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  • Author: Nora Lustig
  • Publication Date: 08-2015
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: This paper examines the redistributive impact of fiscal policy for Brazil, Chile, Colombia, Indonesia, Mexico, Peru and South Africa using comparable fiscal incidence analysis with data from around 2010. The largest redistributive effect is in South Africa and the smallest in Indonesia. While fiscal policy always reduces inequality, this is not the case with poverty.
  • Topic: Economics, Poverty, Social Stratification
  • Political Geography: Africa, South America, Latin America
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: The growth rates witnessed in markets across Latin America in the decade to 2010 pulled millions out of poverty, led to rapid growth of the middle class and helped to demonstrate the promise of emerging markets. Since then, however, growth has slowed dramatically across the region. 2015 will mark the fifth successive year of deceleration in Latin America, which has slowed more than any other emerging market region. With concerns over the ability of emerging markets to withstand a slowdown in China and monetary policy normalisation in the US growing, risks to the growth and financing outlook for Latin America persist. However, as economic recovery starts to gather pace in the region, opportunities for investment and growth will also re-emerge. This report provides a snapshot of the current political and economic landscape in the region, and in some of Latin America’s largest economies: Brazil, Mexico and Argentina. Each article analyses key concerns and presents our view of the outlook going forward, helping you to influence decision-making and economic outcomes for your business.
  • Topic: Development, Economics, Emerging Markets, Globalization, International Trade and Finance
  • Political Geography: Latin America
  • Author: Enrique Dussel Peters
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Atlantic Council
  • Abstract: Weeks before Chinese President Xi Jinping meets with President Barack Obama in Washington, the Atlantic Council's Latin America Center launched a new report that unravels the complexities of the Latin America-China relationship. Titled China's Evolving Role in Latin America: Can it Be a Win-Win?, the report provides five recommendations to help both China and Latin America usher in a mutually beneficial post-commodity-boom relationship. The key to long-term success will be to insure that the relationship promotes—rather than delays—economic growth and social progress in the hemisphere. In the report, renowned Mexico-based China Expert Enrique Dussel Peters, an Atlantic Coucil author and Professor at the Graduate School of Economics at the National Autonomous University of Mexico (UNAM), calls for a ratcheting up of strategic planning and multilateral support so the relation¬ship is a win-win for all parties, including the United States. A deep dive of the state of play is provided for five countries: Argentina, Brazil, Cuba, Mexico, and Venezuela. These countries illustrate the spectrum of ties with China, ranging from those with long and complex historical relation¬ships to those almost entirely structured around recent opportunities for economic cooperation.
  • Topic: Diplomacy, Economics, Bilateral Relations
  • Political Geography: China, Latin America
  • Author: Marcio Garcia
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: From 2009 until 2011, Brazil utilized capital controls to deter real exchange rate appreciation. These measures may have obstructed necessary changes in the fiscal policy stance from occurring. In Chile, which employed capital controls heavily in the 1990s and then decided not to use them again during the commodity super-boom in the 2000s, suggests that an adequate fiscal policy stance provides better results than the use of capital controls. In addition, the recent experiences of Colombia and Peru demonstrate capital controls are not always necessary. This paper makes recommendations for capital control surveillance and coordination, using the Brazilian experience as an example, and draws on experiences in other Latin American countries. When analyzing the implications for surveillance and coordination, international institutions, such as the International Monetary Fund, should take into consideration that, no matter how many caveats are listed before its guidelines, capital controls mainly serve to bypass needed changes in macroeconomic policy, thereby jeopardizing economic performance.
  • Topic: Economics, Foreign Exchange, International Monetary Fund
  • Political Geography: Brazil, Latin America
  • Author: Jose De Gregorio
  • Publication Date: 04-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Latin America's recent economic performance has been disappointing. After a very strong recovery from the Great Recession, growth has slowed considerably, and prospects for 2015 are dim. Among the seven largest economies in the region, output is expected to contract in Argentina, Brazil, and Venezuela, and Chile, Colombia, Mexico, and Peru are projected to grow by only about 3 percent. The decline was not caused by external factors but was mostly cyclical in nature and a result of low productivity. Although monetary and fiscal policies may still have a role in supporting demand in some instances, the main problem in the region is not a lack of demand but low productivity growth. Efforts must be made to foster productivity. Institutional weakness must be addressed and inequality reduced if sustainable high growth is to resume.
  • Topic: Economics, International Trade and Finance, Monetary Policy, Financial Crisis
  • Political Geography: Latin America
  • Author: Monica de Bolle
  • Publication Date: 09-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Public lending by the Brazilian Development Bank (BNDES) may have done more harm than good in Brazil, adversely affecting real interest rates and productivity growth. Specifically, BNDES's large amounts of subsidized lending are responsible for substantial credit market segmentation, choking off monetary policy transmission. As a result, to maintain price stability the Central Bank of Brazil is forced to raise interest rates more than it might do otherwise in the absence of BNDES lending. Restoring Brazil's capacity to grow in the medium term requires a thorough rethinking of the role of BNDES. In particular, the bank's lending rates should be aligned with market prices, term and risk premia, while taking into account that, with an adequate transparency framework, public development banks can increase private sector participation instead of crowding it out.
