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Particularly timely in light of the recent Mexican peso crisis, Mobile Capital and Latin American Development examines the causes, consequences, and implications of the Latin American capital flight of the 1980s. It addresses the increasingly mobile and privatized nature of international capital and its power to shape economic policy in those countries. Through a comparison of the policy experiences of Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela, James E. Mahon finds that those countries that suffered the most capital flight had previously faced fewer structural trade problems and had not reoriented their exchange policies to diversify exports and deal with exchange-market instability. Since the countries that stumbled worst into capital flight before the debt crisis were later among the most aggressive neoliberal reformers, Mahon discusses the ways in which overseas capital served as a kind of pressure for free-market reform. Finally, the idea that internationally mobile capital now can operate as a kind of senate--an arm of the wealthy few, guarding the established order against the arbitrary, dangerous tendencies of the executive and popular chamber--is examined with relation to theories of dependency and the institutionalization of democracy.
A comprehensive and accessible overview of the economic history of Latin America over the two centuries since Independence. It considers its principal problems and the main policy trends and covers external trade, economic growth, and inequality.
Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Comparison of the process of savings and investment in Latin American countries - examines the various types of financial aspects institutions (incl. Banks, stock exchanges, etc.) operating in the capital market, private sector financing and public finance, indicates some conditons that favour a more effective functioning of the capital markets in latin america, and includes 6 country reports (Argentina, Brazil, Colombia, Mexico, Peru and Venezuela). Bibliography pp. 159 to 163 and statistical tables.
This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region.
Focusing on the processes of accumulation, concentration and centralisation of capital, this book explains the transnationalisation of capital and its impact on Latin America and Brazil. The first chapter addresses the logic of these processes from a Marxian perspective. The second chapter shows how this movement of capital expands into some Latin American countries, and how it subsequently retracts in the 1990s process of global centralisation. The third chapter evaluates Latin American strategies to attract capital by taking a subordinate position to capital’s global movement. The last two chapters focus on Brazil's development strategy in the face of the alternating expansion and contraction of capital, and point out the vulnerability of Latin American countries when their development is subordinate to transnational capital. First published in Portuguese as Subordinação consentida: capital multinacional no processo de acumulação da América Latina e Brasil by Annablume Editora/Fapesp in 2006.
Hofman, a researcher with the Chile-based Economic Commission for Latin America and the Caribbean, uses growth accounting methods and previously unavailable long-term series data to assess the economic performance of the region during the century from a comparative and historical perspective. In particular he compares Latin American economies to those of advanced capitalist economies, to newly industrialized economies, and to Spain and Portugal because of the historical ties. He looks at the reasons for the poor or negative growth during the 1980s and the apparent recovery in the 1990s and at such problems as debt, income inequality, high inflation, cyclical instability, and political and policy instability. Annotation copyrighted by Book News, Inc., Portland, OR
This book is the fruit of the research ECLAC has amassed, with ten chapters detailing the great strides that have been made of late in ICT. A distinguishing feature of this book is its multi-disciplinary approach to measuring the economic effects of these technologies, which incorporates the neo-classical growth accounting approach and the evolutionarystructuralistapproach. These approaches are noteworthy because, much like the primary message of ECLAC, they exemplify the pivotal importance of technical progress, productivity and structural transformation in economic growth. Innovation and Economic Development identifies several opportunities and challenges for bringing about a more dynamic role of ICT in the process of structural change and productivity growth and contends that accelerating the adoption and efficient use of ICT is essential to any strategy for further success.