A virtual contradiction between international migration and human rights

Includes bibliography

Structural reforms, macroeconomic fluctuations and income distribution in Brazil

Includes bibliography

Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations

Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term policy instruments pursuing a sustainable and predictable pace for aggregate economic variables and major prices (wages, inflation, interest rates and exchange rates). In spite of the different arena and rationale in which they play, there are strong links between the two. First and most obvious, macroeconomic adjustment and structural reform are more likely to be sustainable when they are equitable. Second, social intervention —i.e., policies, programmes and reforms aimed at improving social performance in the long run—, needs stable funding which is not always available in view of macroeconomic constraints. Third, macroeconomic instability —especially episodes of recession or hyperinflation— increases poverty and inequality, while restoring macroeconomic equilibrium does not restore previous social balances. Finally, there is no unique macroeconomic policy mix to tackle a given situation, and the policy options may not be neutral from a social standpoint. Monetary, fiscal and exchange rate policies, together with structural reform, have major consequences for the social wellbeing of societies, not only in terms of protection against shocks and crises but also in terms of equity. Many, if not all, of the necessary social policies are of a domestic nature. This report thus concentrates on domestic strategies aimed at maximizing the linkages between consistent macroeconomic policies and social progress. Pursuing them, however, depends to a considerable extent on the international enabling environment in which the global financial system, the unsettled debt crisis and increasing ODA flows play a significant role. Countries operate in a world economy where market players everywhere immediately scrutinize domestic monetary, financial or fiscal policy decisions and the performance of exchange rate regimes of individual countries. Under these conditions, the room for manoeuvre of policymakers has become considerably constrained. Consequently, it is becoming increasingly complex to incorporate the social dimensions into such policy decisions, to the extent that external analysts consider that authorities are sacrificing sound macroeconomic policies. The main message of the report is that the expediency of short-term economic efficiency as embedded in much of the advice on macroeconomic stability needs to be tempered by long-term development objectives. The report starts with a short historical background which describes the ascendancy of macroeconomic policies over social development policies (chapter I). It continues with an evaluation of the relation between macroeconomic consistency and social effort (chapter II), and the importance of sustainable and stable growth for social progress (chapter III). The report then turns to the need for an equity-enhancing growth strategy (chapter IV) and an analysis of the priorities of social policies in an integrated approach to growth (chapter V). The final chapter adds some final institutional remarks.

European integration and Latin American trade

Includes bibliography

Trade liberalization and economic growth in Central America

Includes bibliography

Bahamas and Barbados: empirical evidence of interest rate pass-through

Includes bibliography

The political economy of regional grants in Peru

Includes bibliography

Development of national statistical systems and the responsibilities of national statistical offices

Includes bibliography

The fiscal impact of trade liberalization and commodity price fluctuation: the case of Costa Rica, 1980-1998

Includes bibliography

Capital flows to Latin America: third quarter 2003

Includes bibliography

Social cohesion: inclusion and a sense of belonging in Latin America and the Caribbean. Summary

Includes bibliography

A virtual contradiction between international migration and human rights

Abstract If there is a geographical area that will be particularly affected by the tragedy of September 11, that will be the international borders of the United States. It is understandable that a country that enters in a state of war after been attacked with enormous losses, reacts by closing its international borders. Such immediate reaction has now been substituted by a more strict control over everything that crosses the border but, a fact remains, the border life is not going to be what it used to before September 11. In the short run, everything that crosses the border has slowed down by new controls. In the long run many things will return to what it was before that Tuesday, but for a long while, life at the border will not be the same. An intense interaction of more than twelve million people from the two sides of the U.S.-Mexico border have made us live in many instances as if the border does not exist. This is the case among many of us in the way we practice our family life. For the planning of weddings, birthdays, reunions, ceremonies, the border is more virtual than real. This is reversed as we get more serious in what it means to the space where institutions, the laws and the governments reminds us that there is a line that marks the beginning and the end of two different nations.

Macroeconomics for development in Latin America and the Caribbean: Some new considerations on countercyclicality

Includes bibliography.

Expectations and industrial output in Uruguay: Sectoral interdependence and common trends

This paper examines the interdependence between expectations and growth by analysing Uruguayan manufacturing industry, divided for the purpose into four industry groupings differentiated by trade participation and production specialization. The study shows that there is a long-run relationship between industrialists' expectations and output growth in each grouping. In the most trade-oriented groupings the relationship is one of predetermination, showing how useful expectations are as a guide to sectoral growth. Expectations in the four industrial groupings are shown to follow a common long-run trend, identified with the one guiding the export grouping. Impulse-response simulations derived from a multisectoral vector autoregression (VAR) model confirm the important role of the industries most exposed to international competition in spreading shorter-term shocks.

Economic growth and real volatility: The case of Latin America and the Caribbean

Using a new database of quarterly data for 21 countries of Latin America and the Caribbean for the 1990-2012 period, this document shows that the duration of GDP contractions appears to be a rather robust indicator of real volatility, and is negatively correlated with long run growth in Latin America and the Caribbean during the period. These results are consistent with different theoretical hypotheses in the literature that relate the duration of GDP contractions with economic growth. They also show that the relationship between real volatility and economic growth in the region is robust to the inclusion of external variables that control for external uncertainty and volatility.