  • Topic: Development, Economics, International Trade and Finance, Markets
  • Political Geography: Brazil, Latin America
  • Author: Juan Camilo Castillo, Daniel Mejia, Pascual Restrepo
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: Using the case of the cocaine trade in Mexico as a relevant and salient example, this paper shows that scarcity leads to violence in markets without third party enforcement. We construct a model in which supply shortages increase total revenue when demand is inelastic. If property rights over revenues are not well defined because of the lack of reliable third party enforcement, the incentives to prey on others and avoid predation by exercising violence increase with scarcity, thus increasing violence. We test our model and the proposed channel using data for the cocaine trade in Mexico. We found that exogenous supply shocks originated in changes in the amount of cocaine seized in Colombia (Mexico's main cocaine supplier) create scarcity and increase drug-related violence in Mexico.
  • Topic: Crime, Economics, War on Drugs, Narcotics Trafficking, Law Enforcement
  • Political Geography: Colombia, Latin America, Mexico
  • Author: Oeindrila Dube, Omar Garcia-Ponce, Kevin Thom
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: We examine how commodity price shocks experienced by rural producers affect the drug trade in Mexico. Our analysis exploits exogenous movements in the Mexican maize price stemming from weather conditions in U.S. maize-growing regions, as well as export flows of other major maize producers. Using data on over 2,200 municipios spanning 1990-2010, we show that lower prices differentially increased the cultivation of both marijuana and opium poppies in municipios more climatically suited to growing maize. This increase was accompanied by differentially lower rural wages, suggesting that households planted more drug crops in response to the decreased income generating potential of maize farming.
  • Topic: Agriculture, Economics, Poverty, War on Drugs, Narcotics Trafficking
  • Political Geography: Latin America, Mexico
  • Author: Andrew Powell
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: There are many dimensions to the international use of a nation's currency. These include the use of a currency for trade invoicing and settlement, the use of a currency to denominate assets to be held as a store of value, for example, as central bank reserves, and the use of a currency to denominate liabilities such as loans or bonds.
  • Topic: Debt, Economics, Governance
  • Political Geography: Latin America, Caribbean
  • Author: Marília Leão, Renato S. Maluf
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Oxfam Publishing
  • Abstract: Brazil has achieved promising results in the fight against hunger and poverty. This paper describes the path toward building a new governance framework for the provision of public policies that initiated a virtuous cycle for the progressive elimination of hunger and poverty. However, it is important to emphasize that the country continues to be characterized by dynamics that generate inequalities and threaten social and environmental justice.
  • Topic: Agriculture, Economics, Poverty, Food, Governance
  • Political Geography: Brazil, Latin America
  • Author: Patrice Franko
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Institute for National Strategic Studies
  • Abstract: Brazil is a puzzling new player in the global system. Emerging as a complex international actor, it has come to be seen as a significant economic competitor and dynamic force in world politics. But transformational changes in the economic and political realms have not been accompanied by advances in military power. While Brazil has entered the world stage as an agile soft power exercising influence in setting global agendas and earning a seat at the economic table of policymakers, its military capacity lags. The national security strategy announced under President Luiz Inácio Lula da Silva in 2008 intended to redress this power gap. President Dilma Rousseff 's 2011 White Paper—so detailed that it is called a "White Book"—provides the conceptual roadmap to achieve a new military balance. But military modernization is still a work in progress.
  • Topic: Security, Defense Policy, Development, Economics, Emerging Markets
  • Political Geography: Brazil, Latin America
  • Author: Jennifer Leavy, Naomi Hossain
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Oxfam Publishing
  • Abstract: Who wants to farm? In an era of land grabs and environmental uncertainty, improving smallholder productivity has become a higher priority on the poverty and food security agenda in development, focusing attention on the next generation of farmers. Yet emerging evidence about the material realities and social norms and desires of young people in developing countries indicates a reasonably widespread withdrawal from work on the land as an emerging norm. While de-agrarianisation is not new, policymakers are correct to be concerned about a withdrawal from the sector: smallholder productivity growth, and agricultural transformation more broadly, depend in part on the extent to which capable, skilled young people can be retained or attracted to farming, and on policies that support that retention. So who wants to farm, and under what conditions? Where are economic, environmental and social conditions favourable to active recruitment by educated young people into farming? What policy and programmatic conditions are creating attractive opportunities in farming or agro-food industry livelihoods?
