Olivier Blanchard. Where we are in the global crisis
LACEA LAMES 2012 - UP
30/01/2013
Olivier Blanchard. Where we are in the global crisis
Chief economist. International Monetary Found

Last October, during IMF meeting in Tokyo, the financial institution presented the new macroeconomic projections for 2012, by adjusting the estimates submitted in July of this year. In this regard, IMF raised its estimate of global growth from -0.2% to 3.3%, explained by the high relative growth in emerging countries (it was adjusted from -0.3% to 5% in the latest revision). US will have a growth of 2.2% against the expected contraction of - 0.1 in the preliminary estimate, in the meantime the European prospects worsened because it adjusted from -0.1 to -0.4 of decline for this year. However, the estimates revised for 2013 show an improvement in global growth as the global economy would grow 3.6% (against the previous estimate of - 0.8% previous), emerging countries 5.4% (-0.3% prior). These estimates show two things: what occurs in the Euro Zone and what occurs with the most important economies from the block of emerging economies.

 

There are two countries with pressures in European growth estimates: Spain and Italy that are expected to have negative growths. And there are two countries, Germany and France, which will have a lower growth than the expected in the latest adjust of growth estimates. This decrease is also seen in some of the major emerging economies. It is seen in the case of China that has lost near to 1.5% of the expected growth for 2012 in the latest adjust. Also the growth projections have been adjusted substantially downward for India and Brazil, though this didn’t happen with Russia.


The challenge for advanced economies is to achieve fiscal consolidation in order to achieve a sustained growth, but it is something that some consider too hard because a recession may occur in Europe as the one after the Second World War.  In that sense, if one recalls the experience of UK after the First World War, this country had a large fiscal deficit due to the costs of the war. After 1921, Winston Churchill decided to reduce it and they have fiscal surpluses every year since then. Nonetheless, UK had a debt that exceeded the 200% of the GOP in 1933. Then UK ended with a recession. So, fiscal consolidation is not a strategy that will be successful by itself.


In that sense, monetary policy will be the accelerator of global growth, standing out like in the crisis of 2008-2009, central banks of the  world have been very aggressive taking reference interest rates close to 0% when they saw that the product fell and to boost investment. On the other hand, the European Central Bank has helped banks even by giving them liquidity. But they have also sterilized the money supply. In the case of the US, the Federal Reserve has announced it will keep its rates close to 0% beyond 2015.​ 


You can watch Blanchard´s lecture here​.

Watch an special interview with Olivier Blanchard here.

Eric Maskin gave Albert Hirschman lecture at Lacea Lames 2012
LACEA LAMES 2012 - UP
03/11/2012
Eric Maskin gave Albert Hirschman lecture at Lacea Lames 2012
Maskin emphasized on the importance of credits for the economy.

​During the Albert Hirschman Lecture at Lacea Lames 2012, Eric Maskin, Nobel Prize winner assured that 2007 financial crisis was generated mainly by banking leverage in United State´s credit market, which generated externalities that affected the whole system.

 
Maskin emphasized on the importance of credits for the economy. However he recognized that in the credit market problems tend to be amplified and these do not usually self-regulate.
 
As an example, he referred to the subprime market, as the generator of 2007 crisis, which dragged the whole credit market, forcing the US government to make a bailout.

You can watch Maskin´s lecture here.

Watch an special interview with Eric Maskin here.

 

"It´s a mistake to underestimate the role of the human capital in growth"
LACEA LAMES 2012 - UP
02/11/2012
"It´s a mistake to underestimate the role of the human capital in growth"
As part of Lacea Lames 2012, Economics Nobel Prize 1995, Robert Lucas offered the Jacob Marshack Lecture “Human Capital and Growth".

​During his lecture, Lucas emphasized the role of the human capital in growth.  


 “People learn at work, taking from its coworkers the skills that are useful to solve problems or accomplish new tasks. When this is internalized productivity is elevated”, said Lucas.

 

Lucas also highlighted the importance of spreading knowledge as a key condition to support growth.  

 
You can watch Robert Lucas´s plenary lecture here 


Watch the interview that Alberto Padilla had with Robert Lucas during Lacea Lames 2012 here.

Castilla presented a balance of the Peruvian economy
LACEA LAMES 2012 - UP
01/11/2012
Castilla presented a balance of the Peruvian economy

Miguel Castilla, Ministry of Economics and Finance of Peru, presented a balance of Peruvian economy in his speech during the Opening ceremony of Lacea Lames 2012.


