Andrés Solimano - Profile on Academia.edu (original) (raw)
Papers by Andrés Solimano
Gustavo A rte ta D irector o f Research, C orporation fo r Econom ic D evelopm ent Studies (C O R... more Gustavo A rte ta D irector o f Research, C orporation fo r Econom ic D evelopm ent Studies (C O R D E S ), Quito, Ecuador Gonzalo C hávez D irector o f the M asters Program in E con om ic D evelopm en t Studies,
Norteamérica, revista académica del CISAN-UNAM, Oct 11, 2018
The global economy and society are affected by the rising inequality in income and wealth along w... more The global economy and society are affected by the rising inequality in income and wealth along with increasingly frequent and severe financial crises, protectionist trends, and fragmented globalization. A largely unexplored topic in migration analysis is the international mobility of the wealthy and their assets, as they look for countries offering financial security, lower taxation, good educational facilities, safe cities, and other amenities. This mobility is largely motivated by increasing concentration of wealth and incomes toward the top 1 or 0.1 percent in several economies and the search for diversification of newly created wealth. Some economies that are home to the wealthy are affected by political instability, insecurity, and weak property rights, prompting them to leave. The movements of the wealthy and their assets have various consequences on both home and receiving nations, such as a reduction of tax revenues in the home country and increased property prices in the receiving nations, and are also creating the creation of a whole (legal) industry granting passports, residence, and citizenship oriented to the wealthy. This article provides an overview of these trends backed by available empirical information. Main substantive topics include a) identifying the central motivations for the international mobility of the wealthy including "pull" and "push" factors; b) similarities and differences between the migration of wealthy individuals and the mobility of their assets (offshore wealth) to low-tax jurisdictions and fiscal paradises; and c) the emergence of a "market" for passports, residence permits, and citizenship rights catering to the very wealthy.
The World Bank eBooks, Nov 30, 1999
Development theory from the 1 940s through the I 960s Developm ent emphasized market failures, di... more Development theory from the 1 940s through the I 960s Developm ent emphasized market failures, discontinuities, irreversibilities, and excessive social inequality. In the 1980s and 1 990s the emphasis shifted to Andres Solimano economic growth supported by the trinity of stabilization, liberalization, and privatization. But increasing problems of social inequality hamper economic growth and the sustainability of development. It is time, says Solimano, to rethink the development paradigm.
Revista De Economia Mundial, Jun 16, 2016
This paper examines several dimensions of inequality in theLatin American region focusing on top ... more This paper examines several dimensions of inequality in theLatin American region focusing on top income shares and Gini coefficients, top wealth shares and the size wealth distribution. Itc ompares inequality of income according to household surveys and income inequality using tax data showing the former tends to underestimate top shares and gini coefficients and therefore the extent of inequality. The social structure is assesed for economic elites, the middle class and the working poor.
Palgrave Macmillan UK eBooks, 2005
At the turn of the twentieth century, a large number of Europeans, mostly from Italy and Spain, l... more At the turn of the twentieth century, a large number of Europeans, mostly from Italy and Spain, left their homelands and headed to the distant shores of Argentina in response to the good economic opportunities, fertile land and hopes for a better future that were to be found there. At the time, Argentina was one of the most vibrant world economies. Between 1870 and 1930, around seven million people migrated from Europe to Argentina, although nearly three million returned at some different point during those years. Also foreign capital responded to the opportunities offered by Argentina, and British financial institutions funded an important part of the construction of national infrastructure needed to support growth. In contrast, European migration to Argentina virtually stopped in the 1950s, and in the next 30 years or so the country become a net exporter of professionals who were fleeing economic decline, poor opportunities and authoritarian regimes. Moreover, during this period, financial capital steadily left Argentina looking for safer places. Nowadays, and in contrary to the flow of people a …/.
