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, exclusionary (right-wing, nativist) populism would demand less migration and more deregulation. Is the rise of populism necessarily a bad development? Earlier literature focusing on Latin America was clear that populism was harmful over the longer term. Others , however, claim that the rise of (economic) populism has some merit. While political populism may weaken some checks-and-balances and can be harmful, economic populism can sometimes “…perhaps economists need to talk with political scientists to understand populism.” be justified. They put issues on the

Andrés Velasco

). The problem with this definition is that it does not apply to most regimes that are called populist nowadays. Even among left-wing populist governments in Latin America—precisely those the Dornbusch-Edwards definition is supposed to ft—one can find examples of the same. Former Bolivian president Evo Morales, at least in his early years in power, was prudent in the management of his country’s gas revenues; in Mexico recently, President Andrés Manuel López Obrador has cut expenditures and stayed within the bounds of a small budget deficit. Political populism, which

Deepak Lal, Bimal Jalan, Guy Pfeffermann, Rüdiger Dornbusch, Sebastian Edwards, John Odling Smee, Ronald McKinnon, Mr. Alan A. Tait, Michael Roemer, Christine Jones, Mr. Michael G. Spencer, Miroslav N. Jovanovic, Richard G. Lipsey, Coralie Bryant, and Georg Sorenson

” experiments (Allende or the Sandinistas in Nicaragua), and nonorthodox stabilization programs, such as the Austral plan of Argentina and the Cruzado plan of Brazil, which certainly included populist elements but do not qualify, strictly speaking, as populism. Politically, populism ranges from the military right (Peron) to the socialist left (Allende). Like the giraffe, populism is extremely hard to describe but when you see it, you know what it is. Most of the essays in the book focus on the macroeconomic dimensions of populism, because of the attempted use of (or rather

IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.
Mr. Vladimir Klyuev

situation with the voluminous literature on the political economy of trade and suggest that the reason for the difference is the existence of “well-developed theories of the distributional implications of different trade policies” and the absence of such background for exchange rate policy. 4 Indeed, there have been very few attempts to model the real exchange rate as an outcome of a distributional conflict. Dornbusch and Edwards (1993) show how in an open economy political populism may lead to an unsustainable increase in the real wage. Alfaro (2002) offers a

Mr. Vladimir Klyuev
The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less extreme preferences, a model is presented where appreciation would depress economic activity, while a large depreciation would hit the tradable sector by limiting the availability of labor, offsetting the favorable price effect. The model is in the spirit of the dependent economy model, but built on explicit microfoundations. The results can be used to analyze political economy aspects of macroeconomic adjustment.
International Monetary Fund. External Relations Dept.
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