Trade openness and structural change in the Brazilian motor industry

Includes bibliography

New approaches by highway agencies in dealing with road users

The context in which society develops has changed. The principles of democracy and human rights, in addition to the explosive development of communications, have encouraged citizens' desire for involvement in many areas which formerly had been the preserve of the State. This is also reflected in the attitudes of public utility customers, who are no longer prepared to accept mediocre service from the bodies responsible; on the contrary, they are increasingly putting pressure on those bodies, demanding better service in return for the charges they pay. Road agencies are no exception. They can no longer maintain their traditional isolation from the public and from users in areas such as decision-making or accountability for results achieved. Furthermore, it is no longer enough to provide road networks; these must be managed in such a way as to ensure improved levels of service, acceptable to users who are more and more demanding. This is why conventional styles of highway management have become unsatisfactory and new approaches are developing. There is a gradual increase in openness to the interests and views of users, who are increasingly considered as partners and participants in management. There are numerous examples in various countries, including those of Latin America, of this significant change; it is likely to cause a major transformation in the way in which public highways are managed. The innovations are recent, many of them still at the embryonic stage. A wide variety of concrete measures have been proposed or tried out. It is not yet possible to predict the size or scope of these changes, or which of them will ultimately become normal practice, but the changes have begun. The purpose of this article is to outline the principal changes which are being observed and the new outlook for road users.

ECLAC Notes Nº 33

Explosive Rise in Remittances from Latin America Emigrants to their Families To Grow Old in Latin America and Caribbean Opinion by José Luis Machinea Highlights: Rural Poverty, a Persistent Issue Indicators Urban Residential Segregation Perpetuates Inequiality Recent Titles Calendar

Public debt sustainability in the Caribbean

This paper analyses public debt in the most indebted Caribbean countries – i.e. Barbados, Belize, Guyana, Jamaica, Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis – from the standpoint of its sustainability. A level of debt is deemed to be sustainable when the debt-to-GDP ratio remains constant or declines. The concept of sustainability is closely linked to that of solvency. A government is solvent if the net present value of its future primary balances (i.e. that excludes interest payments) is equal to or greater than the present value of public debt stock. It can be demonstrated that if the debt-to-GDP ratio is not on an explosive path, that it either stable or decreasing, the solvency condition holds. It is worth noting that the concept of fiscal sustainability addressed in this paper differs from that of optimality of public debt. The analysis that follows is intended to determine whether the service of the current debt levels is consistent with the fiscal stance. Therefore, it does not set out to identify the target debt level based on any optimality criteria. The next section presents the main features of different theoretical approaches to analyse public debt sustainability.1 Section II discusses the situation of public debt in the Caribbean countries showing different indicators; Section III analyses debt sustainability in countries with access to market financing; Section IV does the same in Guyana – a country dependent on concessional financing and, as such, included in the Highly Indebted Poor Countries (HIPC) Initiative – and the countries of the Eastern Caribbean Currency Union (ECCU). Sections V and VI go beyond debt levels as determinants of fiscal sustainability, highlighting the importance of the currency composition of debt and the variability of fiscal revenue. The last section concludes.