  • Topic: Agriculture, Economics, Food
  • Political Geography: Africa, Latin America
  • Author: Elling N. Tjønneland
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Norwegian Peacebuilding Resource Centre
  • Abstract: Much has been written about the role of the rising or emerging powers and their accelerating economic engagement in Africa. Much less is known about how they contribute to or impact on the African peace and security agenda. This report takes a comparative look at the roles of China, India, Brazil and South African in relation to the African Union and its African Peace and Security Architecture. Each of these four countries has a distinct commercial and corporate approach to Africa, despite a shared political commitment to South-South cooperation. However, as they extend their economic engagement they are becoming more sensitive to insecurity and volatility. The Asian and Latin American countries, which traditionally have strongly emphasised non-intervention, are gradually becoming more involved in the African security agenda. They are increasingly concerned about their image and reputation and the security of their citizens and business interests, and are becoming more prepared to act multilaterally and to work with others in facilitating security and stability. As an African power, South Africa plays a more direct role and has emerged as a major architect of the continent's evolving peace and security architecture. This report summarises elements from a broader research project on rising powers and the African peace and security agenda undertaken by CMI in cooperation with NOREF.
  • Topic: Economics, Human Rights, International Cooperation, Regional Cooperation, International Security
  • Political Geography: Africa, India, Asia, South Africa, Brazil, Latin America
  • Author: Rohinton Medhora, David Malone
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The familiar world of international organizations principally devoted to development has been upended by two phenomena. First is the emergence of sustained economic success in the developing world (mostly in Asia, but increasingly also in Africa and, in a less spectacular way, Latin America) amid compelling, continuing need among the world's poor. Second, the slow-moving, serious financial and economic crisis of the industrialized world since 2008 has reordered priorities in many of their capitals toward domestic spending and away from costly international projects.
  • Topic: Development, Economics, International Cooperation, International Organization, Financial Crisis
  • Political Geography: Africa, Asia, United Nations, Latin America
  • Author: Liliana Rojas-Suarez, Maria Alejandra Amado
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: This paper analyzes Latin America's Financial Inclusion Gap, the difference between the average financial inclusion for Latin America and the corresponding average for a set of comparator countries. At the country level, we assess four types of obstacles to financial inclusion: macroeconomic weaknesses, income inequality, institutional deficiencies and financial sector inefficiencies. A key finding of this paper is that although the four types of obstacles explain the absolute level of financial inclusion, institutional deficiencies and income inequality are the most important obstacles behind the Latin America's financial inclusion gap. From our analysis at the individual level, we find that there is a Latin America-specific effect of education and income. The results suggest that the effect of attaining secondary education on the probability of being financially included is significantly higher in Latin America than in its comparators. Furthermore, the difference in the probability of being financially included between the richest and the poorest individuals is significantly higher in Latin America than in comparator countries.
  • Topic: Economics, Education, Human Rights, Poverty
  • Political Geography: Latin America
  • Author: David L. Goldwyn, Cory R Gill
  • Publication Date: 07-2014
  • Content Type: Working Paper
  • Institution: Atlantic Council
  • Abstract: It has been nearly ten years since the launch of Petrocaribe, a program designed to win the political loyalty of the Caribbean states through generous credit subsidies to help import Venezuelan crude oil and products. Recipient states have grown dependent on high-cost, high-carbon fuels for power generation and Venezuelan credit to balance their budgets.
  • Topic: Economics, Energy Policy, International Trade and Finance, Oil
  • Political Geography: South America, Latin America, Caribbean, Venezuela
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Aspen Institute
  • Abstract: This report is based on the themes and messages discussed during the Business Opportunities in Housing for the Base of the Pyramid event held in São Paulo, Brazil on 2 September 2013. The event brought together between key actors developing housing solutions for low-income communities in Brazil. More than 70 members from the United Nations Development Programme in Brazil, city government, civil society, real estate developers, private-sector companies and investors attended this invite-only event, a collaborative effort between Business Call to Action (BCtA) and Aspen Network of Development Entrepreneurs (ANDE) Brazil Chapter which enabled participating stakeholders to discuss challenges and solutions.
  • Topic: Civil Society, Economics, Human Welfare, Poverty
  • Political Geography: Brazil, South America, Latin America
  • Author: Roberto Alvarez, José De Gregorio
  • Publication Date: 11-2014
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Latin American performance during the global fi nancial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? In this paper we compare growth during the Asian and global fi nancial crises and fi nd that a looser monetary policy played an important role in mitigating crisis. We also fi nd that higher private credit, more fi nancial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Our analysis of Latin American countries confi rms that eff ective macroeconomic management was key to good economic performance. Finally, we present evidence from a sample of 31 emerging markets that high terms of trade had a positive impact on resilience.
