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  • Author: Derek M. Scissors
  • Publication Date: 07-2014
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Chinese foreign investment declined through mid-2014 for the first time since the financial crisis. By sector, energy draws the most investment, but a slump in energy spending means that metals and real estate have been more prominent so far in 2014. The United States has received the most Chinese investment since 2005, followed by Australia, Canada, and Brazil. China invests first in large, resource-rich nations but has also diversified by spending more than $200 billion elsewhere. Chinese investment benefits both China and the recipient nation, but host countries must consider thorny issues like Chinese cyberespionage and subsidies.
  • Topic: Economics, Human Rights, International Trade and Finance, Terrorism, Foreign Direct Investment
  • Political Geography: United States, China, Canada, Asia, Brazil, Australia
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Aspen Institute
  • Abstract: During the past 10 years of impact investing in Brazil, we have observed a significant development in the impact investing space. Five years ago, only a few players identified themselves as impact investors, very few organizations in the social sector were investor-ready, and there were almost no co-investment opportunities. A steep increase in the number of investors and amount of capital, greater coordination among players, and a more professional workforce active in the industry today have facilitated the development of impact investing. This market study of the impact investing sector in Brazil reveals significant market growth. Nineteen of Brazil's largest impact investors, including fund managers, banks, foundations, family offices and others surveyed expect to commit 40% to 50% more capital to impact investments in 2014 compared to 2013.
  • Topic: International Trade and Finance, Political Economy, Infrastructure
  • Political Geography: Brazil, South America, Latin America
  • Author: Anders Åslund
  • Publication Date: 11-2013
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Emerging-market growth from 2000 to 2012 was untypically high. This paper highlights the many reasons why emerging-economy growth is likely to be lower going forward. Much of the catch-up potential has already been used up. The extraordinary credit and commodity booms are over, and many large emerging economies are financially fragile. They have major governance problems, so they need to carry out major structural reforms to be able to proceed with a decent growth rate, but many policymakers are still in a state of hubris and not very inclined to opt for reforms. They are caught up in state and crony capitalism. Rather than providing free markets for all, the West might limit its endeavors to its own benefit. Economic convergence has hardly come to an end, but it has probably reached a hiatus that is likely to last many years. The emerging economies need to improve their quality of governance and other economic policies substantially to truly catch up. For a decade or so, the West could take the global economic lead once again as in the 1980s.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Monetary Policy, Governance
  • Political Geography: Russia, China, India, South Africa, Brazil
  • Author: Yunus Emre
  • Publication Date: 08-2013
  • Content Type: Working Paper
  • Institution: Global Political Trends Center
  • Abstract: The 2000s saw a new orientation through left including social democracy in Latin American countries. This orientation was the direct result of the failure of the neo-liberal globalization project. This paper seeks to reveal social democratic trends in Latin America. For this purpose the rise of the Latin American left and basic trends were revealed and developments in Uruguay, Brazil, Chile and Argentina were examined.
  • Topic: Democratization, Globalization, International Trade and Finance, Politics, Governance
  • Political Geography: Brazil, Argentina, Latin America, Chile
  • Author: Shanker A. Singham
  • Publication Date: 10-2012
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage. ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars. To combat ACMDs, the conventional trade policy approach of focusing on the The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage.1 ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars.
  • Topic: Economics, Emerging Markets, Globalization, International Trade and Finance, Markets
  • Political Geography: Russia, United States, China, India, Brazil
  • Author: Nora Lustig, Luis F. Lopez-Calva, Eduardo Ortiz-Juarez
  • Publication Date: 10-2012
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: Between 2000 and 2010, the Gini coefficient declined in 13 of 17 Latin American countries. The decline was statistically significant and robust to changes in the time interval, inequality measures, and data sources. In-depth country studies for Argentina, Brazil, and Mexico suggest two main phenomena underlie this trend: a fall in the premium to skilled labor and more progressive government transfers. The fall in the premium to skills resulted from a combination of supply, demand, and institutional factors. Their relative importance depends on the country.
