|
Escrito por Juan P. Treviño
|
|
17.04.2008 |
|
Published in “The News” on April 18, 2008 According to Keith Sill, senior economist in the Research Department of the Philadelphia Fed, the term “peso problem” is often attributed to Nobel laureate Milton Friedman in light of his comments on the Mexican peso during the early 1970s. Back then, the peso was fixed against the US dollar, and interest rate differentials were such that there was an opportunity to make a profit by borrowing in dollars and investing in pesos. Under “normal” conditions, the opportunity would have disappeared either through a strengthening of the peso or a reduction in the interest rate spread. The first was ruled out because of the peg. The second, along the lines described by Sill, reflected the expectation of a future (highly unlikely but rather significant) devaluation of the peso that proved right in August 1976, when it devalued near to 50% against the US dollar.
|
|
Ultima modificación ( 17.04.2008 )
|
|
Leer más...
|
|
|
What matters is efficiency |
|
Escrito por Juan P. Treviño
|
|
10.04.2008 |
|
Published in “The News” on April 11, 2008
A thorough redesign of the institutional framework is a must for a more competitive oil sector to emerge
After a series of seemingly contradictory signals from various political actors, the Federal Government finally submitted an energy reform proposal to the Congress, specifically the Senate. The proposal focuses on oil and does not include electricity or other activities related to production and provision of energy. In principle, the attempt is to modernize Petróleos Mexicanos (PEMEX), the state-owned oil company, under the premise of no-privatization. This has a rather historical explanation, but undoubtedly it is not the only one, since it is surrounded by vested interests in many fronts. |
|
Ultima modificación ( 10.04.2008 )
|
|
Leer más...
|
|
|
Priorities and incentives |
|
Escrito por Juan Pedro Treviño
|
|
04.04.2008 |
|
Published in “The News” on April 4, 2008 Transparency and accountability at the core of economic prosperity Politicians and authorities in Mexico are currently embedded in (at least) two crucial debates. On the one hand, there are strong concerns regarding the possibility of a US recession and its implications for economic performance at the local level. On the other hand, there is increasing polarization on what to do with energy, especially PEMEX, and more generally, in terms of all other structural reforms the country clearly needs.
|
|
Ultima modificación ( 04.04.2008 )
|
|
Leer más...
|
|
|
Escrito por Juan P. Treviño
|
|
28.03.2008 |
|
Published in “The News” on March 28, 2008 Slowdown in demand will not guarantee lower inflation pressures Some analysts argue that the expected policy economic deceleration in Mexico will prompt the central bank to ease monetary policy. The most aggressive of them suggest this will occur as early as April (the next meeting is scheduled for the April 18). The line of reasoning is that a slowdown in economic activity will afford room for Banxico to ease conditions.
|
|
Ultima modificación ( 28.03.2008 )
|
|
Leer más...
|
|
|
A dual mandate: the easy way out? |
|
Escrito por Juan P. Treviño
|
|
14.03.2008 |
|
Published in “The News” on March 14, 2008 In light of the expected economic slowdown this year, some legislators and entrepreneurs have recurrently proposed that Mexico’s central bank should have a dual mandate: price stability and economic activity. In fact some of these legislators have commented that “they are preaching in the desert”, since their ideas are not echoed by anyone. This proposition, of course, responds to specific (yet unclear) partisan interests, rather than to a genuine concern about long-term growth.
|
|
Ultima modificación ( 28.03.2008 )
|
|
Leer más...
|
|
|
|
<< Inicio < Anterior 1 2 Siguiente > Fin >>
|
| Resultados 1 - 9 de 16 |
Otros artículos revistas