  • Topic: Economics, Global Recession, Monetary Policy, Financial Crisis
  • Political Geography: Asia, Latin America
  • Author: Michelle Bachelet
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Women's political and economic participation strengthens democracy, equality and the economy. And while women's empowerment and full participation in society are important goals in themselves, they are also vital for reducing poverty, achieving universal education, improving maternal and child health, and fulfilling other development goals. Increasing the presence of women in politics not only responds to their rights as citizens; it enriches political discourse, decision-making and inclusiveness, and improves social conditions through the passage of equitable laws and policies.
  • Topic: Economics, Politics
  • Political Geography: Latin America
  • Author: Olivia Ruggles-Brise
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Latin America's travel and tourism industry took a hit during the 2008–2009 recession. International arrivals slowed and tourists had less money to spend. But over the longer term, tourism has been a success story—and forecasts suggest continued growth. That should surprise no one. Latin America's sheer diversity in scenic beauty, cuisine and cultures has combined with an increasingly sophisticated domestic industry to cater to every kind of traveler. Since 2006, tourism's direct contribution to GDP in Latin America has grown by 7 percent in real terms—more than double the world average—to reach an estimated $134 billion in 2011. This figure, which is projected to rise to $224 billion in 2022, includes revenue generated by tourism-oriented services such as hotels and airlines, as well as restaurant and leisure industries that cater to tourists. Forecasts for this year suggest tourism's direct contributions will grow by 6.5 percent, behind only Northeast and South Asia (6.7 percent).
  • Topic: Economics
  • Political Geography: United States, Brazil, Latin America
  • Author: Luis Felipe Lopez-Calva
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: During the first decade of the twenty-first century, Latin America's increasing prosperity and social progress have led analysts to conclude that historic change is taking place. Indeed, poverty in Latin America fell from 41.4 percent in 2000 to 28 percent in 2010, even at a time of global distress1—a result, in part, of both sustained economic growth and reductions in inequality. As a result, the focus in policy circles has switched to the role an emerging middle class can play in the region, both as an engine of growth and as the foundation for social cohesion and better governance. The key to understanding this shift is accurately defining the middle class in economic terms.
  • Topic: Economics, Governance
  • Political Geography: Latin America
  • Author: Aurora Garcia Ballesteros, Beatriz Cristina Jiminez Blasco
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Latin America has historically played an important role in Spain's migratory cycles—both as a sender and as a recipient. Spanish political immigration to the hemisphere surged following the Spanish Civil War (1936–1939) and again after World War II, when Spaniards flocked to Latin America for economic reasons. The flow reversed with the late-1980s economic crises in Latin America. Between 1996 and 2010, Latin Americans in Spain—measured by those who obtained Spanish citizenship—grew nearly tenfold, from 263,190 to 2,459,089. Now Europe's economic crisis, which has acutely affected Spain, is causing the flows to shift again. According to data from Spain's National Institute of Statistics (INE), for the first time in this century, more people are now leaving Spain than moving to it. Net migration in 2011 was reported at negative 50,090 people, with 507,740 leaving Spain and 457,650 arriving.
  • Topic: Economics, Migration, War
  • Political Geography: Latin America, Spain
  • Author: Leani García
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: There's no denying it; whether it's share of trade or percent of foreign direct investment (FDI) in the hemi sphere, the U.S.' economic presence has decreased. Even when the U.S. didn't slip a place in terms of a trade partner, its overall share of countries' imports or exports declined across the board, while other countries' increased—especially China's. In the same period, in Argentina and Brazil, the share of U.S. FDI declined by 22% and 27%, respectively.
  • Topic: Economics, Foreign Direct Investment
  • Political Geography: Brazil, Argentina, Latin America
  • Author: Alejandro M. Werner, Oya Celasun
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Latin America has bounced back economically in the past decade. Between 2002 and 2012, the region has seen strong and stable growth, low inflation and improved economic fundamentals. As a result, the weight of the region in global economic output increased from about 6 percent in the 1990s to 8 percent in 2012. With that has come a greater voice in the global economy.
  • Topic: Economics
  • Political Geography: Brazil, Latin America, Mexico
  • Author: Seth Colby
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: In November 2009, the cover of The Economist showed the iconic Christ statue overlooking Rio de Janeiro blasting off into outer space. This image, along with the cover headline, "Brazil Takes Off," represented the Carnaval-like euphoria about Brazil that infected journalists and financial markets at the time, buoyed by the country's impressive economic performance in the wake of the 2008 global financial crisis.