Oxford University Press eBooks, Nov 11, 2004
The World Bank eBooks, Nov 30, 1999
Globalization could significantly expand trade, * Greater lending to middle-income than to lowint... more Globalization could significantly expand trade, * Greater lending to middle-income than to lowinternational investment, and technological advances, but income developing countries. the gains from global integration have been unevenly * Access to liquidity at times of crisis. distributed across and within nations. Greater global * Mechanisms for giving low-income countries a interdependence has also brought greater greater voice in IMF and World Bank decisionmaking. macroeconomic volatility, resulting in several serious Solimano stresses the overlapping responsibilities of financial crises in the second half of the 1990s. the Bretton Woods and regional financial institutions and The global matrix of Bretton Woods and United the need to reassess the allocation of responsibilities and Nations institutions that developed starting in the 1940s to develop better coordination mechanisms between formed under a different balance of power, in a world of these institutions. Those designing institutional reform fixed exchange rates and limited capital mobility. Since must consider the corporate capabilities of each type of the 1960s regional financial institutions have emerged institution. The corporate cultures of global and regional because of the greater autonomy of different regions and institutions differ. So does the kind of knowledge they the greater financial needs of development. generate and disseminate, and so do patterns of Solimano reviews different proposals for reform of the interactions with, and mechanisms for representation of, international financial institutions and changes in the client countries. roles of the International Monetary Fund (IMF) and the Finally, Solimano calls attention to the need to World Bank. He highlights the implications for harmonize national and global growth-oriented policies developing countries of: in a way that reduces volatility and promotes social * Policy conditionality. equity. * The countercyclical role of multilaterals' lending. This paper-a product of Macroeconomics and Growth, Development Research Group-is part of a larger effort in the group to understand the impact of globalization on developing countries. Copies of the paper are available free from the
This paper is part of NBER's research programs in Economic Fluctuations and Growth. Any opinions ... more This paper is part of NBER's research programs in Economic Fluctuations and Growth. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research.
RePEc: Research Papers in Economics, Jul 27, 2006
RePEc: Research Papers in Economics, Sep 1, 2006
Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autoriza... more Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autorización previa. Sólo se les solicita que mencionen la fuente e informen a las Naciones Unidas de tal reproducción.
Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autoriza... more Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autorización previa. Sólo se les solicita que mencionen la fuente e informen a las Naciones Unidas de tal reproducción.
Policy Research Working Paper Series, Apr 30, 1990
Contributions to Economic Analysis, 1992
Private investment in Chile has been rather modest and very volatile in the last decade. An empir... more Private investment in Chile has been rather modest and very volatile in the last decade. An empirical mode! of investment detennination is set up to investigate the role of sharp cycles in economic activity, misalignments and realignments in key relative prices (including the real interest rate), changes in policy rules and external conditiions in explaining the behavior of private investment in Chile. The Policy. Planning, and Research Complcx distnbutes PPR Working Papcrs to disscntmate thc findings of work in progress and to encourage the exchange of idcas among Bank staff and all rmhers interested in developmcnt issues. Thesc papers carTy the names of the authors. rcfloct only their vicws, and should be used and cited accordingly Thc findings, intcrprctations, and conclusions arc the authors' own. They should not bc attnbuted to hheW\'orld llank. its Bloard of Directors, its managcmcnt, or any of its me-nber counties
Policy Research Working Paper Series, Jul 31, 1989
The costs of hyperinflation are almost unbearable to any economic system. Nevertheless, stopping ... more The costs of hyperinflation are almost unbearable to any economic system. Nevertheless, stopping hyperinflation seerns to be faster and less costly than stabilizing chronic inflation. The history of stabilization shows that fiscal restraint and adequate external resources are key elements for successful stabilization. T'he Policy, Planning, and Research Conmplex disuibutes PPR Wofxing Papers to disseminate the findings of work in progress and to encourage the exchange of ideas among Bank staff and all others interested in development issues. These papers carry the names of the authors, reflect only their views, and should be used and cited accordingly. The findings, interpretauons, and conclusions are the authors'own. They should not be attributed to the World Bank, its Board of Directors, its management, or any of ils membercountries.
