M.B.A. Cohort 14’s second international business experience provided students the opportunity to study the emerging economy of Lima, Peru, where they visited several companies to learn about the country’s business practices in September.

The cohort spent a day at the Central Reserve Bank of Peru to speak with Chief Economist Adrian Armas about the past, present and future of the Peruvian economy. Armas discussed the drivers of the country’s economic growth during the past decade, the region’s financial challenges, and actions to encourage de-dollarization and strengthen public finance.

“I was interested to find out how the S&P credit downgrade on U.S. debt affected emerging market economies… and how the European economic crisis was impacting economic decision making,” said Graeme Woods, a student in M.B.A. Cohort 14.” The combination of these two events is causing strange market activity, and I was happy to get an explanation from the Peruvian banker’s perspective of what is happening.”

The Central Reserve Bank of Peru functions to regulate money and credit in the financial system, issue notes and coins, manage international reserves and report on the country’s finances. Armas has held the role of Chief Economist since 2005 and is the author of works on monetary economics published by the Central Reserve Bank of Peru, the International Monetary Fund and the Bank for International Settlements.

“Having a top level administrator speak directly with us signifies a strong interest in inviting foreign investment and business interests to fully participate in Peru’s economy,” said student Elizabeth Zimmerman. “A well-managed economy has, in turn, limited [Peru’s] susceptibility to violent factions that have limited growth in other developing nations.”