  • Topic: Economics, Financial Crisis
  • Political Geography: Brazil, Latin America
  • Author: John Carey, Adriana La Rotta, Nancy Perez
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Latin American Populism in the Twenty-First Century edited by Carlos de la Torre and Cynthia J. Arnson BY JOHN M. CAREY Legend has it that on his deathbed, Juan Domingo Perón, the former President of Argentina, uttered a curse condemning any would-be biographer to dedicate his or her career to defining populism. Or perhaps the curse was issued on the lost page of the late Brazilian President Getúlio Vargas' suicide note, or slipped in among the bills in an envelope passed surreptitiously by Alberto Fujimori to some Peruvian legislator, or whispered by the recently deceased Venezuelan President Hugo Chávez into the ear of his successor, Nicolás Maduro. No matter. Whoever first uttered the curse, it worked: political scientists studying the region have wrestled and been obsessed with the concept for decades. We want to write about populism. Indeed, we need to write about it, because populism is among the most important and persistent phenomena in modern Latin American politics. But because the populist label has been applied to such a broad array of phenomena, we are condemned to define it before we can embark on any serious analysis. Academic exactitude being what it is, this leads first to extended consideration of what others have held populism to be, followed by a self-perpetuating and seemingly inescapable cycle of judgment, distinction and justification.
  • Topic: Economics, Migration
  • Political Geography: United States, Argentina, Colombia, Latin America, Central America
  • Author: Davide Grassi
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Journal of International Relations and Development
  • Institution: Central and East European International Studies Association
  • Abstract: The return of democracy in Latin America has been associated with a decline in political violence, but also with a failure to redress welfare troubles or restore social justice. This essay provides an exploration of these problematic relationships. It argues that the impact of democracy on social welfare and internal civil violence is complex, develops unevenly and is mediated by a host of contributing factors. The bearing of democracy on political violence has been especially weak. In some countries democratic elites played a role in reducing or eliminating armed conflicts by offering a series of political concessions to the opposition, in particular communication channels with the government and social and political rewards. However, political violence survived or intensified under democracy elsewhere, while it was eradicated by force and (less frequently) by concessions in a number of authoritarian settings. Democracy has also affected welfare policies, through the appearance and progressive strengthening of social organisations and political parties that favoured channelling benefits towards the less advantaged. Yet, welfare protection also took place under populist and authoritarian governments, and it was influenced by a series of additional economic, political and social factors.
  • Topic: Political Violence, Economics, Government
  • Political Geography: Latin America
  • Author: Jose W. Fernandez
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: United States-Latin American relations have often suffered from a disconnect. While we stress security issues, the region's leaders speak of poverty reduction and trade. They resent being seen as afterthoughts to U.S. policies focused elsewhere. As a result, the region is sporadically open to new suitors, such as Spanish investors 15 years ago, or the Chinese today.
  • Topic: Economics, Poverty
  • Political Geography: United States, China, Latin America, Spain
  • Publication Date: 04-2014
  • Content Type: Policy Brief
  • Institution: Oxfam Publishing
  • Abstract: Greater investment in agriculture is needed to reduce rural poverty and improve food security. This means not simply increasing supply but ensuring that adequate, nutritious food is accessible to every person at all times. How investment is made, its context and conditions, is at least as important as how much is invested.
  • Topic: Agriculture, Economics, Markets, Food
  • Political Geography: South America, Latin America
  • Author: Miguel Pérez Ludeña
  • Publication Date: 05-2014
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Multinational enterprises (MNEs) multiplied their profits made in developing countries by four between 2002 and 2011 (at current prices). In Latin America and the Caribbean, they rose from US$20 billion in 2002 to US$113 billion in 2011. The growth rate has been even higher in Africa and China, but much lower in developed countries. This rise is explained by an increase in FDI stock in developing economies and the higher average profitability of MNEs.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Africa, China, Latin America
  • Author: Itriago Déborah
  • Publication Date: 09-2014
  • Content Type: Policy Brief
  • Institution: Oxfam Publishing
  • Abstract: Despite economic growth and the reduction of both poverty and inequality that Latin America and the Caribbean (LAC) has experienced during the last decade, it still remains the most unequal region in the world.
  • Topic: Economics, Political Economy, Sociology
  • Political Geography: Latin America, Caribbean
  • Author: Vegard Bye
  • Publication Date: 06-2013
  • Content Type: Working Paper
  • Institution: Norwegian Institute of International Affairs
  • Abstract: The Cuban society is undergoing deep changes, more than fifty years after the Revolution and the same number of years with a Castro government. The focus of study is mostly on economic reforms. But economic transition also has great impact - gradually manifesting itself - on the entire political system. The direction of these changes is still quite unclear. In this Working Paper, "The Politics of Cuban Transformation - what Space for Authoritarian Withdrawal?", NUPI Research Fellow Vegard Bye analyzes the choice of direction and some scenarios in the political transformation process.
  • Topic: Communism, Economics, Political Economy
  • Political Geography: Cuba, Latin America, Caribbean
  • Author: Jorge Balán
  • Publication Date: 09-2013
  • Content Type: Working Paper
  • Institution: Institute of International Education
  • Abstract: Higher education has undergone impressive growth and change over the last few decades in Latin America.This book selectively reviews some dimensions of this transformation, discussing policies, institutions, and programs, as well as their outcomes in terms of access, workforce training, and research. Individual chapters, commissioned from specialists from Latin America and the United States, stand as original, independent contributions focusing on key issues in higher education: changes in institutional autonomy and system governance, the contributions of higher education to advanced workforce development, policy responses to the continuing challenges of access and equity, government-sponsored study-abroad scholarships programs in several countries, trends in academic mobility and its outcomes for brain drain and gain, the changing landscape of U.S. universities' and corporations' investment in the region, and recent development of U.S. government exchange programs with Latin America.