  • Topic: Development, Economics, Emerging Markets, Globalization, International Trade and Finance, Poverty, Social Stratification
  • Political Geography: Brazil, Argentina, Latin America, Mexico
  • Author: Ted Piccone, Emily Alinikoff
  • Publication Date: 01-2012
  • Content Type: Working Paper
  • Institution: Center on International Cooperation
  • Abstract: As the emerging global order takes shape, debate is growing more intense around the trajectory of the rising powers and what their ascendency to positions of regional and international influence means for the United States, its traditional allies, and global governance more broadly. Commentary about these rising powers— often referred to in a generic way as the BRICS (Brazil, Russia, India, China, South Africa) but actually encompassing a dozen or so countries largely represented in the G-20—ranges from alarmist to sanguine. Pessimists argue that China, with its impressive economic growth and increasingly global reach, is well-positioned to challenge the United States' role of global superpower and to weaken the commitment of other rising powers, and various international organizations, to liberal values. More optimistic analysts insist that the rise of middle powers, most of which are democracies of varying stripes, bodes well for the world: millions are being lifted out of poverty, rule of law is taking hold and the international system is bound to be a more inclusive, representative one.
  • Topic: Democratization, Development, Economics, Globalization, Human Rights, International Trade and Finance, Markets, Poverty, Governance
  • Political Geography: Russia, United States, China, India, South Africa, Brazil, Arabia
  • Publication Date: 11-2012
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: Markets of the future—China, India, Brazil and Russia—will become the dominant retail markets l Africa, the final frontier—as BRIC opportunities diminish retailers will look to Africa as a driver of growth l Virtual marketplace— e-commerce, m-commerce and s-commerce—will transform the global retail landscape l Bricks and mortar will fight back as traditional retailers respond to change by integrating online with physical store offerings l Convenience will be king as shopping habits evolve into a multichannel approach rather than “one-stop shopping” l UK focus: polarised shopping habits could continue even when incomes recover, leading to an even greater squeeze on mid-market retail by 2022.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Markets, Science and Technology, Communications
  • Political Geography: Russia, China, United Kingdom, India, Brazil
  • Author: Thomas Carothers, Richard Youngs
  • Publication Date: 06-2011
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: The emergence of a multipolar world gives Western democracy advocates cause for both optimism and anxiety. China's success sparks fears of the spread of an autocratic development model. Yet democratic states such as Brazil, Indonesia, India, South Africa, and Turkey are also gaining ground. These countries serve as powerful examples of the universal appeal of democracy and possess unique experiences with democratization. The United States and Europe understandably hope that rising democracies will use their growing prominence to defend democratic values abroad, potentially revitalizing international democracy support.
  • Topic: Democratization, Development, Human Rights, International Trade and Finance
  • Political Geography: United States, China, Indonesia, Turkey, India, South Africa, Brazil
  • Author: Samuel W. Bodman, James D. Wolfensohn, Julia E. Sweig
  • Publication Date: 07-2011
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Brazil has transcended its status as the largest and most resource-rich country in Latin America to now be counted among the world's pivotal powers. Brazil is not a conventional military power, it does not rival China or India in population or economic size, and it cannot match the geopolitical history of Russia. Still, how Brazil defines and projects its interests, a still-evolving process, is critical to understanding the character of the new multipolar and unpredictable global order.
  • Topic: Development, Economics, Globalization, International Trade and Finance
  • Political Geography: Russia, China, India, Brazil, Latin America
  • Author: Robert Kappel
  • Publication Date: 09-2010
  • Content Type: Working Paper
  • Institution: German Institute of Global and Area Studies
  • Abstract: As the conception of and debates on regional powers have been led by political science, this paper aims to contribute to the discussion from an economics perspective. Based on the discussion of different concepts of economic power—such as those of Schumpeter, Perroux, Predöhl, or Kindleberger—concepts of technological leadership, and the global value chain approaches, the paper develops a research framework for the economics of regional powers. This framework is then tested using descriptive statistics as well as regressions analysis, with a focus on the four regional powers Brazil, China, India, and South Africa. As economic power is relational, the relationship of regional powers to other nations in the region is analyzed.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Africa, China, India, South Africa, Brazil, Latin America
  • Author: Hal Brands
  • Publication Date: 08-2010
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: This monograph analyzes Brazilian grand strategy under President Luiz Inácio Lula da Silva. During Lula's nearly 8 years in office, he has pursued a multipronged grand strategy aimed at hastening the transition from unipolarity and Western economic hegemony to a multipolar order in which international rules, norms, and institutions are more favorable to Brazilian interests. Lula has done so by emphasizing three diplomatic strategies: soft balancing against the United States, building coalitions to magnify Brazilian negotiating power, and seeking to position Brazil as the leader of a more united South America.
