They are whipped by hurricanes, lashed by storms and crippled by earthquakes. A report compiled by the United Nations, taking into account exposure to natural events and a society's response, found four nations of the region (Guatemala, Costa Rica, El Salvador, and Nicaragua) to be among the world's 15 nations most at risk from natural disasters. Nonetheless, few countries in … [Read more...] about Natural Disaster Insurance: Why Don’t More Countries Have It?
Macroeconomics and Finance
Revisiting Policymaking in a Troubled Region
During much of its recent history, Latin America has alternated between policies that are state-controlled and those that are market-centered. It has swung from the import-substitution model of the post war era to the liberalization of the Washington Consensus of the 1990s with a host of lesser variations in areas ranging from industry to trade. Yet, significant advances … [Read more...] about Revisiting Policymaking in a Troubled Region
Applications Open for the IDB-Columbia Executive Course for Policymakers
Applications are now open for the executive program on macro-financial policymaking in emerging markets, jointly organized by Columbia University and the Inter-American Development Bank (IDB). Policymakers from emerging economies worldwide are welcome to apply to the course that will take place in New York on April 24-28. The IDB will offer tuition waivers to up to 15 … [Read more...] about Applications Open for the IDB-Columbia Executive Course for Policymakers
Reforming Constitutions: A Pandora’s Box
In March 1990, some 2 million Colombians cast a symbolic vote during elections demanding a new constitution. The vote followed a harrowing year of guerrilla, paramilitary and drug trafficking violence. Three presidential candidates had been assassinated, and many people argued that only a new national charter, creating a more inclusive, representative and decentralized … [Read more...] about Reforming Constitutions: A Pandora’s Box
Fiscal Discipline: Can Constitutions Help?
By Mark Hallerberg Recently, there has been renewed interest in incorporating fiscal rules directly into constitutions. In 2012, the signatories of the so-called "Fiscal Compact" in Europe were expected to introduce a balanced budget rule that would "preferably (have) constitutional provisions." Those signatories included 25 of the current 28 member states of the European … [Read more...] about Fiscal Discipline: Can Constitutions Help?