  • Topic: Development, Economics, Education, Emerging Markets, Globalization
  • Political Geography: United States, Latin America
  • Author: Nicholas Carnes, Noam Lupu
  • Publication Date: 10-2013
  • Content Type: Working Paper
  • Institution: Kellogg Institute for International Studies
  • Abstract: Does it matter that working-class citizens are numerically underrepresented in political offices throughout the world? For decades, the conventional wisdom in comparative politics has been that it does not, that lawmakers from different classes think and behave roughly the same in office. In this paper, we argue that this conclusion is misguided. Past research relied on inappropriate measures of officeholders' class backgrounds, attitudes, and choices. Using data on 18 Latin American legislatures, we show that lawmakers from different classes bring different economic attitudes to the legislative process. And using data on one least-likely case, we show that pre-voting decisions like sponsoring legislation often differ dramatically along social class lines, even when political parties control higher-visibility decisions like roll-call votes. The unequal numerical or descriptive representation of social classes in the world's legislatures has important consequences for the substantive representation of different class interests.
  • Topic: Economics, Political Economy, Social Stratification, Socialism/Marxism
  • Political Geography: Latin America
  • Author: Benjamin Leo
  • Publication Date: 12-2013
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: The United States government has made repeated declarations over the last decade to align its assistance programs behind developing countries' priorities. By utilizing public attitude surveys for 42 African and Latin American countries, this paper examines how well the US has implemented this guiding principle. Building upon the Quality of Official Development Assistance Assessment (QuODA) approach, I identify what people cite most frequently as the 'most pressing problems' facing their nations and then measure the percentage of US assistance commitments that are directed towards addressing them. By focusing on public surveys over time, this analysis attempts to provide a more nuanced and targeted examination of whether US portfolios are addressing what people care the most about. As reference points, I compare US alignment trends with the two regional multilateral development banks (MDBs) – the African Development Bank and the Inter-American Development Bank. Overall, this analysis suggests that US assistance may be only modestly aligned with what people in Sub-Saharan Africa and Latin America cite as their nation's most pressing problems. By comparison, the African Development Bank – which is majority-led by regional member nations – performs significantly better than the United States. Like the United States, however, the Inter-American Development Bank demonstrates a low relative level of support for people's top concerns.
  • Topic: Security, Crime, Development, Economics, Foreign Aid
  • Political Geography: Africa, United States, America, Latin America
  • Publication Date: 09-2013
  • Content Type: Working Paper
  • Institution: Oxfam Publishing
  • Abstract: Land distribution in Colombia is extremely unequal, with concentration of land ownership among the highest in the world, and second highest in Latin America after Paraguay. Inequality in access to land is closely linked to rural poverty, and is both a cause and a consequence of the internal armed conflict that has ravaged the country for more than half a century. During this period, violence and forced displacement have caused dispossession involving up to 8 million hectares – more than the area currently devoted to agriculture throughout the country.
  • Topic: Agriculture, Democratization, Economics, Reform
  • Political Geography: Colombia, Latin America
  • Author: Richard Snyder, Maria Angelica Bautista, Angelica Duran-Martinez, Jazmin Sierra
  • Publication Date: 10-2013
  • Content Type: Working Paper
  • Institution: Watson Institute for International Studies, Brown University
  • Abstract: How do international inequalities in funding, institutional support and research capacity affect the production of social science knowledge? New data on the political economy of research in Latin America shows that funding for social science is organized in sharply contrasting ways across countries, with three types of capital -- foreign, domestic public, and domestic private -- playing distinct roles. This cross-national variation in the role played by each type of capital, in turn, has contrasting consequences for (1) who produces knowledge, that is, for the professional credentials and networks needed to gain access to funding for research; and (2) for the kind of knowledge produced, especially for the comparative scope and policy relevance of research. A focus on cross-national variation in how social science is funded provides a stronger understanding of knowledge production in the Global South.
  • Topic: Economics
  • Political Geography: Argentina, Colombia, Latin America, Peru
  • Author: Richard Snyder, Kelly Bay, Cecilia Perla
  • Publication Date: 09-2013
  • Content Type: Working Paper
  • Institution: Watson Institute for International Studies, Brown University
  • Abstract: This article explores the political economy of social science research in the Global South by analyzing new bibliometric and survey data on Peru, a lower-middle income country with weak domestic funding and institutional support for scholarship. The results of the analysis show that although research in Peru is heavily dependent on foreign funding, the multiplicity of funding institutions gives scholars a surprising degree of autonomy. Still, dependence on foreign funding produces conditions with potentially harmful consequences for the quality and impact of research. Five conditions are considered: multiple institutional affiliations, hyperproductivity, forced interdisciplinarity, parochialism, and a weak national community of scholars.
