REDD+ en América Latina. Estado actual de las estrategias de reducción de emisiones por deforestación y degradación forestal

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La planificación como instrumento de desarrollo con igualdad en América Latina y el Caribe: Tendencias y desafíos

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Capital Flows to Latin America and the Caribbean: Recent Developments

For six years, the global economy has been driven by the U.S. Federal Reserve’s policies of easy money. Liquidity has flowed from developed to developing economies, financing infrastructure and corporate investment and allowing consumers to indulge in credit-fuelled retail spending. Thus the effective ending of the Fed’s third round of asset purchases (QE3) at the end of October represents both a watershed and the beginning of a new stage in the world economy. The end of asset-purchases comes at a challenging time for emerging markets, with China’s economy slowing, the Euro zone struggling to avoid a recession and the Japanese economy already in recession. The unwinding of the U.S. monetary stimulus, while the European Central Bank and the Bank of Japan step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. An appreciated dollar makes dollar-denominated commodities more expensive to buyers, thereby creating pressure for sellers to lower their prices. Latin American markets ended the third quarter of 2014 under pressure from a stronger U.S. dollar. In this changing external context, there are many signs that a slowdown in Latin American and Caribbean (LAC) financial markets, particularly debt markets, which have been breaking issuance records for the past six years, may slowdown from now on. Commodity prices – including those of oil, base metals and some goods – are in a prolonged slump. The Bloomberg commodity price index, a benchmark of commodity investments, has fallen to a five-year low as China’s economy slows down, and with it the demand for commodities. Investment into the LAC region has decelerated, in large part because of a deceleration of mining investments. Latin American currencies have suffered depreciations, as current account deficits have widening for a number of countries. And LAC companies, having issued record amounts of foreign currency bonds may now struggle to service their debt. In October, credit-rating agency Moody’s downgraded the bonds of Brazil’s Petrobras to tow notches above speculative grade because of the impact of falling oil prices and the weaker real on its debt. Growth prospects look brighter in 2015 relative to 2014, but a strengthening U.S. dollar, uneven global growth and weakness in commodity prices are skewing the risk toward the downside for the 2015 forecasts across the region. The Institute of International Finance expects the strengthening of the dollar to have a divergent impact across the region, however, depending on trade and financial linkages. The Institute of International Finance, Capital Flows to Emerging Markets, October 2, 2014. A stronger dollar lifts U.S. purchasing power, supporting exports, growth and capital inflows in countries with close trade links to the U.S. economy. However, rising dollar financing costs will increase pressure on countries with weak external positions. Given the effects of falling oil prices and a stronger dollar, some companies in the region, having issued record amounts of foreign currency bonds, may now struggle to service their debts. Prospects of Fed rate hikes resulting in tighter global liquidity amid the rapid rise in the corporate external bond stock has indeed raised concerns over some companies. However, there is still a shortage of bonds at a global level and the region still enjoys good economic policy management for the most part, so LAC debt markets may continue to enjoy momentum despite occasional bursts of high volatility – even if not at the record levels of recent years.

Revista de la CEPAL no.25

La economía latinoamericana durante 1984: un balance preliminar / Enrique V. Iglesias. -- Las empresas transnacionales y el comercio internacional de América Latina / Eugenio Lahera. -- El papel subsidiario de la inversión externa directa en la industrialización: el sector manufacturero colombiano / Michael Mortimore. -- Políticas de estabilización y ajuste en el Cono Sur, 1974-1983 / Joseph Ramos. -- Desarrollo rural y programación urbana de alimentos / Manuel Figueroa L. -- Sociedades dependientes y crisis en América Latina: los desafíos de la transformación político-social / Germán W. Rama y Enzo Faletto. -- Cultura, discurso (autoexpresióri) y desarrollo social en el Caribe / Jean Casimir. -- Aspectos legales de la deuda pública latinoamericana: la relación con los bancos comerciales / Gonzalo Biggs.

CEPAL Review no.25

The Latin American economy during 1984: a preliminary overview / Enrique V. Iglesias / The transnational corporations and Latin America’s international trade / Eugenio Lahera. -- The subsidiary role of direct foreign investment in industrialization: the Colombian manufacturing sector / Michael Mortimore. -- Stabilization and adjustment policies in the southern cone, 1974-1983 / Joseph Ramos. -- Rural development and urban food programming / Manuel Figueroa L. -- Dependent societies and crisis in Latin America: the challenges of social and political transformation / Germán W. Rama and Enzo Faletto. -- Culture, discourse (self-expression) and social development in the Caribbean / Jean Casimir. -- Legal aspects of the Latin American public debt: relations with the commercial banks / Gonzalo Biggs.

Financiamiento para el Cambio Climático en América Latina y el Caribe en 2014

Cuantificar los recursos movilizados para enfrentar el cambio climático, permite reconocer la situación de la región en estas materias y advertir las posibilidades que estos ofrecen. Es una forma de entregar antecedentes a los países para avanzar y prepararse para cumplir con los objetivos de la Convención Marco de las Naciones Unidas sobre el Cambio Climático. Disponer de información actualizada y fidedigna respecto a los flujos de financiamiento climático permite a los países definir sus estrategias de migración hacia escenarios más sustentables, de desarrollo con menor huella ambiental y a los agentes financieros reconocer las brechas entre la oferta y la demanda de instrumentos financieros específicos. Se espera que para los proveedores y los gestores de recursos financieros la inversión en lo sustentable y de menor huella ambiental ya no sea excepcional o una anomalía, sino un modelo de negocio que vaya desasociando el desarrollo económico, la inversión y la inclusión social de las emisiones de gases de efecto invernadero.

Capital de riesgo y mecanismos financieros de apoyo a la innovación en Brasil y Chile

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Sistema financiero y asignación de recursos: experiencias latinoamericanas y del Caribe: Colombia, Costa Rica, Chile, República Dominicana, Venezuela

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Ventajas comparativas y explotación de los recursos ambientales

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Informe del Seminario para Discutir Propuesta Programa Modelo para Cursos de Capacitación en Gestión Integral de Recursos Hídricos

Contiene el análisis de los temas tratados en el Seminario sobre aspectos conceptuales, técnicos, del desarrollo, jurídicos, económicos, financieros, institucionales y de la organización de la capacitación para la gestión de los recursos hídricos en la región.

Datos básicos económicos y financieros de las empresas eléctricas de Centroamérica y Panamá: enero a diciembre de 1969

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