This paper considers two periods: before socialism and after it. The former includes the 1920s, 1... more This paper considers two periods: before socialism and after it. The former includes the 1920s, 1930s, and 1940s, and the second includes the late 1980s and early 1990s. The focus is on issues of economic reconstruction, hyperinflation, integration with the global monetary system and the functioning of the gold exchange standards, the impact of the great depression ofthe 1930s and its aftermath, and postwar monetary reforms. The study also compares per capita income and the structure of foreign trade of East-Central Europe with those of Western Europe and Latin America in the late 1930s and the late 1980s. Economic transformation in East-Central Europe probably will be a long and complicated process because the initial conditions for the transition to a market economy are very weak. In fact, the chief characteristics of these economies are macroeconomic imbalances, obsolete and uncompetitive productive capacities, a lack of modern infrastructure, underdeveloped factor markets, and w...
The World Bank Research Observer, 1990
Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox progra... more Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox programs (the austral plan in Argentina and the cruzado plan in Brazil, with a glance at the Mexican and Israeli experiences). The paper concludes with a discussion of conceptual issues and implications for the design of stabilization policies.
The authors empirically explore the inflationary process in Hungary. Using monthly data, they pro... more The authors empirically explore the inflationary process in Hungary. Using monthly data, they provide econometric estimates of the determinants of inflation for 1990-92. Empirical estimates of price equations - both consumer price index (CPI) and producer price index (PPI) - show the exchange rate's quantitative importance and statistical significance in price formation in Hungary during the period of intensified reform as the economy became more open to international trade in both inputs and final goods. Their estimates show that the money supply affects consumer and producer prices with several lags; its impact on prices is small in the short run. Nominal wages have a more significant effect on the CPI than on the PPI. The authors present policy simulations of alternative rules for the exchange rate and the money supply and their effect on the rate of inflation and the level of the real exchange rate. They find that a rule of fixing the exchange rate entails a lower level of ...
The cost of stabilization in chronic-inflation couLntries is highi, whether it is paid up front (... more The cost of stabilization in chronic-inflation couLntries is highi, whether it is paid up front (with fiscal shock) or delayed (in exchange-rate-based stabilization). And eliminating the fiscal deficit is a necessary but not a sufficient condition for controlling intlation. The breaking of inertia calls for a coordination device in the transition toward price stability Tlle Poili Rescarch. a nd icern al Affa:rs Complcx distn hc:es PREi Working PaI-, r, to d issrn:ns te de 5ind:ngs of-ris in p-grcs, and or hc exhan gc.c go ccaus arnrog B,nk staf! ar, 3 a: ddc r vs :nrd.ca d :: di s c et, c' ss lc a; w C rrd mre nrinc-, ! tIe autfoi-s\. nfiot: ml. trucir vcxs, ann..d S L wed and cttcd aF,orciua: lute '.* t r:,r at -ins and concl-asioan a-c *he a-.hors' own, lhe\ shlcnid mot h,c au..h.td 1the AWIrld Bank. its Bora ofif 1. recors, s *-ai-gs r u,r aur of : lsur co,.nu.ncs
Oxford University Press eBooks, Mar 14, 2013
The Chilean development story of the last two to three decades is a mix of successes in the macro... more The Chilean development story of the last two to three decades is a mix of successes in the macro, growth, poverty and trade fronts but also of failure in reducing chronic inequality of income and wealth. In addition, the current growth patterns have serious impacts on the environment, natural resources and energy demand. Adverse features of the Chilean development model include urban insecurity and rising crime, pollution, pressure on natural resources, congestion and social stratification in access to education, health and pensions. A reduction in social inequality would require changes in several fronts: more public-sector resources devoted to education; curtailing current concentration of wealth and market shares in banking, retail trade, and private pensions systems, private health provision, and other sectors; more effective regulation of big business; rebalancing of labour unions' bargaining power capacities and …/.
