Macroeconomic Balances in Emerging Economies
The Conflict Between Purely-Financial and Real-Economy Macrobalances - Working Paper #29
This paper stresses the differences between the old and new varieties of financial crises in emerging economies. It examines the main features of the three financial capital surges and how capital surges have led to destabilizing cycles in the macroeconomic ecnvironment of most emerging economies. The economic and social costs of the Tequila and Asian crises are also covered.
About the Author
Professor of Economics
University of Chile
Ricardo Ffrench-Davis is the Professor of Economics at the University of Chile. He holds the Chilean National Prize for the Humanities and Social Sciences. He is Chairperson of the Committee for Development Policy of the United Nations in 2007-March 2010 and has represented Presidents Ricardo Lagos and Michelle Bachelet in the International Initiative to Fight Hunger and Poverty. He received a PHD degree in Economics from the University of Chicago. Previous positions include the Principal Regional Adviser of ECLAC, 1992-2005; Director of Research and Chief Economist, Central Bank of Chile, 1964-70 and 1990-92; Co-founder and Vice-President of the Center for Economic Research on Latin America (CIEPLAN), 1975-89. He has published 21 books and over 130 articles on international trade and finance, development strategies, and Latin American economies. Author of Reforming Latin America’s Economies after Market Fundamentalism, Palgrave Macmillan, N.Y., 2006; and Economic Reforms in Chile: From Dictatorship to Democracy, second edition, Palgrave Macmillan, 2010.