  • Topic: Economics, Globalization, International Trade and Finance, Regional Cooperation
  • Political Geography: United States, Brazil, South America, Latin America
  • Author: Deborah Welch Larson, Alexei Shevchenko
  • Publication Date: 10-2010
  • Content Type: Working Paper
  • Institution: Centre for International Peace and Security Studies
  • Abstract: In the current era, the most striking development is the appearance of rising powers. These include Brazil, Russia, India, and China but also South Africa, Mexico, and South Korea. No longer can a small group of advanced states, the Group of Seven (G-7), manage the world economy. The G-7 has for all practical purposes been replaced by the G-20, which includes China, India, South Korea, Indonesia, and Australia. The emerging powers in Asia account for a growing share of the world's global domestic product. These powers are spending more on their military—India already has an aircraft carrier and plans to procure two more. China's growing navy is a major concern to the United States military.
  • Topic: Emerging Markets, Globalization, International Trade and Finance, Power Politics
  • Political Geography: Russia, United States, China, India, South Korea, South Africa, Brazil, Mexico
  • Author: Sandra Polaski, Dirk Willenbockel, Eduardo Zepeda, Scott McDonald, Joaquim Bento de Souza Ferreir, Janine Berg, Karen Thierfelder
  • Publication Date: 03-2009
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: Brazil's economic growth rate has been positive for the past eight years, after two decades of setbacks and extreme volatility. The country has once again been growing—for a sustained period—at rates that exceed its population growth, with average gross domestic product (GDP) growth per capita averaging 1.63 percent from 2000 to 2007. This exceeds average per capita GDP growth of 0.83 percent from 1980 to 1989 and 0.28 percent from 1990 to 1999, although it still falls well short of the 5.92 percent per capita growth rate from 1970 to 1979.
  • Topic: Economics, International Trade and Finance, Labor Issues, Governance
  • Political Geography: Brazil, South America
  • Author: Arvind Subramanian, Aaditya Mattoo
  • Publication Date: 08-2009
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: This paper documents an unusual and possibly significant phenomenon: the export of skills, embodied in goods, services or capital from poorer to richer countries. We first present a set of stylized facts. Using a measure which combines the sophistication of a country's exports with the average income level of destination countries, we show that the performance of a number of developing countries, notably China, Mexico and South Africa, matches that of much more advanced countries, such as Japan, Spain and USA. Creating a new combined dataset on FDI (covering greenfield investment as well as mergers and acquisitions) we show that flows of FDI to OECD countries from developing countries like Brazil, India, Malaysia and South Africa as a share of their GDP, are as large as flows from countries like Japan, Korea and the US. Then, taking the work of Hausmann et al (2007) as a point of departure, we suggest that it is not just the composition of exports but their destination that matters. In both cross-sectional and panel regressions, with a range of controls, we find that a measure of uphill flows of sophisticated goods is significantly associated with better growth performance. These results suggest the need for a deeper analysis of whether development benefits might derive not from deifying comparative advantage but from defying it.