This Element examines Chile's economic development over the past fifty years or so under the neol... more This Element examines Chile's economic development over the past fifty years or so under the neoliberal model in terms of its impacts on growth, inflation, income and wealth distribution, and structural change. The analysis includes a historical perspective from the nineteenth century to the present and combines economic analysis with a political economy approach. This title is also available as Open Access on Cambridge Core.
Gustavo A rte ta D irector o f Research, C orporation fo r Econom ic D evelopm ent Studies (C O R... more Gustavo A rte ta D irector o f Research, C orporation fo r Econom ic D evelopm ent Studies (C O R D E S ), Quito, Ecuador Gonzalo C hávez D irector o f the M asters Program in E con om ic D evelopm en t Studies,
Norteamérica, revista académica del CISAN-UNAM, Oct 11, 2018
The global economy and society are affected by the rising inequality in income and wealth along w... more The global economy and society are affected by the rising inequality in income and wealth along with increasingly frequent and severe financial crises, protectionist trends, and fragmented globalization. A largely unexplored topic in migration analysis is the international mobility of the wealthy and their assets, as they look for countries offering financial security, lower taxation, good educational facilities, safe cities, and other amenities. This mobility is largely motivated by increasing concentration of wealth and incomes toward the top 1 or 0.1 percent in several economies and the search for diversification of newly created wealth. Some economies that are home to the wealthy are affected by political instability, insecurity, and weak property rights, prompting them to leave. The movements of the wealthy and their assets have various consequences on both home and receiving nations, such as a reduction of tax revenues in the home country and increased property prices in the receiving nations, and are also creating the creation of a whole (legal) industry granting passports, residence, and citizenship oriented to the wealthy. This article provides an overview of these trends backed by available empirical information. Main substantive topics include a) identifying the central motivations for the international mobility of the wealthy including "pull" and "push" factors; b) similarities and differences between the migration of wealthy individuals and the mobility of their assets (offshore wealth) to low-tax jurisdictions and fiscal paradises; and c) the emergence of a "market" for passports, residence permits, and citizenship rights catering to the very wealthy.
The World Bank eBooks, Nov 30, 1999
Development theory from the 1 940s through the I 960s Developm ent emphasized market failures, di... more Development theory from the 1 940s through the I 960s Developm ent emphasized market failures, discontinuities, irreversibilities, and excessive social inequality. In the 1980s and 1 990s the emphasis shifted to Andres Solimano economic growth supported by the trinity of stabilization, liberalization, and privatization. But increasing problems of social inequality hamper economic growth and the sustainability of development. It is time, says Solimano, to rethink the development paradigm.
Revista De Economia Mundial, Jun 16, 2016
This paper examines several dimensions of inequality in theLatin American region focusing on top ... more This paper examines several dimensions of inequality in theLatin American region focusing on top income shares and Gini coefficients, top wealth shares and the size wealth distribution. Itc ompares inequality of income according to household surveys and income inequality using tax data showing the former tends to underestimate top shares and gini coefficients and therefore the extent of inequality. The social structure is assesed for economic elites, the middle class and the working poor.
Palgrave Macmillan UK eBooks, 2005
At the turn of the twentieth century, a large number of Europeans, mostly from Italy and Spain, l... more At the turn of the twentieth century, a large number of Europeans, mostly from Italy and Spain, left their homelands and headed to the distant shores of Argentina in response to the good economic opportunities, fertile land and hopes for a better future that were to be found there. At the time, Argentina was one of the most vibrant world economies. Between 1870 and 1930, around seven million people migrated from Europe to Argentina, although nearly three million returned at some different point during those years. Also foreign capital responded to the opportunities offered by Argentina, and British financial institutions funded an important part of the construction of national infrastructure needed to support growth. In contrast, European migration to Argentina virtually stopped in the 1950s, and in the next 30 years or so the country become a net exporter of professionals who were fleeing economic decline, poor opportunities and authoritarian regimes. Moreover, during this period, financial capital steadily left Argentina looking for safer places. Nowadays, and in contrary to the flow of people a …/.
