Between 1960 and 2019, Latin America and the Caribbean grew faster than advanced economies in terms of labor, years of schooling, and physical capital. Yet, the difference in average annual growth between the two groups of countries was striking, with the advanced economies growing 2.6% versus around 1.8% for Latin America and the Caribbean. The biggest difference between … [Read more...] about Where Productivity and Prosperity Meet
Cezar Santos
Cezar Santos is Senior Research Economist at the Research Department of the Inter-American Development Bank. His research focuses on macroeconomic development, with an emphasis on labor markets, credit markets, family economics, climate change and infectious diseases. His work has appeared in academic journals such as Econometrica, AEJ: Macro, Journal of Development Economics, Economic Journal, among others. Prior to joining the Bank, he was an Associate Professor of Economics at Getulio Vargas Foundation (FGV EPGE) and a research economist at the Bank of Portugal. Previously, he was an Assistant Professor at the University of Mannheim. He completed his undergraduate studies in Economics at the Federal University of Pernambuco (UFPE), his master's at FGV EPGE and obtained a Ph.D. in Economics at the University of Pennsylvania.
Better Public Policies to Combat Pandemics
After the economic losses, unemployment and mass death of the COVID-19 pandemic, the question of how to effectively manage lockdowns has to be answered. Many experts believe another pandemic is inevitable. If that is true, we have to be ready with empirically tested policies that can maximize economic welfare while preserving life to the maximum extent … [Read more...] about Better Public Policies to Combat Pandemics
How High Interest Rates Smother Innovation and Development
After the 2008 financial crisis, the tech sector in the United States boomed as efficient capital markets and low interest rates allowed new firms to exploit innovation. Yet in much of Latin America, the brilliant young innovator with a billion-dollar idea might find it hard or even impossible to raise the capital needed to turn similarly promising inspiration into a success. … [Read more...] about How High Interest Rates Smother Innovation and Development
Policy Options for Combating Pandemics in Informal Settlements
Pandemics, while devastating for populations at large, deliver a disproportionate impact when they sweep through the dense informal settlements of developing countries with their narrow alleyways and broken dwellings. Death rates, high everywhere, soared through such places during the COVID-19 crisis. Until recently, however, no research had been conducted on the role of … [Read more...] about Policy Options for Combating Pandemics in Informal Settlements
Carbon Taxes: A Large Impact with Small Negative Economic Effects
As greenhouse gas (GHG) emissions reach alarming levels, countries face increasing pressure to adopt more aggressive environmental policies. However, concerns regarding their economic effects and their impacts on different groups of people (distributional effects) can hinder their adoption. Reducing emissions, after all, means reallocating resources away from high-carbon … [Read more...] about Carbon Taxes: A Large Impact with Small Negative Economic Effects