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Begin New Search Topic Debt Political Geography Latin America Publication Year within 10 Years

1. Modern Monetary Theory: Cautionary Tales from Latin America

Author:
Sebastian Edwards
Publication Date:
10-2019
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
dea has emerged in economic policy circles in the United States: “Modern Monetary Theory” (MMT). The central tenet of this view is that it is possible to use expansive monetary policy—money creation by the central bank (i.e., the Federal Reserve)—to finance large fiscal deficits, and create a “jobs guarantee” program that will ensure full employment and good jobs for everyone. This view is related to Abba Lerner’s (1943) “functional finance” idea, and has become very popular in progressive spheres. According to MMT supporters, this policy would not result in crowding out of private investment, nor would it generate a public debt crisis or inflation outbursts.
Topic:
Debt, Monetary Policy, Populism, Banks, Economic Policy, and Inflation
Political Geography:
Latin America

2. The ebbing of the Pink Tide or permanent underdevelopment? Dependency theory meets uneven and combined development

Author:
Felipe Antunes de Oliveira
Publication Date:
05-2018
Content Type:
Working Paper
Institution:
Centre for Global Political Economy, University of Sussex
Abstract:
Latin America is once again passing through a crisis. After initially showing promising results, the neodevelopmentalist strategy adopted in Brazil and Argentina has reached its limits. The attempt at 21st century socialism in Venezuela derailed, tearing the country apart. Finally, the neoliberal path dutifully followed by Mexico, Chile, Colombia and smaller countries perpetuated social inequalities, and is now menaced by President Trump's protectionist turn. The current Latin American crisis goes much beyond the reversion of the so-called "Pink Tide". It affects all ideological colours, raising again an old theoretical-political question that stood in the core of dependency theory: is development even possible in Latin America? The key to answer this question – a concept of development that captures non-converging transformation – was not available to Frank, Marini, Bambirra and Dos Santos, among other dependency theorists. Too easily conflating development with catching-up, they reached a dead end. Indeed, as they could see, Latin America was constantly changing, but not in the expected ways. In this paper, I suggest that the concept of uneven and combined development allows for a renewed engagement with dependency theory's core problem, by representing mixed forms of development as the norm, not the exception.
Topic:
Debt, Development, Economics, International Development, and Economic Growth
Political Geography:
Brazil, Colombia, Latin America, Venezuela, Mexico, and Chile

3. Promoting the International Use of Emerging Country Currencies: The Case of Local Currency Debt Issuance for Latin America and the Caribbean

Author:
Andrew Powell
Publication Date:
01-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
There are many dimensions to the international use of a nation's currency. These include the use of a currency for trade invoicing and settlement, the use of a currency to denominate assets to be held as a store of value, for example, as central bank reserves, and the use of a currency to denominate liabilities such as loans or bonds.
Topic:
Debt, Economics, and Governance
Political Geography:
Latin America and Caribbean