Oxford University Press eBooks, Nov 11, 2004
The World Bank eBooks, Nov 30, 1999
Globalization could significantly expand trade, * Greater lending to middle-income than to lowint... more Globalization could significantly expand trade, * Greater lending to middle-income than to lowinternational investment, and technological advances, but income developing countries. the gains from global integration have been unevenly * Access to liquidity at times of crisis. distributed across and within nations. Greater global * Mechanisms for giving low-income countries a interdependence has also brought greater greater voice in IMF and World Bank decisionmaking. macroeconomic volatility, resulting in several serious Solimano stresses the overlapping responsibilities of financial crises in the second half of the 1990s. the Bretton Woods and regional financial institutions and The global matrix of Bretton Woods and United the need to reassess the allocation of responsibilities and Nations institutions that developed starting in the 1940s to develop better coordination mechanisms between formed under a different balance of power, in a world of these institutions. Those designing institutional reform fixed exchange rates and limited capital mobility. Since must consider the corporate capabilities of each type of the 1960s regional financial institutions have emerged institution. The corporate cultures of global and regional because of the greater autonomy of different regions and institutions differ. So does the kind of knowledge they the greater financial needs of development. generate and disseminate, and so do patterns of Solimano reviews different proposals for reform of the interactions with, and mechanisms for representation of, international financial institutions and changes in the client countries. roles of the International Monetary Fund (IMF) and the Finally, Solimano calls attention to the need to World Bank. He highlights the implications for harmonize national and global growth-oriented policies developing countries of: in a way that reduces volatility and promotes social * Policy conditionality. equity. * The countercyclical role of multilaterals' lending. This paper-a product of Macroeconomics and Growth, Development Research Group-is part of a larger effort in the group to understand the impact of globalization on developing countries. Copies of the paper are available free from the
This paper is part of NBER's research programs in Economic Fluctuations and Growth. Any opinions ... more This paper is part of NBER's research programs in Economic Fluctuations and Growth. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research.
RePEc: Research Papers in Economics, Jul 27, 2006
RePEc: Research Papers in Economics, Sep 1, 2006
Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autoriza... more Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autorización previa. Sólo se les solicita que mencionen la fuente e informen a las Naciones Unidas de tal reproducción.
Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autoriza... more Los Estados miembros y sus instituciones gubernamentales pueden reproducir esta obra sin autorización previa. Sólo se les solicita que mencionen la fuente e informen a las Naciones Unidas de tal reproducción.
Policy Research Working Paper Series, Apr 30, 1990
Contributions to Economic Analysis, 1992
Private investment in Chile has been rather modest and very volatile in the last decade. An empir... more Private investment in Chile has been rather modest and very volatile in the last decade. An empirical mode! of investment detennination is set up to investigate the role of sharp cycles in economic activity, misalignments and realignments in key relative prices (including the real interest rate), changes in policy rules and external conditiions in explaining the behavior of private investment in Chile. The Policy. Planning, and Research Complcx distnbutes PPR Working Papcrs to disscntmate thc findings of work in progress and to encourage the exchange of idcas among Bank staff and all rmhers interested in developmcnt issues. Thesc papers carTy the names of the authors. rcfloct only their vicws, and should be used and cited accordingly Thc findings, intcrprctations, and conclusions arc the authors' own. They should not bc attnbuted to hheW\'orld llank. its Bloard of Directors, its managcmcnt, or any of its me-nber counties
Policy Research Working Paper Series, Jul 31, 1989
The costs of hyperinflation are almost unbearable to any economic system. Nevertheless, stopping ... more The costs of hyperinflation are almost unbearable to any economic system. Nevertheless, stopping hyperinflation seerns to be faster and less costly than stabilizing chronic inflation. The history of stabilization shows that fiscal restraint and adequate external resources are key elements for successful stabilization. T'he Policy, Planning, and Research Conmplex disuibutes PPR Wofxing Papers to disseminate the findings of work in progress and to encourage the exchange of ideas among Bank staff and all others interested in development issues. These papers carry the names of the authors, reflect only their views, and should be used and cited accordingly. The findings, interpretauons, and conclusions are the authors'own. They should not be attributed to the World Bank, its Board of Directors, its management, or any of ils membercountries.
