
Esteban Pérez CaldenteyComisión Económica para América Latina y el Caribe | ECLAC · Financing for Development
Esteban Pérez Caldentey
MA, PhD in Economics
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Introduction
Esteban Pérez Caldentey is currently Chief of the Financing For Development Unit within the Economic Development Division at the Comisión Económica para América Latina y el Caribe (Santiago, Chjile). Esteban does research in Development Economics, Macroeconomics and Monetary Economics, and history of economic thought. He is currently coordinating a project on Innovation in Development Banking for Financial Inclusion.
Additional affiliations
Education
September 1988 - September 1995
Publications
Publications (192)
Los distintos capítulos del libro ofrecen, por una parte, una
perspectiva comparativa regional de los retos que una estrategia de
desarrollo basada, en gran medida, en una mayor apertura financiera
exterior y una mayor flexibilidad del tipo de cambio plantea a las
economías en desarrollo que tienen limitaciones de la balanza de pagos.
Estos retos s...
Over the past twenty years there has emerged a compelling new discourse on varieties of capitalism. That discourse has an appealing common sense which challenges the view that there is no alternative to free market capitalism. The initial discourse had a microeconomic focus that made firms the fulcrum of analysis. It distinguished between liberal m...
This chapter focusses on the role of non-financial corporations as financial intermediaries in Latin America (LAC). Non-resident corporates in the region -– foreign affiliates of LAC firms -– have been sending the proceeds of international bond issues, a major source of cross-border finance, to be invested in LAC through several channels. The focus...
Examines the differences between central banking in developing and developed economies focussing on the former
Analyzes the similarities between Latin American Structuralism and Post-Keynesianism
Explains Harrod's dynamics on the basis of his published and unpublished works
In the aftermath of the Global Financial Crisis (GFC) (2008-2009) the external financing needs of Latin America and the Caribbean have increased significantly reflecting a process of external debt accumulation that has occurred in all developing regions. This process of debt accumulation has been reinforced by
the impacts of COVID-19. Latin America...
Este trabajo discute las distintas acepciones del neoliberalismo argumentando que es una doctrina que busca retroceder y eliminar las ventajas sociales obtenidas por las clases trabajadoras asociadas con el estado de bienestar. Esto contrasta con la ideología revolucionaria del liberalismo clásico de los economistas políticos ingleses que buscaba c...
This document is a compilation of research studies undertaken by the Economic Commission for Latin America and the Caribbean (ECLAC) for the project ”Response and Recovery: Mobilizing financial resources for development in the time of COVID-19”, which was coordinated by the Debt and Development Finance Branch of the United Nations Conference on Tra...
Este ensayo analiza el rol que cumple el DEG en la arquitectura financiera internacional resaltando sus limitantes. Explica que el DEG fue la respuesta al principal problema que aquejó la economía internacional entre 1920 y 1971: la insuficiencia de liquidez en la economía mundial. Más de medio siglo después de su
creación el DEG no ha cumplido con...
Chile is classified as a high-income country but suffers from the same weaknesses affecting middle-income countries. The same policies that have encouraged the dependency on natural resources and restricted the expansion of the productive and export base, have prevented the use of exchange rate policy as an instrument of economic and social develop...
Since 1999, more than half of Latin American countries have put in practice inflation targeting regimes with the objective of maintaining price stability within a low inflation environment. Building on previous work, we argue that the adoption of this monetary regime was the result of a policy shift that began with the Washington Consensus, and whi...
The Review of Keynesian Economics (ROKE) will be sponsoring a webinar presentation of the book
International Equilibrium and Bretton Woods (Kalecki’s Alternative to Keynes’s and White and its Consequences) edited by Jerzy Osiatynski and Jan Toporowski.
Book review of Robert Skildelsky's book: Money and Government
Central banks manage monetary policy to achieve either price and/or output objectives and, also, supervise/regulate the financial system. Yet both functions have been traditionally dissociated from one another, at the macroeconomic level, with important consequences for financial stability. The separation and dissociation between both functions has...
