Nicolas Cachanosky
He earned a Licentiate in Economics from the Pontificia Universidad Católica Argentina, a M.A. in Economics and Political Sciences from the Escuela Superior de Economía y Administración de Empresas (ESEADE), and his Ph.D. in Economics from Suffolk University, Boston, MA.
Dr. Cachanosky is author of Reflexiones Sobre la Economía Argentina (Instituto Acton Argentina, 2017), Monetary Equilibrium and Nominal Income Targeting (Routledge, 2019), and co-author of Austrian Capital Theory: A Modern Survey of the Essentials (Cambridge University Press, 2019), Capital and Finance: Theory and History (Routledge, 2020), and Dolarización: Una Solución para la Argentina (Editorial Claridad, 2022).
Dr. Cachanosky’s research has been published in outlets such as Journal of Economic Behavior & Organization, Public Choice, Journal of Institutional Economics, Quarterly Review of Economics and Finance, and Journal of the History of Economic Thought among other outlets.
Articles
Who’s Winning the Race for Real-Time Payments?
“The extent to which the Federal Reserve will take measures to hold back TCH-RTP’s growth was not yet clear (and maybe it still isn’t). Institutions may be hedging their bets or testing both systems.” ~Nicolás Cachanosky
Dollarization Is Not Magic
“Rather than dismissing it as magic, one should recognize that dollarization is a pragmatic approach to restoring stability in high-inflation countries that lack credible institutions.” ~Nicolás Cachanosky
Lessons from Argentina’s Dollarization Debate: The Challenge of the Commitment Device
“If a large country like Argentina were to fare better under dollarization, economists would be forced to reconsider the role of central banks in monetary theory.” ~Nicolas Cachanosky
Hyperinflation and Dollarization: A Path to Economic Stability for Argentina
“The risk of hyperinflation in Argentina does not arise from the intention to dollarize but from a central bank that appears incapable or unwilling to exercise restraint. Argentina’s historical record shows that central bank independence is absent.” ~Nicolas Cachanosky
Dollarization Is A Cost-Effective Solution for Argentina
“If Argentina lacks the resources for dollarization, it most certainly does not possess the means to rescue the peso. The alternative is to continue on the current course, and approach dollarization under circumstances akin to Zimbabwe.” ~Nicolas Cachanosky
How Crazy Do You Have to Be to Support Dollarization?
“The whole reason why it is an advantage for a developing country to tie to a major country is that historically speaking the internal policies of developing countries have been very bad. US policy has been bad, but their policies have been far worse.” ~Nicolás Cachanosky
Is Dollarization a Mirage?
“Dollarization would serve as a firewall, protecting the private sector from the fiscal policy fallout.” ~Nicolas Cachanosky
Dollarization and the Lender of Last Resort
“Typically, there is little risk of losing a lender of last resort in countries with troubled currencies that are considering dollarization because such countries don’t have a lender of last resort to lose.” ~ Nicolas Cachanosky
The Costly Late Arrival of FedNow
“Policy makers should ensure that the US payment landscape is efficient, accessible, and beneficial for all stakeholders involved with as little government involvement as possible.” ~ Nicolas Cachanosky
The Federal Reserve’s Quasi-Fiscal Deficit
“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