This paper considers two periods: before socialism and after it. The former includes the 1920s, 1... more This paper considers two periods: before socialism and after it. The former includes the 1920s, 1930s, and 1940s, and the second includes the late 1980s and early 1990s. The focus is on issues of economic reconstruction, hyperinflation, integration with the global monetary system and the functioning of the gold exchange standards, the impact of the great depression ofthe 1930s and its aftermath, and postwar monetary reforms. The study also compares per capita income and the structure of foreign trade of East-Central Europe with those of Western Europe and Latin America in the late 1930s and the late 1980s. Economic transformation in East-Central Europe probably will be a long and complicated process because the initial conditions for the transition to a market economy are very weak. In fact, the chief characteristics of these economies are macroeconomic imbalances, obsolete and uncompetitive productive capacities, a lack of modern infrastructure, underdeveloped factor markets, and w...
The World Bank Research Observer, 1990
Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox progra... more Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox programs (the austral plan in Argentina and the cruzado plan in Brazil, with a glance at the Mexican and Israeli experiences). The paper concludes with a discussion of conceptual issues and implications for the design of stabilization policies.
The authors empirically explore the inflationary process in Hungary. Using monthly data, they pro... more The authors empirically explore the inflationary process in Hungary. Using monthly data, they provide econometric estimates of the determinants of inflation for 1990-92. Empirical estimates of price equations - both consumer price index (CPI) and producer price index (PPI) - show the exchange rate's quantitative importance and statistical significance in price formation in Hungary during the period of intensified reform as the economy became more open to international trade in both inputs and final goods. Their estimates show that the money supply affects consumer and producer prices with several lags; its impact on prices is small in the short run. Nominal wages have a more significant effect on the CPI than on the PPI. The authors present policy simulations of alternative rules for the exchange rate and the money supply and their effect on the rate of inflation and the level of the real exchange rate. They find that a rule of fixing the exchange rate entails a lower level of ...
The cost of stabilization in chronic-inflation couLntries is highi, whether it is paid up front (... more The cost of stabilization in chronic-inflation couLntries is highi, whether it is paid up front (with fiscal shock) or delayed (in exchange-rate-based stabilization). And eliminating the fiscal deficit is a necessary but not a sufficient condition for controlling intlation. The breaking of inertia calls for a coordination device in the transition toward price stability Tlle Poili Rescarch. a nd icern al Affa:rs Complcx distn hc:es PREi Working PaI-, r, to d issrn:ns te de 5ind:ngs of-ris in p-grcs, and or hc exhan gc.c go ccaus arnrog B,nk staf! ar, 3 a: ddc r vs :nrd.ca d :: di s c et, c' ss lc a; w C rrd mre nrinc-, ! tIe autfoi-s\. nfiot: ml. trucir vcxs, ann..d S L wed and cttcd aF,orciua: lute '.* t r:,r at -ins and concl-asioan a-c *he a-.hors' own, lhe\ shlcnid mot h,c au..h.td 1the AWIrld Bank. its Bora ofif 1. recors, s *-ai-gs r u,r aur of : lsur co,.nu.ncs
Oxford University Press eBooks, Mar 14, 2013
The Chilean development story of the last two to three decades is a mix of successes in the macro... more The Chilean development story of the last two to three decades is a mix of successes in the macro, growth, poverty and trade fronts but also of failure in reducing chronic inequality of income and wealth. In addition, the current growth patterns have serious impacts on the environment, natural resources and energy demand. Adverse features of the Chilean development model include urban insecurity and rising crime, pollution, pressure on natural resources, congestion and social stratification in access to education, health and pensions. A reduction in social inequality would require changes in several fronts: more public-sector resources devoted to education; curtailing current concentration of wealth and market shares in banking, retail trade, and private pensions systems, private health provision, and other sectors; more effective regulation of big business; rebalancing of labour unions' bargaining power capacities and …/.
