Andrés Velasco
Encyclopedia
Andrés Velasco Brañes is an economist and professor. He served as the Finance Minister of Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...

 from March 2006 to March 2010, the complete presidential period of Michelle Bachelet
Michelle Bachelet
Verónica Michelle Bachelet Jeria is a Social Democrat politician who was President of Chile from 11 March 2006 to 11 March 2010. She was the first woman president of her country...

.

Biography

The son of former radical politician Eugenio Velasco and lawyer Marta Brañes, Velasco was born in Santiago, where he lived until the age of 16. Following the exile of his father in 1977, the whole family moved to the US, first to Los Angeles and then to Boston. He finished his secondary school studies at Groton School. He holds a PhD in Economics from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...

. He took post-doctorate studies at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...

 and at Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...

 (MIT). Earlier, he obtained his Bachelor’s Degree in Economics and Philosophy at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

, and a Master in International Relations at the same university. He is Sumitomo-FASID professor of Development and International Finance at Harvard University's John F. Kennedy School of Government
John F. Kennedy School of Government
The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...

.

Velasco has received several distinctions, such as the Award for Excellence in Research granted by the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...

 (IDB), in recognition for his contributions to economic research, the design of policies, and the creation of research institutions in Latin America and the Caribbean (2006), "Latin America Finance Minister of the Year" by Emerging Markets, official publication from the anual meetings of World Bank and International Monetary Found, based on the preferences of the most influencial economists, investors and experts in the region (2008), and an award from "América Economía" magazine, which also considered him as "Finance Minister of the Year". In 2009, "Latin Trade" magazine gave him the price for the "Most Innovative Leader of the Year".

Velasco has been director of the New York University Center for Latin-American and Caribbean Studies and assistant professor at Columbia University Department of Economics and Public Affairs. He was Chile’s Ministry of Finance Chief of Staff between 1990 and 1992, International Finance coordinator between 1992 and 1994, and North American Free Trade Agreement
North American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement...

 (NAFTA) negotiator in 1995.

Between 2001 and February 2006 Velasco was an associate researcher at the Corporation for Latin-American Research (Cieplán) and president of the board of Corporación Expansiva. He has also been a consultant for the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

, the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...

, the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

, and for the governments of the Dominican Republic, Mexico and El Salvador.

Velasco is married to journalist Consuelo Saavedra and is the father of Rosa, Ema and Gaspar.

Finance Minister of Chile

When the price of copper reached all-time highs in 2006, boosting government revenues, Velasco resisted intense political pressure from government workers and students to spend the windfall. Instead he opted to hold it in reserves equivalent to 30% of the country's GDP. After the copper price plummeted following the 2007-2010 global financial crisis, threatening the Chilean economy, Velasco then used these reserves on stimulus spending for subsidies and tax cuts policies now being praised for their positive social impact His popularity reversed from one of the most reviled politicians to one of the most admired.

Books

  • Trade, Development and the World Economy: Selected Essays of Carlos Díaz-Alejandro. A. Velasco, Editor. Oxford: Basil Blackwell, 1988. http://econpapers.repec.org/article/eeeinecon/v_3A29_3Ay_3A1990_3Ai_3A3-4_3Ap_3A392-396.htm
  • Vox Populi (novel). Santiago: Editorial Sudamericana, 1995.
  • Lugares Comunes ("Common Places" / novel). Santiago: Editorial Planeta, 2003.
  • Free Trade and Beyond: Prospects for Integration in the Americas. A. Estevaordal, D. Rodrik, A. Taylor and A. Velasco (eds.). Cambridge: Harvard University Press, 2004.

External links

  • Faculty profile at John F. Kennedy School of Government
    John F. Kennedy School of Government
    The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...

     at Harvard University
    Harvard University
    Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...

  • Publications at the National Bureau of Economic Research
    National Bureau of Economic Research
    The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...

  • Column archive at Project Syndicate
    Project Syndicate
    Project Syndicate is an international not-for-profit newspaper syndicate and association of newspapers. It distributes commentaries and analysis by experts, activists, Nobel laureates, statesmen, economists, political thinkers, business leaders and academics to its member publications, and...

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