Fanelli 2021 — Jose Maria

: Investigates how institutional weaknesses and financial architecture contribute to economic instability in emerging markets.

While neoclassical economists often blame excessive government spending for inflation, Fanelli introduced a more nuanced view: . He posited that weak contract enforcement, volatile property rights, and a lack of central bank credibility create a high-risk premium. This, in turn, leads to "original sin"—the inability to borrow abroad in local currency. jose maria fanelli

Others on the left accuse him of being too moderate—accepting the logic of IMF conditionality even while critiquing it. Fanelli’s response, typical of his pragmatic style, is that "in a globalized financial world, you cannot ignore the creditor’s perspective, no matter how unfair it seems." volatile property rights