This Element examines Chile's economic development over the past fifty years or so under the neol... more This Element examines Chile's economic development over the past fifty years or so under the neoliberal model in terms of its impacts on growth, inflation, income and wealth distribution, and structural change. The analysis includes a historical perspective from the nineteenth century to the present and combines economic analysis with a political economy approach. This title is also available as Open Access on Cambridge Core.
The paper examines the introduction of cryptocurrencies, their technological underpinnings, provi... more The paper examines the introduction of cryptocurrencies, their technological underpinnings, provide data on Bitcoin prices and show speculative booms and busts in Bitcoin price behavior. Cryptocurrencies are examined into the broader framework of comparative monetary systems, including fiat-money and commodity- based money showing digital currencies have elements of both systems.
The purpose of this paper is to examine the challenges for global development posed by the evolvi... more The purpose of this paper is to examine the challenges for global development posed by the evolving nature of international migration affected by crises and stagnation in the global north, cyclical growth adjustment in the global south, the rise of talent migration and the onset of refugee crises driven by geopolitical and internal conflicts in various parts of the world.
This paper examines data on income distribution and wealth distribution for the Latin American re... more This paper examines data on income distribution and wealth distribution for the Latin American region and reviews new studies of inequality that provide revised top income shares and recalculated Gini coefficients using income tax-based data. The new empirical evidence challenges claims that income distribution has improved in the 2000s and early 2010s in Latin America. The paper also analyzes the social structure in terms of economics elites, the middle class and the working poor.
Art is a product of human creativity and a mean to express inner feelings and beauty. It is infl... more Art is a product of human creativity and a mean to express inner feelings and beauty. It is influenced by technological revolutions, financial trends and political and cultural upheavals. In addition, there is also a permanent tensions between the dimension of art open to the citizenship at large (the “masses”) through public exhibitions and art as an investment asset and an object of private collection. The paper explores these dilemas and analyzes main features of the art market regarding price determination, transaction costs, liquidity, segmentation, sensitivity to macroeconomic and financial cycles and growing internationalization. We examine the behavior of art prices in 1998-2018, a period that includes cycles of boom, crash (2008-09) and recovery and compare with the path of stock market prices and gold prices over the same period. The extent art could be a “safe-haven asset”, that preserves value in recessions is examined through : (i) the behavior of gold prices during three main slumps of the last 90 years: the great depression of the 1930s, the stagflation of the 1970s and the global financial crisis of the late 2000s and (ii) correlation analysis between art prices and stock, oil, gold and bitcoin prices. The aggregate evidence is mixed on the counter-cyclical quality of art.
Art is a product of human creativity and a mean to express inner feelings and beauty. It is infl... more Art is a product of human creativity and a mean to express inner feelings and beauty. It is influenced by technological revolutions, financial trends and political and cultural upheavals. There is also a permanent tension between art open to the citizenship at large (the “masses”) through public exhibitions and art as an investment asset and an object of private collection.This paper examines these dilemmas and explore main determinants of art prices along with transaction costs and liquidity issues, the sensitivity of the art market’s sales to overall macroeconomic cycles, market segmentation and concentration with large galleries and auction houses accounting for the bulk of sales of high-priced artwork. The paper underscores the importance of wealth inequality in shaping the upper-end of the art market and documents the growing internationalization of the art market. It studies the behavior of art prices in 1998-2018, a period that includes cycles of boom, crash (2008-09) and recovery and compare it with the path of stock market prices and gold prices over the same period. To explore the extent artwork is a pro-cyclical or a counter-cyclical (“safe-haven”) asset that preserves value in recessions we study: (i) the behavior of gold prices during three main slumps of the last 90 years: the great depression of the 1930s, the stagflation of the 1970s and the global financial crisis of the late 2000s and (ii) correlation analysis between art prices and stock, oil, gold and bitcoin prices. The aggregate evidence is mixed on the safe-haven quality of art.