Foreign Exchange Rationing, Digital Dollar Access, and Regulatory Observability: Evidence from Bolivia
Examines how foreign exchange rationing and regulatory access shape digital dollar activity in Bolivia.
Senior Economist · Institute of International Finance
Jonathan
Fortun.
Jonathan Fortun is a Senior Economist at the Institute of International Finance. His work connects international capital flows and global macroeconomics with the monetary and financial systems through which money moves. He studies how these movements affect exchange rates, external balances and the real economy, with particular depth in emerging markets, Japan and Bolivia.
Selected research
IIF Deep Dive: Capital Flows and Digital Trade in Emerging Markets
Using emerging-market data for 2008–2024, the paper studies how the composition of capital inflows relates to exports of ICT goods and services.
Recent media
How much public debt falls on each person? The Latin American countries with the highest debt per capita
Bloomberg Línea reports that US and Japanese public debt tops US$110,000 per person, using a Visual Capitalist review.
Countries with the highest and lowest gasoline prices in Latin America at the start of the fourth quarter of 2026
Bloomberg Línea reports on gasoline prices across Latin America as energy inflation and Middle East tensions keep pressure on fuel costs.
Narrower rate differential amplifies peso volatility: IIF
Jonathan Fortun explains that a narrower interest rate gap between Mexico and the United States has made the peso more vulnerable to global volatility by weakening the carry trade.
From the global system to its mechanisms
Capital flows ↗
Capital flows explained: how cross border investment is measured, what drives emerging market flows, and Jonathan Fortun’s research on currencies and financing conditions.
Global macroeconomics ↗
How money, financial systems and policy shape economic activity, and how we measure the forces beneath the surface.
Economies, in depth
Japan offers a vantage point on the origins and international allocation of capital. Bolivia brings monetary, financial and real economic constraints into close view.
In conversation
Explore the media archive ↗May 26, 2026
Current Account with Clay Lowery - Episode 146: The Tail End of a Chimera — A Midyear Macroeconomic Update
Marcello Estevão and Jonathan Fortun join Clay Lowery to discuss the IIF's midyear Capital Flows Report. They examine US economic outperformance, uneven emerging-market signals and how geopolitical shocks interact with existing weaknesses. The episode also addresses supply-chain disruption beyond energy and the policy risks accumulating for the second half of 2026.
View detailsMarch 6, 2026
Flar Talks | Outlooks, Risks, and Determinants of Capital Flows in Latin America
A FLAR webinar on the outlook and risks for capital flows in Latin America, with discussion of global capital allocation, macroeconomic policy and financial stability.
View detailsThe work, in context.
A body of work connecting institutional analysis, academic research and public communication.