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 (born August 30, 1960) is an important economist and professor from Chile. He used to be the Minister of Finance for Chile from 2006 to 2010, working with President Michelle Bachelet. Today, he is the head (Dean) of the School of Public Policy at the London School of Economics and Political Science.
Contents
Early Life and Learning
Andrés Velasco was born in Santiago, Chile. His father, Eugenio Velasco, was a politician, and his mother, Marta Brañes, was a lawyer. When Andrés was 16, his family moved to the United States. They lived in Los Angeles and then Boston.
He finished high school at Groton School in Massachusetts. He then went to Yale University where he studied economics and philosophy. He also earned a master's degree in international relations from Yale. Later, he received his PhD in economics from Columbia University. He continued his studies at Harvard University and the Massachusetts Institute of Technology (MIT).
Starting His Career
Before becoming a minister, Velasco worked as a professor and researcher. He was a director at New York University's Center for Latin-American and Caribbean Studies. He also taught at Columbia University.
From 1990 to 1995, he worked for Chile's Ministry of Finance. He was a chief of staff and helped with international finance. He also worked on the North American Free Trade Agreement (NAFTA) as a negotiator.
From 2000 to 2006, he was a professor at Harvard University's John F. Kennedy School of Government. He also advised important groups like the International Monetary Fund and the World Bank. He helped governments in countries like Mexico and El Salvador.
Political Journey
Minister of Finance
Andrés Velasco became Chile's Minister of Finance in March 2006. At that time, the price of copper, a very important product for Chile, was very high. 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, which were like a big savings account for the country. These savings grew to be a huge amount, equal to about 30% of Chile's total economy. This made Chile the only country in Latin America that had more money saved than it owed.
When the world faced a big financial crisis in 2008, the price of copper dropped sharply. This could have hurt Chile's economy badly. But because Velasco had saved so much money, Chile was ready. He used the reserves to help the country by giving money for social programs and cutting taxes. These actions helped Chile's economy stay strong and supported its people. Because of this, his popularity grew, and he became one of the most admired politicians.
Running for President
After his time as Finance Minister ended in 2010, Velasco decided he wanted to run for President of Chile. In 2012, he officially started his campaign. He ran in the primary election for a group of center-left parties called Nueva Mayoría.
In the primary election held on June 30, 2012, Velasco came in second place. He received 13% of the votes, behind former President Michelle Bachelet.
Later, on October 7, 2012, Velasco started a new political group called Fuerza Pública. This group was later renamed Ciudadanos, which means "Citizens." He became the president of the Ciudadanos party in December 2016. In 2017, he ran for a senator position but was not elected.
Back to Academia
In August 2018, Andrés Velasco became the first-ever Dean of the new School of Public Policy at the London School of Economics and Political Policy. He said the school would work to "understand the causes of things for the betterment of society."
As Dean, he often speaks at events and teaches a course on macroeconomics. He also hosts monthly discussions for students. Since 2001, Velasco has written articles for Project Syndicate, sharing his ideas on topics like economics and politics.
In 2021, he was asked to join an important group called the World Bank–International Monetary Fund High-Level Advisory Group. This group works on ideas for a strong and fair recovery and growth for countries around the world.
Awards and Recognition
Andrés Velasco has received several awards for his work:
- In 2006, he won the Award for Excellence in Research from the Inter-American Development Bank (IDB). This award recognized his important contributions to economic research and policy in Latin America.
- In 2008, Emerging Markets magazine named him "Latin America Finance Minister of the Year." This award was based on the opinions of top economists and investors.
- América Economía magazine also recognized him as "Finance Minister of the Year."
- In 2009, Latin Trade magazine gave him the prize for "Most Innovative Leader of the Year."
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
