How Latin America Learned to Stop Printing Money
Luis I. Jácome's history of regional central banking makes the case for the most significant economic reform of our time.
This article is adapted from AQ’s special report on Mexico's path forward From the 1960s through the 1990s, Latin America was the world’s regional outlier in the frequency and severity of inflationary, currency, debt, and banking crises. Over the past three decades, however, and despite some notable exceptions, most Latin American governments have adopted increasingly responsible, and thus sustainable, fiscal and monetary policies, featuring more independent, inflation-focused central banks that allow exchange rates to be largely market-determined. For more than two decades,...
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