Challenges for Central Banking: Perspectives from Latin America

Co-edited by Professor Luis I. Jácome

Professor Luis I. Jácome, an Ecuadorean national, is currently Deputy Chief in the Monetary and Macroprudential Policy Division at the International Monetary Fund. Dr. Jácome has worked extensively with central banks worldwide, providing technical assistance on monetary and macroprudential issues to numerous emerging market countries, such as Argentina, Costa Rica, Kuwait, Oman, Vietnam, and Ukraine. Prior to joining the IMF, in 1999, he was Governor of the Central Bank of Ecuador and Vice Minister of Finance of Ecuador. Previously, Dr. Jácome taught macroeconomics, monetary policy, and money and banking, first at Universidad San Francisco, in Ecuador. He has published in refereed journals such as El Trimestre Económico, European Journal of Political Economy, and Emerging Markets Review. Dr. Jácome holds a Ph.D. in Economics from Boston University, a MSc in economics from the University of London, and a Licenciatura in economics from Universidad Complutense de Madrid, Spain.

In Challenges for Central Banking: Perspectives from Latin America, Professor Jácome and his coauthors (Yan Carriere-Swallow, Hamid Faruqee, and Krishna Srinivasan) hone in on challenges faced by central banks across Latin America, particularly in the wake of changes to banking policy and operations that came about as a result of the 2008-2009 financial crisis.

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume's first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region. 

Abstract taken from the IMF elibrary page.