  • Topic: Development, Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: United States, Japan, Malaysia, India, South Africa, Brazil, Spain, Korea
  • Author: Luís Afonso Lima, Octavio de Barros
  • Publication Date: 08-2009
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The internationalization of Brazilian companies is a relatively recent phenomenon. From 2000 to 2003, outward foreign direct investment (OFDI) averaged USD 0.7 billion a year. Over the four-year period 2004−2008, this average jumped to nearly USD 14 billion. In 2008, when global FDI inflows were estimated to have fallen by 15%, OFDI from Brazil almost tripled, increasing from just over USD 7 billion in 2007 to nearly USD 21 billion in 2008 (annex figure 1 below). Central Bank data put the current stock of Brazilian OFDI at USD 104 billion, an increase of 89% over 2003. Caution is in order about these figures, however, as in Brazilian outflows it is difficult to separate authentic FDI from purely financial investment under the guise of FDI. According to the most recent data, 887 Brazilian companies have invested abroad
  • Topic: Development, Economics, International Political Economy, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Brazil, Latin America
  • Author: Alessandra Guariglia, Amelia U. Santos-Paulino
  • Publication Date: 03-2008
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Using a panel of 139 countries over the period 1992-2003, we analyse the links between export productivity, economic growth and financial development indicators. We then investigate whether the links observed in China, India and Brazil systematically differ from those observed in other countries in the sample. We find that both GDP per capita and investment generally exert a positive and significant effect on export productivity. Except for Brazil, financial development is not an important determinant of export productivity. Moreover, except for Brazil, export productivity plays a positive effect on growth, and so does financial development for both China and Brazil, but not for India. Finally, in both India and Brazil, FDI is negatively associated with growth.
  • Topic: International Trade and Finance
  • Political Geography: China, India, Asia, Brazil, South America
  • Author: Amelia U. Santos-Paulino
  • Publication Date: 03-2008
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper analyses the patterns of export productivity and trade specialization profiles in the China, Brazil, India and South Africa, and in other regional groupings. In doing so, the investigation calculates a time varying export productivity measure using highly disaggregated product categories. The findings indicate that export productivity is mainly determined by real income and human capital endowments. Importantly, the study reveals significant differences in the export productivity and specialization patterns of countries with comparable per capita income levels. For instance, China's export productivity and implied export sophistication is in line with that of countries with higher per capita incomes, including some OECD industrial economies.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Africa, China, India, Asia, South Africa, Brazil, South America
  • Author: Silvia Nenci
  • Publication Date: 02-2008
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: The rise of the emerging southern economies – China, India, Brazil, and South Africa (CIBS) – as both economic and political actors, is having significant and far-reaching impact on the world economy. Notwithstanding the increasing amount of study and research, there are still important knowledge-gaps with respect to a range of likely consequences of the dynamism of the Southern Economies. One of these gaps concerns the implications for the WTO-multilateral trading system. The present paper proposes a review of the southern participation in the multilateral integration process and suggests a methodology to assess the impact of CIBS' rise on the future of the WTO system. Through the analysis of the trajectories of 'impact' of the trade channel, the paper draws some suggestive remarks.
  • Topic: International Organization, International Trade and Finance
  • Political Geography: Africa, China, India, Asia, South Africa, Brazil, South America
  • Author: Silvina María Romano
  • Publication Date: 09-2008
  • Content Type: Working Paper
  • Institution: CONfines de Relaciones Internacionales y Ciencia Política
  • Abstract: El siguiente trabajo se centra en las relaciones entre Argentina y Brasil y el rol que cada uno de estos países desempeñó en el marco del proceso de integración institucionalizado en la Asociación Latinoamericana de Libre Comercio (ALALC) a principios de 1960, teniendo en cuenta la incidencia del gobierno norteamericano en orden a su condición de potencia hegemónica continental. El centro de reflexión lo constituyen las relaciones entre Argentina y Brasil por ser los países de mayor gravitación en el Cono Sur, considerando que, históricamente, se han desarrollado de manera complementaria o, a veces, contradictoria con respecto a la política exterior de las grandes potencias, siendo Estados Unidos el gobierno que demostró mayor gravitación en la región durante el período abordado (Rapoport y Laufer, 2000).