This paper responds to some inaccuracies on the discussion of our views on Modern Money Theory (MMT), as discussed by Agustin Mario. We believe that while is correct in noting that autonomous spending generates taxes, and fiscal balances are a result, MMT authors overlook the difficulties in pursuing expansionary fiscal policy in the developing cou...
This paper critically analyses the literature spawned by Peter Hall and David Soskice’s influential book on the varieties of capitalism. It takes as a starting point the critiques within the comparative political economy literature about the supply-side views on economic growth, and the problems with emphasizing the nature of firm behavior as the s...
This paper provides a critical view of macroprudential regulation/policies found in mainstream and post-Keynesian economics. The paper provides a macroeconomic framework that can be used as a basis for the analysis of macroprudential guidelines and policies. It is based on on five main principles/guidelines: (i) financial fragility is endogenous an...
Prebisch’s proposal for a national autonomous monetary policy, and his dismissal from the Central Bank of Argentina just as the new international monetary plans were being developed having already been explained, this chapter centres on Prebisch’s critique of Keynes’s and White’s international monetary plans. This critique touches on the question o...
The new general allocation of US$ 650 billion in Special Drawing Rights (SDRs) implemented on 23 August 2021 provided the most expedient mechanism to provide concessional liquidity at scale to all countries regardless of their level of income. Aside from its agility and financial effects, SDRs are the only democratic device to enhance policy space...
This book brings together the papers presented at a special conference of the Organisation for Economic Co-operation and Development commemorating the seventy-fifth anniversary of the Bretton Woods conference. The papers, from a number of distinguished speakers, assess the background to and the results of the Bretton Woods agreements. Discussion is...
Latin America has created some of the most innovative and novel responses to the problem facing many developing countries—namely that of high costs and risks associated with foreign exchange transactions, and the need to promote more regional trade and integration in the face of external constraints and the absence of structural change. This chapte...
This article analyzes three central themes of macroeconomics for development: growth, investment, and income distribution, by combining the structuralist perspective with a post-Keynesian approach based on the consistent treatment of flows and stocks at the macroeconomic level. Sustained by two central premises of structuralist thought, the theoriz...
The growth of developing economies is constrained by the performance of the external sector. Countries face an external constraint when their performance (current and expected) in external markets and the response of the financial markets to this (current and expected) performance delimit and restrict their scope for conducting domestic policies, i...
The paper analyzes the relation between premature deindustrialization in Latin America with what is termed premature financialization. Premature financialization is defined as a turn to finance, organized as an industrial concern, which is a vehicle for accumulation before the process of industrialization has reached maturity. This contrasts with d...
The paper analyzes the relation between premature deindustrialization in Latin America with what is termed premature financialization. Premature financialization is defined as a turn to finance, organized as an industrial concern, which is a vehicle for accumulation before the process of industrialization has reached maturity. This contrasts with d...
2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall’s classic paper that laid out what became known as Thirlwall’s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the...
Resumen Las economías de América Latina y el Caribe han venido rezagándose en la economía mundial, lo que constituye un reflejo de problemas estructurales que comprometen su capacidad de crecimiento y de absorción de la tecnología. La pandemia de enfermedad por coronavirus (COVID-19) no solo ha visibilizado esos problemas estructurales, sino que lo...
The roundtable will focus on teh recent changes in the IMF as a result of COVID-19
Raul Prebisch is most well known for his work on long term economic development in Latin America, but his contribution to monetary and financial problems of the countries of the periphery in relation to those of the center, are less explored. He thought that the post WW-II monetary plans had important shortcomings that would prevent the achievement...
This paper argues that the Chilean economic model is characterized by three stylized facts that undermine its view as a free market/neo-liberal success: A lower trend in the rate of growth of GDP, increased inequality, and rising indebtedness. Since the mid-1990s GDP growth has trended downwards. This has been accompanied by an increase in the prof...
