Editor’s Letter 2025 Q4
It’s been a turbulent year in global markets — one of policy shocks, political theater and unexpected turns. Yet amid the noise, one story has quietly gathered strength: the dollar’s retreat. U.S. trade tariffs and the uncertainty surrounding them have helped set the stage for a weaker greenback, opening a new chapter for emerging markets.
COVER STORY
LatAm Markets: Taking flight
A softening dollar is breathing new life into Latin America’s asset markets, drawing investors hungry for yield – despite warnings the greenback’s current weakness may prove short-lived.
PARTING SHOT: KENNETH ROGOFF
Stablecoins: LatAm’s phantom menace
As Washington embraces dollar-backed stablecoins, Kenneth Rogoff warns that the real shock for Latin America may come not from tariffs but from a new wave of digital dollars—threatening to upend economic sovereignty across the region.
FEATURES
Mexico Nearshoring: After the Boom
Mexico’s nearshoring bonanza supercharged investment in recent years. Now, rising US tariffs are testing whether that momentum can outlast politics and turn into something more durable.
Green Finance: Cutting a New Deal
Despite a growing anti-ESG backlash, clean-energy projects in Latin America continue to attract capital — but only when they can promise strong, hard-currency returns.
Adaptation Finance: The Amazon Gambit
Sustainable debt markets have lost momentum just as Latin America needs them most.
As climate disasters multiply and adaptation costs surge, the region is testing new ideas—from national taxonomies to “Amazon bonds”— to get finance flowing again.
AWARDS
Finance Minister of the Year 2025: Luis Caputo
Argentina’s economy has seen brief miracles before. The challenge now is to make this one last.
Central Bank Governor of the Year: Santiago Bausili
In his second year at the helm, Argentina’s top monetary policymaker has been credited with stabilizing the central bank’s finances, reining in inflation and guiding a fragile transition toward a freer currency regime.
Excellence in Public Finance: Carlos Fernández
After achieving investment grade and selling its first guarani-denominated bonds, Paraguay is building on these successes to boost investment, productivity and trade — and, as importantly, to translate these advances into better livelihoods at home, says the country’s economy minister.
