Andrés Velasco facts for kids
Quick facts for kids
Andrés Velasco
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| Minister of Finance of Chile | |
| In office 11 March 2006 – 11 March 2010 |
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| President | Michelle Bachelet |
| Preceded by | Nicolás Eyzaguirre |
| Succeeded by | Felipe Larraín |
| Dean of LSE School of Public Policy | |
| Assumed office 17 September 2018 |
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| Personal details | |
| Born | 30 August 1960 Santiago, Chile |
| Political party |  Citizens (2013–) |
| Alma mater | Yale University Columbia University |
Andrés Velasco Brañes was born on August 30, 1960. He is a Chilean economist (someone who studies how money and resources are used). He also works as a professor.
He was the Minister of Finance for Chile from 2006 to 2010. This means he was in charge of the country's money and economy. He worked under President Michelle Bachelet.
Today, he is the head of the School of Public Policy at the London School of Economics.
Contents
Early Life and Education
Andrés Velasco was born in Santiago, Chile. His father was a politician and his mother was a lawyer. He lived in Santiago until he was 16 years old.
In 1977, his family moved to the United States. They first lived in Los Angeles, then in Boston. He finished high school in Massachusetts.
He went to Yale University where he studied economics and philosophy. He also earned a master's degree in international relations there. Later, he received his PhD in economics from Columbia University. He continued his studies at Harvard University and the Massachusetts Institute of Technology (MIT).
Early Career
Before becoming a minister, Velasco worked as a professor. He taught at New York University and Columbia University.
He also worked for the Chilean government. From 1990 to 1992, he was the Chief of Staff for Chile's Ministry of Finance. He helped with international money matters from 1992 to 1994. In 1995, he was part of the team that worked on the North American Free Trade Agreement (NAFTA).
From 2000 to 2006, he was a professor at Harvard University's John F. Kennedy School of Government. He also advised groups like the International Monetary Fund and the World Bank. He helped the governments of the Dominican Republic, Mexico, and El Salvador.
Political Career
Minister of Finance
When Andrés Velasco became Minister of Finance in 2006, the price of copper was very high. Copper is a big export for Chile. This meant the government had a lot of extra money. Many people wanted to spend this money right away.
However, Velasco decided to save most of it. He put the money into special reserves. These savings were equal to about 30% of Chile's total economy (its GDP). This decision helped Chile save a lot of money. The country had its largest budget surpluses in a long time. A budget surplus means the government takes in more money than it spends.
Because of this, Chile became the only country in Latin America that had more money saved than it owed.
Later, around 2007-2010, there was a big global financial crisis. The price of copper dropped a lot. This could have hurt Chile's economy. But because Velasco had saved money, Chile was ready. He used the savings to help the economy. The government gave money for programs and cut taxes. These actions helped many people.
At first, some people didn't like his decision to save money. But after the crisis, his popularity grew. He became one of the most respected politicians.
Political Leadership and Presidential Candidate
After his time as Finance Minister, Velasco decided to run for President of Chile. This was in 2011.
He officially started his campaign in May 2012. He ran in the primary election for a group of center-left parties. A primary election helps parties choose their main candidate. Velasco came in second place in this election. He was behind former President Michelle Bachelet.
In October 2012, Velasco started a new political group. It was first called Fuerza Pública. Later, it was renamed Ciudadanos, which means "Citizens." He became the leader of this party in 2016. In 2017, he ran for a seat in the Senate (a part of the government). He did not win, but he got a good number of votes.
Return to Academia
In August 2018, Velasco became the first head (dean) of a new school. This was the School of Public Policy at the London School of Economics and Political Science.
He said the school would try to "understand the causes of things for the betterment of society." This means they want to study problems and find ways to make society better. As dean, he often gives talks and teaches a class on macroeconomics. He also holds discussions with students.
Since 2001, Velasco has written articles for Project Syndicate. He continues to write about many topics, like politics and money.
In 2021, he joined a special group for the World Bank and International Monetary Fund. This group works on how countries can recover and grow in a good way.
Recognition
Andrés Velasco has received several awards for his work:
- In 2006, he won an award from the Inter-American Development Bank. This was for his work in economic research and helping to create new institutions in Latin America.
- In 2008, Emerging Markets magazine named him "Latin America Finance Minister of the Year." This award was based on what top economists and investors thought.
- América Economía magazine also called him "Finance Minister of the Year."
- In 2009, Latin Trade magazine gave him the "Most Innovative Leader of the Year" prize.
Personal Life
Andrés Velasco is married to a journalist named Consuelo Saavedra. They have three children.
See Also
In Spanish: Andrés Velasco Brañes para niños