According to the balance-of-payments constrained growth model, an expansion of aggregate domestic demand is effective in increasing the long-run rate of growth of an economy to the extent that the performance of external sector validates it. While the performance of the domestic economy is intertwined with that of the external sector, the balance-o...
Este artículo recorre la historia de los regímenes monetarios y de los bancos centrales en la perife-ria, con énfasis en América Latina. Sugiere que ha habido un péndulo entre situaciones en la que se ha buscado mayor integración a la economía global, con regímenes monetarios que privilegian el automatismo de la política monetaria, con periodos de...
Esta presentación aborda la visión de Keynes sobre el capitalismo. Keynes interpretó la historia como una lucha entre el capitalismo productivo y el capitalismo improductivo
Modern Money Theory (MMT) has become very popular among some progressive economists. Its basic argument is that budget deficits are usually not a constraint on government spending, The authors, progressives themselves, argue that some aspects of MMT are useful, but others are incomplete or confusing. They focus on the application of MMT to developi...
La teoría moderna del dinero (MMT) se ha convertido en el centro de las discusiones políticas. Desde
un punto de vista sociológico, puede verse como un híbrido de una escuela académica de
pensamiento y un grupo político activista. La naturaleza dual de MMT, como una escuela teórica
derivada de algunos aspectos de la economía poskeynesiana, principa...
In order to understand the effects of the financialization of commodity
markets and its impact on Latin America we use a combination of
ideas that build on the old Latin American Structuralist School, with
its center at the Economic Commission for Latin America and the
Caribbean, and a broad an encompassing view of the ideas developed
by post-Keyne...
Delamonica, Moudud and Pérez Caldentey analyse recent attempts to construct progressive taxation, social and labour policies in the context of unequal power relations and struggles for social justice in Argentina and Chile. As elsewhere, employers tended to oppose such policies, using various formal and informal mechanisms to push back against them...
This is the editorial introduction the Special Issue of Cuadernos de Economía (No. 80) on structural change in Latin America
The issue that we present today was conceived in a very different economic, political
and social context from the one that currently prevails due to the emergence
of a unique historical event: The Coronavirus pandemic. A phenomenon that will
have effects on economic growth and unemployment similar to those of the Great
Depression of the 1930s and a...
Perspectivas y retos para la economía
Descripción
-12:00 - 12:30 Matías Vernengo (Bucknell University, USA): Coronavirus: ¿Keynesianismo o Socialismo?
- 12:30 - 13:00 Esteban Pérez Caldentey (Comisión Económica para América Latina y el Caribe, Chile)
-13:00 - 13:30 Ignacio Perrotini Hernández (Universidad Nacional Autónoma de México): Milton Fri...
Robert Rowthorn, in his Godley–Tobin Lecture, suggests that Keynesian policies have again been incorporated by the mainstream of the profession, and the old Phillips relation is again relevant. In other words, there seems to be a persistent trade-off between inflation, wage inflation in particular, and unemployment rates, properly measured, which w...
The chapter analyzes and compares Keynes Clearing Union Plan with Harry Dexter White Stabilization Fund and draws the implications for developing countries. It then addresses Raúl Prebisch's critical views on both plans.
Este suplemento especial de la Revista CEPAL reúne textos inéditos de Raúl Prebisch presentados por el autor en la República Dominicana y en el Paraguay, en los años en que apoyó las misiones monetarias de la Reserva Federal de los Estados Unidos a cargo de Robert Triffin, en 1945 y 1946.
La publicación de este valioso material, al que se suman tre...
The independence of the central bank refers to political independence and operational independence to achieve and maintain price stability. Political independence was justified on the basis that it was not possible to exploit the existence of a trade-off in a world with rational agents. Attempts to do so led to a problem of intertemporal inconsiste...
