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Haga clic aquí para ver la declaración.
Watch the event below:
Featuring the members of the Latin-American Shadow Financial Regulatory Committee (CLAAF):
Laura Alfaro, Warren Albert Professor, Harvard Business School; former Minister of National Planning and Economic Policy, Costa Rica
Guillermo Calvo, Professor of Economics, Columbia University; former Chief Economist, Inter-American Development Bank
Pedro Carvalho de Mello, International Coordinator, FGV Management; former Director, Securities and Exchange Commission of Brazil (CVM)
Alberto Carrasquilla, Professor of Economics, Universidad de los Andes, Former Minister of Finance, Colombia
Roque Fernández, Professor of Economics, CEMA University. Former Minister of Finance, Argentina
Pablo Guidotti, Dean of the School of Government, Torcuato di Tella University. Former vice-Minister of Finance, Argentina
Guillermo Perry, Non-resident Fellow, CGD; former Minister of Finance, Colombia
Liliana Rojas-Suarez, President, CLAAF and Senior Fellow and Director, Latin America Initiative, Center for Global Development
Ernesto Talvi, Director, Brookings-CERES Economic and Social Policy in Latin America Initiative
The new government in Buenos Aires has taken quick steps that send a strong message to the world: Argentina wants to open its markets. President Mauricio Macri’s moves to ease market distortions caused by currency controls, trade taxes, and a lack of international financing, have greatly improved local and international expectations about the country's future. However, history shows that the road to a more market-friendly economy can be rocky. Moreover, the challenges can be monumental under small fiscal space, as the recent experience in Brazil demonstrates.
In a rare gathering, some of the sharpest minds on Latin American economics – including four former finance ministers – will debate some of the challenges that lie ahead for Argentina:
- Dealing with fiscal imbalances and how politics constrains economic policy
- Anchoring expectations of inflation: The role of the exchange rate and the central bank interest rate, especially when inflation is temporarily raised by removing price distortions, e.g., energy subsidies
- Getting funding: International capital markets and the IMF
This event is one of the biannual conferences of CGD’s Latin America Shadow Financial Committee (CLAAF) and a short report will also be made available, detailing the Committee’s findings and recommendations for Argentina’s road ahead.