Does the State Know Who Owns Its Land?
In Costa Rica, Argentina and Chile, monetary and fiscal decisions dramatically reduced the value of people’s savings. Guatemala also experienced a severe currency devaluation before adopting constitutional restrictions on government financing through its central bank. This essay examines why monetary stability should never be taken for granted and what is at stake when the Bank […]
What If Approving a Deficit Were a Crime?
In 1993, Guatemala effectively closed the door to financing government spending through monetary issuance, helping usher in decades of greater price stability. This essay asks whether the country should take the next step: prohibit deficit budgets by law and impose consequences on officials who authorize spending without identifying the resources to finance it.