The growth performance of developing economies is closely associated with the workings of the existing international financial order. Given the limitations of their productive structure, their tides and fortunes -including those of Latin America- depend to an important extent on their availability to generate sufficient foreign exchange to cover th...
Roy Harrod thought that his work contributed to affecting a second revolution in economic theory consisting in the substitution of a dynamic theoretical system in place of a static one. He believed that economics could and should be separated into two branches statics and dynamics and that this dichotomy should be the analogue to one existing in cl...
This text provides an introduction to a special issue of the Review of Keynesian Economics celebrating the 40th anniversary of the publication of A.P. Thirwall´s seminal article “The Balance of Payments Constraint as an Explanation of International Growth Rate Differences” (1979, Banca Nazionale del Lavoro Quarterly Review, March).
his paper extends the balance-of-payments-constrained (BoPC) growth model and Thirlwall's law to include the terms of trade with and without capital flows. Without capital flows a positive (negative) change in the terms of trade by improving (worsening) export performance can ceteris paribus augment (reduce) the rate of growth of an economy compati...
Roy Harrod actively participated in the design and reform of the international financial architecture in the aftermath of World War II. On the basis of the ideas presented in the first edition of International Economics (Harcourt, Brace and Company, New York, 1933), Harrod developed a plan for reform which contributed, in no small manner, to shape...
Harrod’s dynamic theory faced two major criticisms. The first was Harrod’s failure to provide a basis for the existence of a unique warranted line of advance. Harrod responded by making a more general assumption about entrepreneurial behavior, and by introducing the concept of the representative entrepreneur, which did not satisfy his critics. A se...
Harrod not only introduced seminal concepts in the theory of imperfect competition, the trade cycle and dynamics, but also made key conceptual contributions to the development of international trade and finance. These are included in his book International Trade first published in 1933 and include the foreign trade multiplier, the Balassa–Samuelson...
Roy Harrod was one of the most prolific economists of the twentieth century. At the same time, he is also an underrated economist. Harrod’s wide-ranging contributions exhibit three common characteristics. First, they are part of a far-reaching and ambitious, albeit incomplete, project to establish the foundations for economic dynamics. Second, they...
“The Essay in Dynamic Theory” (1939) developed further the principle of instability and the idea of endogeneity and inevitability of the trade cycle. However, the conception of dynamics and instability in the Essay differs from that of the Trade Cycle (1936) in two important aspects. Instability is no longer the result of the interaction between th...
Roy Harrod (1900–1978) was one of the most prolific economists of the twentieth century in terms of the number of contributions, their diversity, and originality. He grew up in poverty and was marked by his mother’s chronic depression, from which Harrod would also suffer, taking a significant toll on his emotional life. Despite his family circumsta...
The Trade Cycle (1936a) provided the first articulated version of Harrod’s dynamics. It is based on the interaction between the multiplier and the relation (i.e., the accelerator) and their respective dynamic determinants. The interaction between the accelerator and the multiplier produced a cumulative upward or downward deviation from a steady adv...
Harrod’s early essays introduced key ideas for the development of his dynamics including the notion of steady advance as a point of reference for the trade cycle and dynamics, the identification of distribution as one of the main dynamic determinants of the trade cycle, and the destabilizing role of monetary factors. Harrod also devoted his efforts...
This landmark book describes and analyzes the original contributions Sir Roy Harrod made to fields including microeconomics, macroeconomics, international trade and finance, growth theory, trade cycle analysis and economic methodology. Harrod’s prolific writings reflect an astounding and unique intellectual capacity, and a wide range of interests....
Functional finance is only one of the elements of Modern Money Theory (MMT). Chartal money, endogenous money and an Employer of Last Resort Program (ELR) or Job Guarantee (JG) are often the other elements. We are here interested fundamentally with the functional finance aspects which are central for any discussion of fiscal policy and have received...
