Interview with Pedro da Motta Veiga

At the August 22-24 BRICS summit in Johannesburg, the leaders of Brazil, Russia, India, China and South Africa said they wanted to use more of their national currencies for cross-border payments, which are currently dominated by the U.S. dollar and other global convertible currencies. Like China and the other BRICS, several other countries have also sought to develop alternative external payment mechanisms. Pairs of countries have agreed to settle commercial and financial transactio ...

This paper aims to investigate the impact of an inflation targeting framework adoption by the central bank, on the reduction of public debt ratios in emerging countries, through the potential discipline-enhancing effect of inflation targeting on the conduct of fiscal policy in general. The impact evaluation method used is the Propensity Score Matching (PSM), which allows the evaluation of the treatment effect of inflation targeting on fiscal discipline, in terms of public debt reduc ...

L’objectif de ce papier est d’essayer d’examiner si l’implémentation du cadre de ciblage de l’inflation par la banque centrale, permet une réduction de la dette publique dans les pays émergents, à travers l'effet disciplinant du ciblage sur la conduite de la politique budgétaire en général. Pour ce faire, la méthode d’évaluation d’impact utilisée est l’appariement par score de propension ou Propensity Score Matching (PSM), qui permet l’évaluation de l’effet de traitement ...

The pros and the cons of regional market integration are well exemplified by the experience of Uruguay, a small, open economy in MERCOSUR, which is a highly protectionist trade bloc, dominated by Argentina and Brazil. With access to such large markets, Uruguay did raise its growth rate during the first decade of MERCOSUR, the 1990s. However, market integration as implemented in MERCOSUR was also problematic in that Uruguay suffered from the high protectionism of Argentina in the for ...

The contrast between Argentina’s rich natural resource endowment and its poor economic performance has been the focus of much socio-political and economic analysis. When it created MERCOSUR with its immediate neighbors, Brazil, Uruguay, and Paraguay in 1991, it had access to a trading bloc with a combined GDP of US$ 419 trillion (2019), making it the 5th largest economy in the world. Joining the MERCOSUR was a break from its protectionist past. But it did not last. Argentina greatl ...

This article has originally been published on OECD Development matter platform Many donor countries seem eager to see middle-income countries (MICs) “master out” and graduate to a non-client status in multilateral development institutions before fully achieving their development potential. We argue that such institutions can still significantly contribute to the sustainable development of MICs, while also seizing many benefits from this relationship (Middle income countries and mul ...

La COVID-19 a asséné un puissant coup de massue à l’économie mondiale, en combinant une terrible pandémie à un effondrement de la production dû au confinement de la moitié de la population active mondiale. L’incertitude générée par le choc médical et économique paralyse les consommateurs et les investisseurs, et la dispersion des prévisions économiques à court terme est plus grande qu’elle ne l’a jamais été dans l’histoire moderne, environ six fois plus que lors de la grande crise f ...

La réputation, concept majeur s’il en est, est un indicateur de l’estime accordée à une personne physique mais aussi à une entreprise ou encore à une entité étatique. Constituée d’une somme de perceptions, elle est la résultante globale de l’ensemble d’images, d’appréciations des actions et comportements de celles-ci. Ainsi, la bonne réputation d’un gouvernement est déterminée et mesurée par son aptitude à faire face aux épreuves que traverse le pays, à affronter les bouleversements ...

Illicit financial flows (IFFs) have become a serious threat to the attainment of global development goals. On February 28th, 2020, the President of the United Nations General Assembly, Tijjani Muhammad-Bande, and the President of ECOSOC, Mona Juul, have announced a high-level panel on international financial accountability, transparency, and integrity (FACTI) as a means to address this challenge, which inhibits financing for the Sustainable Development Goals. This paper provides an ...