VIDEO: The complete speech of Luis Miguel Castilla at the Opening Ceremony


VIDEO: Interview with Alberto Padilla

Registration for LACEA LAMES 2012 ended up
LACEA LAMES 2012 - UP
30/10/2012
Registration for LACEA LAMES 2012 ended up
If you are speaker, chair, moderator or discussant in a contributed session, you will be able to register and pay the admission fee at venue.

General admision to the annual meeting of the Latin American and Caribbean Economic Association (Lacea) and the Latin American Meeting of the Econometric Society (Lames) at Universidad del Pacifico:

 

 
LACEA members $250.00
Econometric society members  $250.00
Student at a Latin American university  $150.00
General admission to the conference  $400.00

Download shuttle busses routes for Lacea Lames 2012
LACEA LAMES 2012 - UP
29/10/2012
Download shuttle busses routes for Lacea Lames 2012

If you will be staying in official Lacea Lames 2012 hotels, and need transportation to / from conference venue, please check the shuttle busses timetable here.

 

Official hotels are located in the district of San Isidro, 5 to 20 minutes away from Universidad del Pacifico´s campus.

 

Service will be provided for free at the designated times. Please check routes and departure times.

 

You may review the official hotels here. ​

Registration date for Lacea Lames 2012 extended until October 15th
LACEA LAMES 2012 - UP
21/09/2012
Registration date for Lacea Lames 2012 extended until October 15th

​The conferences are scheduled to start on 8 a.m. on Thursday November 1rst, with the inaugural ceremony, where the main speaker will be the Peruvian economics minister, Luis Miguel Castilla.


The program includes seven plenary sessions, held by  Nobel award winners, Robert Lucas (University of Chicago) and Eric Maskin (Harvard University), as well as Jean Charles Rochet (Toulouse School of Economics); Ricardo Caballero (MIT); Olivier Hart (Harvard University); Olivier Blanchard (IMF) and Abhijit Banerjee (Harvard University) along with Dean Karlan (Yale University).

You can review the conference program here.


If you are already registered, you may pay the conference fee here.

Call for papers from the Latin American Reserve Fund
LACEA LAMES 2012 - UP
23/10/2012
Call for papers from the Latin American Reserve Fund

​Economic Studies Division from Latin American Reserve Fund (FLAR) invite to academic and central bank community to submit papers for possible publication and presentation in the meetings, conferences, and seminars, organized by FLAR during 2013, related to topics of interest for central bankers and policy makers from Latin America. 


For historical reference of FLAR events, visit our web page (www.flar.net).


Papers submitted should focus on “Managing Capital Flows and their Impact on Small and Open Economies, specifically on Latin America”.



Selection and coordination process will be conducted by Eduardo
Morón, Director of Economics Studies of FLAR; and Carlos Giraldo,
Deputy Director of Economic Studies of FLAR.

You may find further information here

LACEA LAMES 2012 Contributed Sessions PROGRAM IS OUT
LACEA LAMES 2012 - UP
10/08/2012
LACEA LAMES 2012 Contributed Sessions PROGRAM IS OUT

The program of all Contributed Sessions for the LACEA - LAMES 2012 meeting has being published today.


The conferences will be held from Thursday Nov 1st, until Saturday Nov.3rd in Lima Peru, hosted by Universidad del Pacifico.


The program, which starts at 08:00 a.m. on Thursday Nov 1st, includes seven plenary sessions, held by Nobel Prize winners Robert Lucas (University of Chicago) and Eric Maskin (Harvard University); Jean Charles Rochet (Toulouse School of Economics); Ricardo Caballero (MIT); Olivier Hart (Harvard University); Olivier Blanchard (IMF) and Abhijit Banerjee (Harvard University) along with Dean Karlan (Yale University).


There will also be 30 invited sessions, as well as 115 contributed sessions.


To review the program, please check the Webmeets site here.
 
To sign up and pay the conference fee, click here.

For information about Peru, click here.


For information about hotels and reservations, click here.


For information about tourism and attractions, click here.

Lames Lames 2012 edition is ready to welcome you all
LACEA LAMES 2012 - UP
05/10/2012
Lames Lames 2012 edition is ready to welcome you all

​As we get ready for Lacea Lames 2012 edition we will like to share with you some useful information that will make your stay in Lima more confortable.  


So if you need to know about the weather, shuttle busses, transportation or other important issues you may check and download our logistic note here.


If you need hotel information click here.
For tourism information, click here.


Please remember registration date has being extended until October 15th. You may register and pay conference fees here.

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