El enfoque estructural de la inflación importa por dos motivos. En primer lugar, más que aportar una teoría o análisis de la inflación en sí mismo, el enfoque estructural de la inflación fue la base para identificar y poner el foco de análisis en los problemas de largo plazo que obstaculizan el desarrollo económico y social de América Latina y el C...
his article provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and nonbond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets...
Traditionally, monetary policy in Latin America followed the recommendations of the missions of the monetary “doctors” who defended an independent central bank and a pro-cyclical monetary policy, adhering to the automatic adjustment of the gold standard. A key function of central banks was to support fiscal stability. The effects of the Great Depre...
En este capítulo se plantean las conclusiones y reflexiones finales del estudio. Principalmente, se examinan aspectos con los que se pretende aportar al diseño de un sistema financiero inclusivo para el financiamiento productivo. Dichos aspectos son los siguientes: la caracterización de las pequeñas y medianas empresas (pymes); la inclusión financi...
Ensayos en torno a la problemática latinoamericana
The article develops a Neo-Kaleckian model that takes into account the impact of financial cycles on demand regimes. Both the financial instability hypothesis and the paradox of debt are considered, as well as both the upward and the downward phases of the economic cycle. The baseline model is insufficient to analyze financial variables in underdev...
The presentation analyzes the behavior of investment from a business cycle perspective
Prebisch believed that understanding the evolution of capitalist economies over time and in different contexts required a general cycle approach, which he labeled ‘dynamic economics’, encompassing all the different areas of economic activity. Most of the ideas that led Prebisch to his alternative model were developed during a series of lectures del...
Hasta la crisis financiera global (2007-2009) el pensamiento predominante en economía argumentaba que los mercados financieros se comportaban de acuerdo a la lógica del paradigma de los mercados eficientes. Según este, los precios de los activos reflejan toda la información disponible en los mercados lo que excluye el arbitraje, las posibilidades d...
Hyman Minsky's financial instability hypothesis (FIH) argues that as part of the normal functioning of capitalist economies robust financial structures tend to evolve into highly leveraged fragile financial structures. The paradox of debt challenges the very foundation of Minsky's FIH as it maintains that the upward and downward phases of business...
The book provides an introduction to the thought of Raúl Prebisch linking his views on dynamics and the cycle with those related to the long-term development of Latin America
The Spanish crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-...
Partiendo del concepto de “financierización periférica”, en los trabajos que componen este volumen se analiza la modalidad específica que adopta la financierización en los países de América Latina y el Caribe, a partir de la identificación de sus actores más relevantes y los procesos económicos que surgen de sus múltiples interacciones. De este mod...
This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and assessing the debt's macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets...
Institutions are an essential component of Latin America’s development problem. The New Institutionalist view and the focus on property rights is part of the lack of success of mainstream policies that have dominated development economics in theory and practice in the past decades. Given their importance, institutions deserve a broad, critical and...
The question of development is a major topic in courses across the social sciences and history, particularly those focused on Latin America. Many scholars and instructors have tried to pinpoint, explain, and define the problem of underdevelopment in the region. With new ideas have come new strategies that by and large have failed to explain or redu...
This article argues that quantitative easing (QE) led to significant changes in the global financial system that are not conducive to greater financial stability. Through a policy of reserve accumulation, QE did not have a direct impact in the creation of global liquidity through bank lending. It rather reinforced the statistical decoupling between...
We argue that a fundamental difference between the various post-Keynesian approaches to economic growth lies in their treatment of investment. Neo-Kaleckian models, which are more appropriately Robinsonian models, postulate an investment function dependent on profitability, and that is partly autonomous from income. Some of these models rely on the...
More than two decades after their implementation Washington Consensus type policies have failed to live up to their promise. With a few exceptions the majority of developing countries have not been able to jump to a higher growth rate plateau, reduce inequality or eradicate poverty. In addition to facing traditional short and long-term challenges t...
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