Ordinary Academicians

Martín Maximiliano Guzmán


Martín Maximiliano Guzmán

Date of birth 12 October 1982

Place La Plata, Argentina (America)

Nomination 21 September 2021

Field Economics

Title Former Minister of the Economy of the Republic of Argentina

  • Biography
  • Publications
  • Self-Presentation

Most important awards, prizes and academies
Former Minister of the Economy of the Republic of Argentina; Full Professor (tenured), Moneda, Crédito y Bancos, Facultad de Ciencias Económicas de la Universidad Nacional de La Plata; Professor, Universidad of Buenos Aires; Director, Columbia University Initiative for Policy Dialogue Debt Restructuring Program; Member, Institute for New Economic Thinking’s Taskforce on Macroeconomic Externalities at Columbia University; Non-resident Senior Fellow, Centre for International Governance Innovation (CIGI); Non-resident Senior Fellow, Espacios Abiertos (Puerto Rico). International Positions and Boards: Editor in Chief, Journal of Globalization and Development; Member of the Board, Università degli Studi di Trento Summer School Program in Adaptive Economic Dynamics. Awards: 2012 Brown University Graduate Merit Dissertation Fellowship; 2011 Raúl Prebisch Prize to the best paper by Argentinean Young Economists (awarded by the Central Bank of Argentina); 2006-2008 CONICET Post-Graduate Fellowship.

Summary of scientific research
Public Debt; International Macroeconomics; Monetary Economics; Economic Development.

Main publications
Publications in Journals: “The pandemic economic crisis, precautionary behavior, and mobility constraints: an application of the dynamic disequilibrium model with randomness” (with Joseph E. Stiglitz), Industrial and Corporate Change 30 (2), 467-497, 2021; “Economic fluctuations and pseudo-wealth” (with Joseph E. Stiglitz), Industrial and Corporate Change 30 (2), 297-315, 2021; “Pseudo-Wealth and Consumption Fluctuations” (with Joseph E. Stiglitz), The Economic Journal, 131, 372-391, 2021; “An analysis of Argentina’s 2001 default resolution”, Comparative Economic Studies 62 (4): 701-738, 2020; "Towards a dynamic disequilibrium theory with randomness" (with Joseph E. Stiglitz), Oxford Review of Economic Policy 36 (3),621-674, 2020; “An analysis of Puerto Rico’s debt relief needs to restore debt sustainability” (with Pablo Gluzmann and Joseph E. Stiglitz), CENTRO Journal, 30(3), 104-146, 2018; “Real Exchange Rate Policies for Economic Development” (with José Antonio Ocampo and Joseph E. Stiglitz), World Development, 110, 51-62, 2018; “Assessing the Robustness of the Relationship Between Financial Reforms and Banking Crises” (with Pablo Gluzmann), Journal of International Financial Markets, Money, and Institutions, 49, 32-47, 2017; “The IMF Debt Sustainability Analysis: Issues and Problems” (with Daniel Heymann), Journal of Globalization and Development 6 (2): 387-404, 2015; “Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development” (with Pablo Gluzmann), Ensayos Económicos 1 (65-66), 173-205, 2012; “Financial Reforms and Financial Instability”, (with Pablo Gluzmann), Ensayos Económicos 1 (61-62), 35-73, 2011.
Chapters in Books: “A Soft Law Mechanism for Sovereign Debt Restructuring based on the UN Principles” (with Joseph E. Stiglitz), in Sovereign Debt and Human Rights, ed. by Ilias Bantekas and Cephas Lumina. Oxford and New York: Oxford University Press, 2018, Chapter 23, pp. 446-457; “Creating a Framework for Sovereign Debt Restructuring that Works” (with Joseph E. Stiglitz). In Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises, Columbia University Press, New York, 2016, Chapter 1, pp. 3-32; “Introduction” (with José Antonio Ocampo and Joseph E. Stiglitz). In Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises, Columbia University Press, New York, 2016, pp. XIII-XXII; “A Theory of Pseudo-wealth” (with Joseph E. Stiglitz). In Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond, Palgrave, London, 2015, Chapter 3, pp.21-33; “Learning, Leverage, and the Financial Instability Hypothesis” (with Peter Howitt). In Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond, Palgrave, London, 2015, Chapter 6, pp. 50-60; Discussion on Joseph Stiglitz’s paper “Crises: Principles and Policies”. International Economic Association Roundtable, Life After Debt, Buenos Aires, 2012. IEA Volume Debt Crises - How to Prevent them, how manage them, how to ensure there is life after debt (edited by Daniel Heymann and Joseph Stiglitz, Palgrave 2013).

I am honored to have been appointed as an academic member of the Pontifical Academy of Social Sciences. I was born in La Plata, Argentina, on October 12, 1982. I am an economist who has dedicated his adult life to understanding the causes and consequences of economic instability and how to tackle them. I was motivated by my personal recollections of my childhood in Argentina, a country that has suffered from virtually chronic economic instability.

I graduated as a PhD. in Economics from Brown University, in Providence, Rhode Island, US, in 2013. I had received a B.A. in Economics (2005) and a B.A. in Economics (2007) from the Universidad Nacional de La Plata, in Argentina. I moved to the US in 2008 to pursue graduate studies with the goal of strengthening my education to be better able to serve my country.

In 2013 I moved to Columbia University, where I held different research positions at Columbia Business School for 6.5 years, including being the director of Columbia University’s Initiative for Policy Dialogue program on sovereign debt sustainability and crises resolution.

From December 2019 to July 2022, I served as the Minister of Economy of the Republic of Argentina. During my tenure, I led the management of a sovereign debt crisis that included the second largest sovereign debt restructuring with private creditors in history, debt restructuring negotiations with the Paris Club, and negotiations with the International Monetary Fund to refinance an unsustainable debt burden; the economic policy to manage the Covid-19 pandemic in the context of the debt and inflation crises; and the policies for the fast economic and employment recovery in 2021 that led to a reduction in poverty and inequality.

I am now a Professor at the School of International and Public Affairs of Columbia University and continue doing research on macroeconomics and sovereign debt. I am also the co-President, together with Professor Joseph E. Stiglitz, of the Initiative for Policy Dialogue, an academic center at Columbia University Business School, which works to broaden dialogue in development policy by bringing the best ideas in development to policymakers facing globalization’s complex challenges and opportunities. In Argentina, I created a think tank, Suramericana Visión, that contributes to the creation of knowledge for the inclusive and sustainable development of Argentina and South America.

I believe the Pontifical Academy of Social Sciences can make a unique contribution to the state of global debate on the most critical economic, ecological, and social affairs of our time, including on themes such as access to medicines, tax justice, climate justice, and debt crises.

As Pope Francis said in Laudato Si’, “true statecraft is manifest when, in difficult times, we uphold high principles and think of the long-term common good.” I pledge to follow these principles, and to give the best of me to honor this appointment with which the Holy Father honors me. Under your leadership, I will aim at identifying and promoting actions that are conducive to building intra and inter-generational social justice.