Subscribe to:
Post Comments (Atom)
-
"Where is Everybody?" The blog will continue here for announcements, messages and links to more substantive pieces. But those will... -
There are Gold Bugs and there are Bitcoin Bugs. They all oppose fiat money (hate the Fed and other monetary authorities) and follow some s... -
By Sergio Cesaratto (Guest Blogger) “The fact that individual countries no longer have their own currencies and central banks will put n...
Matias,
ReplyDeleteGiven that you seem to have very good knowledge of economics in South American nations, do you have any comments on the recent economic crisis in Venezuela? (shortages, high inflation etc.).
Particularly the role of their fixed exchange rate and exchange controls? (which I gather have caused perverse effects depriving producers of the foreign exchange they need for factor inputs).
Do you know any good Post Keynesian analysis of Venezuela?
regards
Hi:
DeleteShort replies. Inflation is associated I'm pretty sure to extensive devaluation in the black market, and higher prices of imported goods. And in spite of the oil price boom, reserves are not that high. There has been little effort in trying to promote import substitution. And for a left of center country, fiscal policy was very timid, at times contractionary. Leonardo Vera, as student of Phil Arestis, is a good friend and a prominent Venezuelan Post Keynesian.