  • Topic: Development, Economics, Education, Foreign Aid
  • Political Geography: Latin America, Peru
  • Author: Fulvio Castellacci, Hamza Kanar
  • Publication Date: 12-2013
  • Content Type: Working Paper
  • Institution: Norwegian Institute of International Affairs
  • Abstract: The economic reforms recently implemented in Cuba do not adequately deal with the structural issues that hamper the country's economic development. The paper presents a system dynamics model to investigate Cuba's development process, and a simulation analysis to compare different policy scenarios that may be realized in the future as economic reforms will continue. The results indicate that the most effective development policy would be to combine active public policies to enhance the R sector, on the one hand, and foster the emergence of an efficient private sector that will develop the capital infrastructure of the economy, on the other.
  • Topic: Development, Economics, Foreign Aid
  • Political Geography: Latin America, Caribbean
  • Author: Carl Meacham, Robert Funk
  • Publication Date: 12-2013
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: In the first round of Chile's presidential elections on November 17, Michelle Bachelet, of the progressive New Majority (Nueva Mayoría) coalition, commanded a resounding lead. Garnering 46.7 percent of the popular vote—and putting her 20 points ahead of Alliance for Chile (Alianza por Chile) candidate Evelyn Matthei, her nearest rival—the former president is the likely victor in the runoff elections scheduled for December 15.
  • Topic: Democratization, Development, Economics, Politics
  • Political Geography: Latin America
  • Author: Douglas Farah, Robert D. Lamb, Carl Meacham
  • Publication Date: 12-2013
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: The project that culminated in this report was conceived just over a year ago as an initiative to assess the major accomplishments in strengthening the Colombian government's efforts to bring peace and stability to its countryside.
  • Topic: Conflict Resolution, Security, Development, Economics
  • Political Geography: Latin America
  • Publication Date: 05-2013
  • Content Type: Working Paper
  • Institution: Atlantic Council
  • Abstract: For too long, the United States and Europe have failed to embrace Latin America as a partner in a broader transatlantic community. Modern Latin America, like the United States, springs from a common European heritage and shares the historical, political, and philosophical roots that bind the West so closely together. The region is of growing strategic importance, with its expanding markets, energy resources, and global economic reach. But while Latin America is changing rapidly, the United States and Europe have been slow to sufficiently recognize and embrace this new world, missing crucial policy and business opportunities.
  • Topic: Economics, International Cooperation, International Trade and Finance
  • Political Geography: United States, Europe, Latin America
  • Author: David J. Goldwyn
  • Publication Date: 12-2013
  • Content Type: Working Paper
  • Institution: Atlantic Council
  • Abstract: Mexico's Congress passed its final hurdle to reform the Constitution and allow for private investment in the energy industry on December 12, 2013. This significant achievement heralds the most comprehensive energy reform in the last seventy-five years of the country's history.
  • Topic: Economics, Energy Policy, International Trade and Finance, Markets, Oil
  • Political Geography: United States, Latin America, Mexico
  • Author: Guillermo Cruces, Leonardo Gasparini
  • Publication Date: 05-2013
  • Content Type: Journal Article
  • Journal: Journal of International Affairs
  • Institution: School of International and Public Affairs, Columbia University
  • Abstract: Latin American countries have succeeded in reducing poverty and income inequality over the last decade thanks in part to both economic growth and deliberate social policy measures. This study provides an overview of the available evidence of the changes in income distribution that have occurred in Latin America over the past two decades and their causes. While some attribute the improvements in distribution to changes in the international economy and the positive trend in the Latin American countries' terms of trade, others highlight the influence of changes in public policy. Both of these two sets of factors may have played an important role and may have interacted with one another in various ways.
  • Topic: Economics
  • Political Geography: Latin America
  • Author: Adriana Erthal Abdenur, Danilo Marcondes de Souza Neto
  • Publication Date: 05-2013
  • Content Type: Policy Brief
  • Institution: Norwegian Peacebuilding Resource Centre
  • Abstract: For most of the twentieth century, the strategic importance of the North Atlantic outstripped that of the southern part of the ocean. However, the past decade has brought significant shifts in Atlantic dynamics, with regional and external actors developing new interests in the region. Brazil, in particular, has been working to reinforce its control and influence in the South Atlantic. To this end, over the last five years the Brazilian government has launched or intensified efforts meant to securitise the South Atlantic. This strategy combines unilateral initiatives – naval build-up, domestic military publicity efforts, and international legal moves – with a vastly expanded international defence cooperation programme that covers nearly the entire South Atlantic perimeter. This policy brief analyses key components of Brazil's strategy, situating them within the South Atlantic's changing ecology of actors and suggesting some of the potential tensions that may arise from Brazil's growing protagonism in the South Atlantic.