  • Topic: Conflict Resolution, International Trade and Finance, Regional Cooperation
  • Political Geography: Brazil, Argentina, Latin America
  • Author: Daniel Drache, Marc D. Froese
  • Publication Date: 05-2008
  • Content Type: Working Paper
  • Institution: Institute on Globalization and the Human Condition, McMaster University
  • Abstract: Faced with the lengthening shadow of the Doha Round of trade negotiations, scholars often point to the seven years it took negotiators to conclude the Uruguay Round. This paper argues that the negotiating deadlock in the Doha Round represents a transformative shift on the part of Member nations away from the current model of multi-platform, single-undertaking multilateralism and towards smaller negotiating platforms. We examine two dynamics that mark this round as qualitatively different from the Uruguay Round. First, new, highly vocal global trading powers such as India, China and Brazil have begun to use their market power to push for a trade deal that directly benefits the Global South. Second, the new rules for trade that were agreed to in the Uruguay Round had promised a reduction in non-tariff protectionism, but the continuing popularity of protectionist industrial policies has shown the developing world that greater access to northern markets might not be delivered at the World Trade Organization. The paper concludes with a discussion of trade multilateralism in historical context. This is not the first time the world has been faced with systemic changes in international economic relations. In the nineteenth and the early twentieth centuries, global trade broke down – first with the end of the British free trade system, and shortly thereafter with the catastrophic collapse of the interwar trading order. Nevertheless, this qualitative shift in the negotiating strategies of states need not be seen as a return to protectionism. The explosion of preferential regional agreements offers a number of new ways to address the social and political dimensions of economic integration.
  • Topic: Agriculture, Globalization, International Organization, International Trade and Finance, Post Colonialism, Sovereignty, Treaties and Agreements, World Trade Organization
  • Political Geography: China, Brazil
  • Author: Barry Herman
  • Publication Date: 03-2008
  • Content Type: Working Paper
  • Institution: The New School Graduate Program in International Affairs
  • Abstract: The Institute of International Finance, a bankers group, has promoted its “Principles for Stable Capital Flows and Fair Debt Restructuring” as a code of conduct for debtor governments and their private creditors to avoid and if necessary resolve sovereign defaults. Although drafted with Brazil, Korea, Mexico and Turkey, I argue this purely voluntary code is excessively creditor friendly. Instead, a more balanced code should be developed in a broad, open and politically legitimate forum, and be coupled with an international disciplining mechanism that pushes creditors and debtor to a negotiated outcome under the code. A suggested approach concludes the paper.
  • Topic: Development, Economics, International Trade and Finance, Foreign Aid
  • Political Geography: Turkey, Brazil, Korea, Mexico
  • Author: Simon Evenett
  • Publication Date: 04-2007
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: In recent years, the bipolar multilateral trading system of the post-war years has given way to a multipolar alternative. Although many specifics have yet to be determined, some contours of this new trade policy landscape are coming into focus and in this short paper I examine their implications for the European Union's external commercial policy. Particular attention is given to both the state of business-government relations and the propensity to liberalise under the auspices of reciprocal trade agreements by Brazil, India, and China; the potential new poles of the world trading system. I consider the likely consequences of these developments, plus factors internal to both the European Union and the United States, for the possible con-tent of future multilateral trade initiatives.
  • Topic: Development, Government, International Trade and Finance
  • Political Geography: United States, China, Europe, India, Brazil
  • Author: Mark P Thirlwell
  • Publication Date: 09-2006
  • Content Type: Working Paper
  • Institution: Lowy Institute for International Policy
  • Abstract: In the past, there has been plenty of scepticism about India's economic prospects: for many, Charles De Gaulle's aphorism regarding Brazil, that it was a country with enormous potential, and always would be, seemed to apply equally well to the South Asian economy. While the 'tiger' economies of East Asia were enjoying economic take-off on the back of investment- and export-led growth, the lumbering Indian elephant seemed set to be a perpetual also-ran in the growth stakes. Yet following a series of reform efforts, first tentatively in the 1980s, and then with much more conviction in the 1990s, the Indian economic model has been transformed, and so too India's growth prospects. High profile successes in the new economy sectors of information technology (IT) and business process outsourcing (BPO), along with faster economic growth, triggered a widespread rethink regarding India's economic prospects, and a wave of foreign portfolio investment flowed into Indian markets. Perhaps India was set to be a tiger after all.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: South Asia, India, East Asia, Asia, Brazil
