¿Por qué los países latinoamericanos deberían preocuparse por el ingreso de capitales y la apreciación de sus monedas?

De acuerdo con Mario Blejer y Eduardo Levy:

"Los mayores ingresos de capital pesan sustancialmente en los sectores exportadores y de sustitución de importaciones, y pueden causar daños irreparables si la apreciación es profunda y prolongada. […]México es un claro ejemplo de este doble efecto. En los últimos 18 meses, el peso se ha apreciado 6% contra el renminbi, erosionando la capacidad de México de competir con las exportaciones chinas a Estados Unidos, por lejos el principal mercado exportador de México."

"Pero esta no es la única consecuencia de la enfermedad holandesa 'financiera'. La política de expansión cuantitativa de la Fed, al exacerbar el tsunami de dólares a la región, podría alimentar peligrosas burbujas en los mercados emergentes. Al inflar artificialmente los activos y la riqueza en los países receptores […]"

¿Qué deberían hacer las economías latinoamericanas?

"[…]intervención en el mercado cambiario, imposición de controles de capital, u otras políticas macroprudenciales orientadas a suavizar contracíclicamente los vaivenes del tipo de cambio."

Drug Trafficking, Violence, and the State in Mexico

"Headlines and television commentaries about Mexico becoming a failed state as a result of drug-related violence have become a dime a dozen. Terms such as 'criminal insurgency', 'narco-terrorism', and narco-insurgency are all used to describe the widespread killings."

But Phil Williams argues:

"[…] Mexico—which has a vibrant middle-class; a surprisingly robust economy; and a president willing to confront the drug trafficking organizations, root 4 out drug-related corruption, and reform key institutions and agencies such as the police and judiciary—is a long way from becoming a failed state. Mexico is a functioning and resilient state. It is nothing like Nigeria—which has long teetered on the brink of collapse but not toppled over—let alone Somalia. The problems in Mexico are extremely serious, but we do nothing to help by trotting out over-simplistic and inaccurate characterizations rather than attempting a serious diagnosis of the challenges Mexico faces."

Currency War

Only the weak survive by Roubini

How to prevent a currency war by Eichengreen and Irvin

Currency Chaos by Pisan-Ferri

Beware of announcement effects by Taylor

Searching for a growth engine

According to Rodrik:

"In the early days of the global financial crisis, there was some optimism that developing countries would avoid the downturn that advanced industrial countries experienced. […] But these hopes were dashed as international lending dried up and trade collapsed."

"[…] Sustained growth requires a growth strategy, and most developing countries do not yet have one that would put them irrevocably on the path of economic convergence."

Prize in Economics 2010

The Economics Prize Committee

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010 was awarded jointly to Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides "for their analysis of markets with search frictions".

All Prizes in Economics Sciences