  • Topic: Development, Economics, Emerging Markets, Regional Cooperation, Governance
  • Political Geography: Latin America
  • Publication Date: 07-2013
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: The lingering effects of the eurozone crisis have weakened the European project as a whole. As a result, stronger and more effective cooperation between enthusiastic EU countries such as Poland and Spain is very much needed. Besides cooperation within the EU in such fields as completing the single market and promoting a more holistic approach to the European Neighbourhood Policy, both countries should focus on improving their economic ties in bilateral relations and beyond. Through "smart" trade triangulation, Poland could open new markets in Eastern Europe for Spain, and Spain could reciprocate by doing the same for Poland in Latin America. This could help Poland make the economy more competitive and give Spain a lever for economic recovery.
  • Topic: Economics, Bilateral Relations, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Latin America
  • Author: Edwin M. Truman
  • Publication Date: 12-2013
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: At the annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) held in Oslo, Norway on October 2-3, 2013, the forum reviewed and subsequently released its second report on members' experiences in the application of the Santiago Principles for sovereign wealth funds (SWFs). The Santiago Principles were adopted by a group of countries with such funds in September 2008 in response to concerns about threats to political, economic, and financial security in countries receiving SWF investments. The objective was to promote the transparency and accountability of SWFs for the countries of origin as well as the countries in which the funds were investing.
  • Topic: Economics, International Trade and Finance, Sovereign Wealth Funds
  • Political Geography: Norway, Latin America, Santiago
  • Author: Sebastián Piñera
  • Publication Date: 09-2013
  • Content Type: Video
  • Institution: Columbia University World Leaders Forum
  • Abstract: This World Leaders Forum program features an address by His Excellency Sebastián Piñera, President of the Republic of Chile, titled Chile\'s Way to Development, followed by a question and answer session with the audience.
  • Topic: Democratization, Development, Economics, International Affairs
  • Political Geography: Latin America, Chile
  • Author: Deborah Elms, C. L. Lim
  • Publication Date: 02-2012
  • Content Type: Working Paper
  • Institution: S.Rajaratnam School of International Studies
  • Abstract: The Trans-Pacific Partnership (TPP) is a trade agreement currently under negotiation between nine countries in three continents, including Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam. In late 2011 three additional countries--Japan, Canada and Mexico--announced their intention to join as well. The TPP has always been called a "high quality, 21st century" agreement that covers a range of topics not always found in free trade agreements. This includes not just trade in goods, services and investment, but also intellectual property rights, government procurement, labor, environment, regulations, and small and medium enterprises. This paper traces the complex negotiations and evolution of the talks since the early 2000s to the present.
  • Topic: Economics, Environment, International Trade and Finance, Treaties and Agreements, Labor Issues, Intellectual Property/Copyright
  • Political Geography: United States, Japan, Malaysia, Canada, Israel, Vietnam, Latin America, Australia, Australia/Pacific, Mexico, Singapore, Chile, Peru, New Zealand, Brunei
  • Author: Liliana Rojas-Suarez, Carlos Montoro
  • Publication Date: 02-2012
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: The financial systems in emerging market economies during the 2008–09 global financial crisis performed much better than in previous crisis episodes, albeit with significant differences across regions. For example, real credit growth in Asia and Latin America was less affected than in Central and Eastern Europe. This paper identifies the factors at both the country and the bank levels that contributed to the behavior of real credit growth in Latin America during the global financial crisis. The resilience of real credit during the crisis was highly related to policies, measures and reforms implemented in the pre-crisis period. In particular, we find that the best explanatory variables were those that gauged the economy's capacity to withstand an external financial shock. Key were balance sheet measures such as the economy's overall currency mismatches and external debt ratios (measuring either total debt or short-term debt). The quality of pre-crisis credit growth mattered as much as its rate of expansion. Credit expansions that preserved healthy balance sheet measures (the “quality” dimension) proved to be more sustainable. Variables signalling the capacity to set countercyclical monetary and fiscal policies during the crisis were also important determinants. Moreover, financial soundness characteristics of Latin American banks, such as capitalization, liquidity and bank efficiency, also played a role in explaining the dynamics of real credit during the crisis. We also found that foreign banks and banks which had expanded credit growth more before the crisis were also those that cut credit most. The methodology used in this paper includes the construction of indicators of resilience of real credit growth to adverse external shocks in a large number of emerging markets, not just in Latin America. As additional data become available, these indicators could be part of a set of analytical tools to assess how emerging market economies are preparing themselves to cope with the adverse effects of global financial turbulence on real credit growth.
  • Topic: Debt, Economics, Emerging Markets, Globalization, Financial Crisis
  • Political Geography: Europe, Asia, Latin America