  • Author: Pablo Heidrich
  • Publication Date: 02-2005
  • Content Type: Working Paper
  • Institution: Center for International Studies, University of Southern California
  • Abstract: Argentina and Brazil suffered grave financial crises during the 1990s. During that time, they were involved in trade negotiations with each other inside Mercosur. As the financial crises struck one or the other country, their negotiating positions varied from accommodating to aggressive, leading to peaks of confrontation from which Mercosur has not quite recovered yet. Furthermore, those crises provoked a large number of trade disputes as protectionism from both countries grew when the crises increasingly hurt their economies.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: Brazil, Argentina, Latin America
  • Author: Agata Antkiewicz, John Whalley
  • Publication Date: 10-2005
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: We discuss recent regional trade and economic partnership agreements involving the large population, rapidly growing economies (BRICSAM: Brazil, Russia, China, India, South Africa, ASEAN, and Mexico). Perhaps 50 out of 300 agreements that exist worldwide involve BRICSAM countries; most are recently concluded and will be implemented over the next few years. Along with extensive bilateral investment treaties, mutual recognition agreements, and other country to country (or region) arrangements they are part of what we term the non-WTO. This paper aims to document and characterize the agreements and analyze their possible impacts. Agreements differ in specificity, coverage and content. In some treaties there are detailed and specific commitments, but these also co-exist with seemingly vague commitments and (at times) opaque dispute settlement and enforcement mechanisms. Whether these represent a partial replacement of the World Trade Organization (WTO) process for newly negotiated reciprocity based on global trade liberalization or largely represent diplomatic protocol alongside significant WTO disciplines is the subject of this paper.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: Russia, China, India, Asia, South Africa, Brazil, Mexico
  • Author: Alan Heston, Bettina Aten
  • Publication Date: 08-2003
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Accurate regional estimates of output are desired as an indicator of level of development and as a variable used to explain internal migration, demand patterns, fertility and other aspects of behaviour. This chapter explores one often neglected aspect of regional income differences, namely that due to price differences or regional purchasing power parities. When nominal regional income measures are adjusted for these price level differences they are termed real regional incomes. The preferred method of estimating regional purchasing power parities by detailed price comparisons is discussed for Brazil, the United States and the European Union. The empirical thrust of the chapter is an investigation of different methods for estimating regional real incomes based on PPP data for 167 countries and nominal regional incomes and other data for about 870 administrative areas at the subnational level. Even in their present form we believe the real income estimates provided for the geographical units present opportunities for understanding the world economic structure.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: United States, Europe, Brazil
  • Author: Jeffrey J. Schott
  • Publication Date: 08-2003
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: The United States and Brazil are the largest economies in North and South America, respectively. A generation ago, both were relatively closed economies in terms of the proportion of their trade to gross domestic product (GDP), but for sharply different reasons. The US market was highly competitive except for some light manufactures (e.g., textiles, clothing, and footwear) and a few agricultural sectors with high border barriers. By contrast, Brazilian industry was largely uncompetitive and highly subsidized; important commodities like coffee provided the bulk of exports while a large share of the value of most industrial exports was attributable to export subsidies.
  • Topic: International Trade and Finance
  • Political Geography: United States, Brazil, South America, Latin America, Caribbean
  • Author: Rebeca de la Rocque Palis, Roberto Luis Olinto Ramos, Patrice Robitaille
  • Publication Date: 08-2003
  • Content Type: Working Paper
  • Institution: Board of Governors of the Federal Reserve System
  • Abstract: Revisions to GDP announcements in many countries are often large, and Faust, Rogers, and Wright (2003) have found that G-7 GDP revisions are predictable to varying degrees. In this paper, we extend FRW to study revisions to Brazilian GDP announcements. We document that revisions to Brazilian GDP are large relative to those of G-7 countries. Brazilian GDP revisions are also predictable, which is consistent with the view that GDP revisions correct errors in preliminary GDP rather than reflect news. However, GDP revisions are far from being entirely predictable. Although GDP revisions are largest only one year following the initial GDP release, those revisions are nearly unpredictable.
  • Topic: International Relations, Economics, International Trade and Finance
  • Political Geography: Brazil, South America
  • Author: Francisco Zapata
  • Publication Date: 01-2003
  • Content Type: Working Paper
  • Institution: Kellogg Institute for International Studies
  • Abstract: Economic adjustment policies, trade liberalization, privatization of State enterprise and transformation of labor markets and labor market institutions relate to a process of transition between a model of import substitution industrialization and a "new economic model" characterized by the transnationalization of Latin American internal markets. All these elements contribute to change the premises of the organization of unions and to weaken their role in the negotiation of salaries and working conditions, their intervention in the regulation of employment and their participation in the administration of social security and health benefits. On the basis of the cases of Brazil, Chile and Mexico, the presentation will provide a context in which to pose the question of the crisis of Latin American labor and examine some of the alternatives that are available for trade unions in the new economic conditions.
  • Topic: Industrial Policy, International Trade and Finance
  • Political Geography: Brazil, South America, Central America, North America, Mexico, Chile
  • Author: Lucia Lamounier
  • Publication Date: 10-2000
  • Content Type: Working Paper
  • Institution: The London School of Economics and Political Science
  • Abstract: This paper examines changing patterns of labour relations in nineteenth-century Brazil associated with the building of railways and expansion of export agriculture. It addresses the 1850s-1880s period, decades when the `labour question' became a pressing issue for contemporaries. The extinction of the trans-Atlantic slave trade in 1850 posed the problem of finding alternative supplies of labour at a time of increasing agro-export production. In 1852 effective action to start the building of railways was taken. As part of efforts to improve conditions in the sugar and coffee sectors, several concessions were approved. From the middle of the century through to the 1870s, the expansion of coffee cultivation and railway construction were closely inter-related phenomena in the southern provinces of Brazil and shaped the debate about labour. The 1870s was a key decade. First, these years witnessed a `railway mania' - a great fever of building new lines and branches in various regions of the country, especially in the new coffee districts. Second, concern about the labour question intensified with the approval in 1871 of the Rio Branco Law which provided for the gradual emancipation of slaves. From then until 1888, when slavery was finally abolished, several policies were implemented trying to solve the problem of labour supply and to set new patterns of labour relations. This involved the arrival of thousands of immigrants in the 1880s, imported with government aid, to support the near-continuous expansion of coffee cultivation.
  • Topic: Economics, Industrial Policy, International Trade and Finance
  • Political Geography: Brazil, South America
  • Author: Gary Clyde Hufbauer, Erika Wada
  • Publication Date: 09-1999
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: Russia, Asia, Brazil, Mexico
  • Author: Carol Wise
  • Publication Date: 06-1999
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: This paper tackles the question of trade strategy and differential economic performance in Latin America, with a focus on the four countries -- Argentina, Brazil, Chile, and Mexico -- most important for the successful completion of a full Western Hemispheric integration scheme. The analysis distinguishes between a “standard” market strategy that assigns the task of economic adjustment to market forces and a “competitive” strategy that more actively employs a range of public policies to facilitate adjustment and correct for instances of market failure. The choices of strategy are explored against the backdrop of international pressures, government-business relations, and institutional reform within the state. Two main conclusions are drawn: first, the competitive strategy strongly correlates with more favorable macro-and microeconomic outcomes and, second, mediocre economic performance under a standard market strategy has undermined the spirit of collective action that will be necessary to forge ahead at the hemispheric level.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Brazil, Argentina, Latin America, Mexico, Chile
  • Author: Manuel Pastor, Carol Wise
  • Publication Date: 08-1996
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: Just as the 1980s now stand out as the decade of the debt crisis in Latin America, the 1990s have become the free trade decade. After a number of failed attempts at trade liberalization during the 1970s, many states in the region now have made dramatic progress in their efforts to reduce tariffs and eliminate quantitative restrictions (QRs) (see Table 1). The strongest evidence of this new openness is reflected in Mexico's 1994 entry into the North American Free Trade Agreement (NAFTA) with the United States and Canada, the stated intention at the 1994 Summit of the Americas in Miami to develop a plan for the full expansion of hemispheric free trade, and the ongoing consolidation of such subregional trade pacts as South America's Southern Cone Common Market (MER - COSUR), including Argentina, Brazil, Paraguay, and Uruguay.
  • Topic: Development, Government, Industrial Policy, International Trade and Finance
  • Political Geography: United States, Canada, Brazil, South America, Uruguay, Caribbean, North America, Paraguay