Andrés Velasco Brañes (; born August 30, 1960) is a Chilean economist and professor who served as
Minister of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
in the first government of
President
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* President (education), a leader of a college or university
* President (government title)
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Automobiles
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Michelle Bachelet
Verónica Michelle Bachelet Jeria (; born 29 September 1951) is a Chilean politician who served as United Nations High Commissioner for Human Rights from 2018 to 2022. She previously served as President of Chile from 2006 to 2010 and 2014 to 201 ...
from March 2006 to March 2010.
He is currently the Dean of the School of Public Policy at the
London School of Economics
The London School of Economics and Political Science (LSE) is a public university, public research university located in London, England and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidn ...
.
Early life and education
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, Groton, MA. He holds a PhD in economics from
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
. He took postdoctorate studies at
Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...
and at
Massachusetts Institute of Technology
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
(MIT). Earlier, he obtained his bachelor's degree in economics and philosophy at
Yale University
Yale University is a Private university, private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the List of Colonial Colleges, third-oldest institution of higher education in the United Sta ...
, and a master's degree 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
The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
.
Early career
Velasco served as director of
New York University
New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then- Secretary of the Treasury Albert Gallatin.
In 1832, th ...
's
Center for Latin-American and Caribbean Studies and assistant professor at
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
's 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 (NAFTA) negotiator in 1995. From 2000 to 2006, he was Sumitomo-FASID professor of Development and International Finance at Harvard University's
John F. Kennedy School of Government
The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
.
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 was also a consultant for the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
, the
Inter-American Development Bank, the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
,
Economist Intelligence Unit
The Economist Intelligence Unit (EIU) is the research and analysis division of the Economist Group, providing forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, ...
's Government Round Tables, and for the governments of the Dominican Republic, Mexico and El Salvador.
Political career
Minister of Finance
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.
[https://www.bloomberg.com.au/apps/news?pid=20601109&sid=aKqLXbopcqLA] Instead he opted to hold it in reserves equivalent to 30% of the country's
GDP
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...
. The majority of this increase came from state-owned copper miner Codelco, whose profit contribution, in the form of taxes and dividends, provides approximately 13 percent of government revenues. The minister’s frugality enabled Chile to generate its largest budget surpluses in recent memory and the country became the only net creditor Latin American country. 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.
Political leadership and presidential candidate
After serving as Chilean Finance Minister, Velasco expressed his intention to run for President of Chile, during a July 2011 interview with Que Pasa, a Chilean television program. Velasco ran in the primary of the Nueva Mayoría, a coalition of centre-left parties in Chile.
Velasco officially launched his candidacy on May 15, 2012. In the June 30th primary, Velasco achieved second place with 13% of the popular vote total. Velasco finished second behind former Chilean President
Michelle Bachelet
Verónica Michelle Bachelet Jeria (; born 29 September 1951) is a Chilean politician who served as United Nations High Commissioner for Human Rights from 2018 to 2022. She previously served as President of Chile from 2006 to 2010 and 2014 to 201 ...
.
On October 7, 2012, Velasco started a new political movement called Fuerza Pública, which was later renamed Ciudadanos, or “Citizens.”
Velasco became president of the Ciudadanos party on December 11, 2016.
He competed in the parliamentary elections of 2017 for a senatorial seat representing the Maule region. He obtained 10.5% of the votes and narrowly missed being elected senator.
Return to academia
In August 2018, Velasco became the inaugural dean of the newly created LSE School of Public Policy, which is housed at the London School of Economics and Political Science.
During its official launch ceremony in November 2018, he remarked that the School of Public Policy will strive “to understand the causes of things for the betterment of society,” as outlined by LSE's founders.
As dean, Velasco serves as a frequent speaker at campus events, teaches a course on macroeconomics, and hosts monthly dean dialogues aimed at providing students with a platform for discussion.
Since 2001, Velasco has written a bimonthly column for Project Syndicate. As dean, he has continued to write articles on a wide range of topics for Project Syndicate, including populism and macroeconomic policy.
In 2021, Velasco was appointed to the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
–
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth, co-chaired by
Mari Pangestu
Mari Elka Pangestu (; born 23 October 1956), is an Indonesian economist who has been managing director of Development Policy and Partnerships in the World Bank since 2020. The President of the World Bank, David Malpass, announced her appointmen ...
,
Ceyla Pazarbasioglu, and
Nicholas Stern
Nicholas Herbert Stern, Baron Stern of Brentford, (born 22 April 1946 in Hammersmith) is a British economist, banker, and academic. He is the IG Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Cli ...
.
Recognition
Velasco has received several distinctions, such as the Award for Excellence in Research granted by the
Inter-American Development Bank (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 magazine, published by Euromoney Institutional Investor plc during the annual meetings of the World Bank and the International Monetary Fund, based on the preferences of the most influential 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".
Publications
*''Advanced Macroeconomics: An Easy Guide.'' Filipe Campante, Federico Sturzenegger, Andrés Velasco. London: LSE Press, 2021
*''Trade, Development and the World Economy: Selected Essays of Carlos Díaz-Alejandro''. A. Velasco, Editor. Oxford: Basil Blackwell, 1988
*''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.
Personal life
Velasco is married to journalist
Consuelo Saavedra and is the father of three.
References
External links
Official Site(Spanish)
Faculty profileat
John F. Kennedy School of Government
The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
at
Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...
Publicationsat the
National Bureau of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic c ...
Column archiveat
Project Syndicate
*
*
{{DEFAULTSORT:Velasco, Andres
1960 births
Living people
Chilean agnostics
20th-century Chilean economists
Chilean essayists
Chilean Ministers of Finance
20th-century Chilean novelists
20th-century Chilean male writers
Chilean male novelists
Columbia University alumni
Harvard University alumni
Harvard Kennedy School faculty
Columbia University faculty
Massachusetts Institute of Technology alumni
People from Santiago
Yale College alumni
Candidates for President of Chile
Institute for New Economic Thinking
Citizens (Chilean political party) politicians
21st-century Chilean economists