: A CGE Evaluation, by Omar Chisari, Gustavo Ferro, and Juan Pablo Vila Martínez
5. Monetary Policy and External Shocks in a Semi-Dollarized Economy, by Oscar Dancourt
Part II: Economic Development in Latin America
6. The Chilean Economy Since the Global Crisis, by Ricardo Ffrench-Davis
7. Disequilibria and Risk Premia: Argentina's Experience during the 2000s from a Latin American Perspective, by Gustavo Cañonero and Carlos Winograd
8. Labor Market and Income Distribution in Latin America in Times of Economic Growth: Advances and Shortcomings, by Roxana Maurizio
9. Accounting for the Rise and Fall of Post-WWII Brazil's Growth, by Edmar Bacha and Regis Bonelli
Part III: The Real Exchange Rate, the Balance of Payments and Economic Development
10. Balance of Payments Dominance: Its Implications for Macroeconomic Policy, by José Antonio Ocampo
11. The Real Exchange Rate, the Real Wage and Growth: A Formal Analysis of the "Development Channel", by Jaime Ros
12. The Real Exchange Rate and Economic Growth: Some Observations on the Possible Channels, by Martín Rapetti
Part IV: Finance and Crises
13. Capitalism and Financial Crises: A Long-TYerm Perspective, by Andrés Solimano
14. Financial Crisis, Institutions, and the Macroeconomy, by José María Fanelli
15. Wage Increases, Transfers, and the Socially Determined Income Distribution in the USA, by Lance Taylor, Armon Rezai, Rishabh Kumar, Nelson Barbosa, and Laura Carvalho
16. Sovereign Credit Risk in Latin America and Global Common Factors, by Manuel Agosin and Juan Díaz-Maureira
Part V: Approaches to Development
17. Cognitive Dissonance: Postwar Economic Development Strategies and Bretton Woods International Financial Stability, by Jan Kregel
18. The New Developmentalism as a Weberian Ideal Type, by Luiz Carlos Bresser-Pereira
List of Contributors
Index
Preface, by Mario Damill, Martín Rapetti and Guillermo Rozenwurcell
1. An Introduction to Roberto Frenkel's Contributions to the Economic Ideas in Latin America, by Mario Damill, Daniel Kampel and Guillermo Rozenwurcell
Part I: Pricing Decisions, Inflation, and Stabilization
2. Markups Under Uncertainty: Variations on Price Decisions in High Inflation, by Daniel Heymann and Francisco Roldán
3. Financial Fragility, Price Indexes, and Investment Financing, by Julio Dreizzen
4. Uncertainty in Structural and Institutional Parameters and the Cost of Policy Mistakes: A CGE Evaluation, by Omar Chisari, Gustavo Ferro, and Juan Pablo Vila Martínez
5. Monetary Policy and External Shocks in a Semi-Dollarized Economy, by Oscar Dancourt
Part II: Economic Development in Latin America
6. The Chilean Economy Since the Global Crisis, by Ricardo Ffrench-Davis
7. Disequilibria and Risk Premia: Argentina's Experience during the 2000s from a Latin American Perspective, by Gustavo Cañonero and Carlos Winograd
8. Labor Market and Income Distribution in Latin America in Times of Economic Growth: Advances and Shortcomings, by Roxana Maurizio
9. Accounting for the Rise and Fall of Post-WWII Brazil's Growth, by Edmar Bacha and Regis Bonelli
Part III: The Real Exchange Rate, the Balance of Payments and Economic Development
10. Balance of Payments Dominance: Its Implications for Macroeconomic Policy, by José Antonio Ocampo
11. The Real Exchange Rate, the Real Wage and Growth: A Formal Analysis of the "Development Channel", by Jaime Ros
12. The Real Exchange Rate and Economic Growth: Some Observations on the Possible Channels, by Martín Rapetti
Part IV: Finance and Crises
13. Capitalism and Financial Crises: A Long-TYerm Perspective, by Andrés Solimano
14. Financial Crisis, Institutions, and the Macroeconomy, by José María Fanelli
15. Wage Increases, Transfers, and the Socially Determined Income Distribution in the USA, by Lance Taylor, Armon Rezai, Rishabh Kumar, Nelson Barbosa, and Laura Carvalho
16. Sovereign Credit Risk in Latin America and Global Common Factors, by Manuel Agosin and Juan Díaz-Maureira
Part V: Approaches to Development
17. Cognitive Dissonance: Postwar Economic Development Strategies and Bretton Woods International Financial Stability, by Jan Kregel
18. The New Developmentalism as a Weberian Ideal Type, by Luiz Carlos Bresser-Pereira
List of Contributors
Index
Read an excerpt from the introduction: