iiinova — where your digital self keeps evolving

Stephan Gruber

@stephangruber.bsky.social

563 followers 429 following 52 posts

Post Doctoral Researcher @MPIfG_Cologne . Economic Sociology / Political Economy / Economic Thought / Social Change / Central Banks / Latin-America

Posts Replies Media

Stephan Gruber @stephangruber.bsky.social · 15/08/2026

Peru's balance-of-payments stability hinges on reserve accumulation that doubles the Latin American average, "insuring" against capital flight — alongside an austere state and low-wage economy that limit budgetary and import pressures.

Foreign reserves of Peru. Reaching 100 Bn Dollars in 2026, with a trend of around 30% of GDP in relative terms. This is double the average of Latin America.

120

Stephan Gruber @stephangruber.bsky.social · 15/08/2026

Peru's strong trade surplus is usually outweighed — barring very favorable terms of trade — by the primary income deficit: mostly profits and debt repatriated by foreign companies, many in extractive industries.

Peru's Current Account 2012-2026: the current account has been in deficit throughout the period until 2024, in which excellent terms of trade skyrocketed the trade balance bringing the current account to surpluses. Primary income incrased its deficit as well the services account. Secondary income, mainly remmittances is also positive and stable.

130

Stephan Gruber @stephangruber.bsky.social · 15/08/2026

Peru's model has boosted exports and lured foreign investment through favorable laws and macro-financial conditions — but that investment is concentrated in raw commodity mining, with weak linkages to the rest of the economy and little reinvestment.

An illustration of Peru's Export Basket: Cooper leads with 31.5%, Gold with 18.4 % and other metals with 12.3%, in sum minerals overwhelms the baskey with 62%, Agro-Exports 15%, while other non-traditional exports are only around 12.6%.

110

Stephan Gruber @stephangruber.bsky.social · 22/04/2026

1. As a good complement, earlier this year I published this chapter in the edited volumen Market Economists Beyond the West, edited by Tobias Rupprecht in Routledge. In there, I relate the 1980s story to the longer Peruvian genealogy of neoliberal ideas. www.routledge.com/Market-Econo...

181

Stephan Gruber @stephangruber.bsky.social · 22/04/2026

1.NEW ARTICLE. Fresh out of the oven, I want to share my article on “neoliberal populism” just out in out in Global Perspectives. I analyze the ideational origins of Peru's resilient neoliberalism in the 1980s. Here a free access to the article (for a month). online.ucpress.edu/gp/article/d...

First page of the article on Neoliberal Populism in Peru.

12314