Prospects for commercial air-navigation in South America

The ALADI - ECLAC Seminar Latin American Association for Integration - Economic Commission for Latin America and the Caribbean Santiago, Chile, 15-17 April, 1997 Experts from the public and private sectors of Brazil, Chile, Colombia, Paraguay, Peru, Uruguay, and Venezuela participated on a private basis in an open debate. Representatives from the International Association of Latin American Air Transport (AITAL), the Latin American Civil Aviation Commission (CLAC), and the International Civil Aviation Organization (OACI) also attended the meeting.The topics analyzed in the Seminar were: 1. The situation and prospects for international air-transport: policies and tendencies in the United States and the European Union. 2. South American sub-regional agreements. 3. The evolution of national policies in the region. 4. Structural changes in corporate management. 5. The use of commercial air-traffic rights. 6. Security in air-navigation. 7. The challenges facing regional airlines.

Maritime reefer trade in South America: a comparison of the west and east coasts

This issue of the FAL Bulletin examines the scale of maritime reefer trade in South America and the developments made in this area since the 1990s. It also looks at the increase in the capacity of liner services and the relationship between conventional and containerized reefer vessels in terms of trade volume, commodities exported and the destinations for exports from South America.

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.

Connecting South America: River mobility and river navigation systems

This FAL Bulletin highlights the importance of rivers in the transport system of South America. Raising the issue of river mobility and policymaking is important not only for the development of river transport but also in view of its social and economic impact, especially in regions where geography complicates the provision of land infrastructure.

Capital Flows to Latin America and the Caribbean: 2014 Overview

Divergence in macro trends and in monetary policy in advanced economies was a dominant driver of rates and currencies in emerging markets in 2014. Diverging macroeconomic developments were reflected in different monetary policy actions in 2014, with the European Central Bank (ECB) and the Bank of Japan (BOJ) moving in the opposite direction of the U.S. Federal Reserve. The unwinding of the U.S. monetary stimulus, while the ECB and the BOJ step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. Latin American markets, which started the year under pressure from fears of the U.S. Federal Reserve tapering off its quantitative easing program and concerns over stability, ended 2014 under pressure from a stronger U.S. dollar. However, there are many signs that a slowdown in LAC financial markets – particularly debt markets, which have been breaking records in debt issuance for the past six years – is under way. The region’s growth prospects look somewhat 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.

Capital Flows to Latin America and the Caribbean: Recent Developments

This document, prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) Washington Office, presents and analyzes the most recent developments (first half of 2015) concerning capital flows to Latin America and the Caribbean.

Capital Flows to Latin America and the Caribbean: Recent Developments

This document, prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) Washington Office, presents and analyzes the most recent developments (third quarter of 2015) concerning capital flows to Latin America and the Caribbean.

Capital Flows to Latin America and the Caribbean. 2015 Overview

This report provides an overview of Latin America and Caribbean’s access to the cross-border debt markets in 2015. The main developments of the year are described through charts and tables, revealing the lowest annual issuance since 2009, higher spreads than in the previous year and a trend towards lower credit ratings.

Capital Flows to Latin America and the Caribbean. Q1 2016

Market sentiment and portfolio flows to Latin America and the Caribbean (LAC) ended the first quarter of 2016 on a more optimistic note than it started. There was a large rally in LAC assets in March, but its intensity was also a function of the very challenging start of the year, when credit and equity investors were deeply concerned about the risk of further slowdown in China’s GDP and the possibility of further devaluation.

Inland waterways classification as a tool for public policy and planning: core concepts and proposals for South America

This FAL Bulletin looks at the classification of navigable inland waterways in South America. It describes an existing classification system (ECMT/UNECE), noting its role in the development of river transport, based on which it discusses lessons learned and presents a preliminary proposal for a classification for South America.

Spatial Variation in Morphometry in Vanzosaura rubricauda (Squamata, Gymnophthalmidae) from Open Habitats of South America and its Environmental Correlates

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Drivers of clutch-size in Fork-tailed Flycatchers (Tyrannus savana) at temperate and tropical latitudes in South America

Many species of birds exhibit a latitudinal gradient in annual reproductive investment, laying more eggs and producing more nestlings at higher latitudes. However, few studies have evaluated the mechanisms that underlie such patterns and such differences in grassland birds specifically. We monitored nests of Fork-tailed Flycatchers (Tyrannus savana) over two breeding seasons at a tropical site in Bolivia (in 2010-11 and 2011-12) and three breeding seasons at a southern temperate site in Argentina (2010-11, 2011-12 and 2012-13), testing two hypotheses explaining variation in clutch-size among populations: the food-limitation hypothesis and the nest-predation hypothesis. Mean clutch-size and mean brood-size were significantly larger at the temperate study site than at the tropical site. Availability of arthropod food per individual bird was significantly higher at the temperate site. There was no relationship, positive or negative, between rates of nest predation and either clutch- or brood-size, and thus no support for the nest-predation hypothesis. We conclude that food availability explains much of the latitudinal variation in clutch-size in this species. We discuss avenues for future research on the mechanisms underlying geographical variation in the life histories of Neotropical birds.

Five new species of the feather mite genus Trouessartia Canestrini from South America (Acari: Trouessartiidae)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)