The global context and the renewal of the United Nations = El contexto global y la renovación de Naciones Unidas

Introducción En esta época posterior a la guerra fría y de creciente globalización, el rol de las Naciones Unidas experimenta constantes redefiniciones y desafíos. El señor Kofi Annan, Secretario General, afirmó que las Naciones Unidas se encuentran hoy en una encrucijada, y que el momento es tan trascendente como lo fue el de su fundación, hace sesenta años. Aunque los principios fundamentales de la democracia, los derechos humanos y el estado de derecho siguen siendo universalmente aceptados y se consideran piedra angular del orden mundial, el Secretario General considera, como otros muchos, que ha llegado el momento de rediseñar su estructura básica para combinar el imperativo de la acción con la necesidad de legitimidad". En este contexto, durante la visita oficial del Secretario General a Chile en noviembre del 2003, la Comisión Económica para América Latina y el Caribe (CEPAL) fue anfitriona de la mesa redonda "El contexto global y la renovación de las Naciones Unidas", en la que participaron la señora Tarja Halonen, Presidenta de la República de Finlandia, el señor Ricardo Lagos, Presidente de la República de Chile, y el señor Annan. Entre los invitados a este acto se encontraban miembros del cuerpo diplomático en Santiago de Chile, destacados intelectuales, representantes de la sociedad civil y académicos que enriquecieron el debate con preguntas y comentarios. Los tres líderes analizaron la situación política, económica y social del mundo de hoy en el contexto del actual proceso de reforma de las Naciones Unidas. Disertaron sobre los desafíos del desarrollo, el multilateralismo, la interdependencia de los países y su necesidad de contar con una participación ciudadana creciente y coherente en los planos local, regional y mundial. Uno de los temas centrales fue el poder, y el modo en que las Naciones Unidas pueden canalizarlo y redistribuirlo con el fin de que su ejercicio sea colectivo y civilizado. Aunque es imposible resolver en una mañana o en una sola reunión estos complejos asuntos, que en ocasiones resultan abrumadores, tenemos la esperanza de que este libro proporcione inspiración, conceptos e ideas que permitan alcanzar soluciones eficaces e innovadoras en el futuro. José Luis Machinea Secretario Ejecutivo CEPAL"

Fiscal Panorama of Latin America and the Caribbean 2013: tax reform and renewal of the fiscal covenant

Includes bibliography

International insertion and institutional renewal

Includes bibliography

Building long term strategies and public-private alliances for export development: the Finnish case

Includes Bibliography

In memory of Pedro Vuskovic

For those of us who shared many years of friendship and professional collaboration with Pedro Vuskovic, the news of his recent death in Mexico has been the cause of great sorrow, not only because of the circumstances of his death, following a cruel disease that gradually sapped his physical -but not intellectual- strength, but also because it signifies the loss of a great Latin American, of a teacher who helped shape so many generations of young people in our region, and of a companion during so many days of intellectual strivings and political struggle. Pedro joined the Commission in 1950, shortly after its birth as an institution. For nearly 20 years he served it brilliantly in a professional capacity, with his career in ECLAC culminating in the position of Director of the Development Division. He played a crucial role in structuring and disseminating the thinking of ECLAC during a time when the very air teemed with the ideas and concerns of a pleiad of gifted economists and social scientists. These were the post-war years, the 1950s and 1960s, when we all had to "construct" Latin America. Pedro Vuskovic laid many of the bricks in that collective theoretical and political edifice which has been of such importance to the countries of the region. Concurrently, he served as a professor in ECLAC and ILPES training programmes while at the same time teaching classes at the schools of economics and sociology at the University of Chile and the School of Economics at the University of Concepción. When he left ECLAC, Pedro plunged wholeheartedly into the academic world, serving as the Director of the Institute of Economics of the University of Chile, and then went on to claim a position at the forefront of Chilean politics. In November 1970 he was named Minister of Economic Affairs by President Salvador Allende and in June 1972, took over the cabinet-level position of Executive Vice President of the Production Development Corporation (CORFO);, where he served until September 1973. When political events carried him into exile in Mexico, which generously welcomed him as it did so many other Latin Americans who faced similar problems, Pedro carried on his valuable academic work, first at the Economic Research and Teaching Centre (CIDE);, where he directed the Institute of Economic Studies of Latin America, and later at the Centre for Interdisciplinary Research in the Humanities at the National University of Mexico (UNAM);, where he was named to the position of Coordinator for a programme on poverty and development options in various countries of Latin America. Although he will be remembered for his important political role, Pedro's work as a scholar and as an economist deserve special mention. He was a brilliant speaker, at the same time both methodical and incisive, who mastered his subjects with great wisdom and intellectual breadth, and he derived a special joy from being with young people, from providing them with intellectual stimulation and receiving it from them in turn. The many generations of Latin American students who were fortunate enough to have him as a teacher can attest to this. Pedro Vuskovic brought to his work as a researcher and teacher a deep sense of political and social responsibility which moved him to espouse the cause of Latin America 's poor and dispossessed, whose position he had come to understand very early on in his life through the many studies he carried out in this area while at ECLAC. He was tenacious in upholding his ideas and principles, he lived in accordance with them, and he championed them in all the forums open to him, in both the political and academic worlds, to the end of his days. His friends and colleagues also remember his geniality, his sense of humour and great personal warmth -traits which were coupled with an unshakable loyalty to his principles and values. Our farewell is deeply felt; Pedro Vuskovic has left us a legacy of memories and lessons that we will always hold close to our hearts. On behalf of his friends and colleagues, Jacobo Schatan, former Director of the Joint ECLAC/FAO, Agriculture Division

Transnationalization and integration of production in Latin America

Includes bibliography

ECLAC and the new growth theories

Includes bibliography

Enterprise creation and economic recovery: the case of Rio Grande do Sul

Includes bibliography

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.