Reflections on development financing

This article sets forth some reflections on the position of the region's countries and the different segments of their domestic financial structures in the international financial system. In the light of the financial globalization taking place in Latin America, it considers the circumstances of the largest countries in the region, looking beyond the stylized arguments of conventional wisdom to analyse different factors influencing the financial situation: sovereignty risk, financial globalization, the degree of financial integration, the cost of capital and the burden of country risk premiums, the link between sovereign risk and fiscal solvency and the consequences of segmented integration. Consideration is then given to courses of action that could reduce country risk. In addition, the role of the different institutional sectors in generating savings is analysed, and the main trends of financial intermediation in the region are considered: banking concentration, the increased involvement of foreign organizations and the role of the public-sector banking system in the circumstances that now prevail.

The determinants of recent foreign bank penetration in Brazil

Includes bibliography

The macroeconomics of the Latin American economic boom

Includes bibliography

O Banco Mundial e a política nacional de recursos hídricos no governo FHC (1995-2002)

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

Global economic developments, 1999

Includes bibliography

New technologies and methodologies for intervention to promote development

Includes bibliography

Uso de modelos estatísticos para dados de escore de crédito de uma instituição financeira

Pós-graduação em Engenharia de Produção - FEB

The United States and Latin America and the Caribbean: highlights of economy and trade

Document prepared on the occasion of the visit of President Barack Obama to Brazil, Chile and El Salvador in March 2011

ECLAC Notes Nº 17

International Financial System's Reform Agenda Must Be Broadened Women's Employment More Vulnerable than Men's Economic Prospects for 2001. Op-ed of ECLAC's Executive Secretary, José Antonio Ocampo Highlights: The Pros and Cons of the FTAA Indicators Innovate, Innovate, Innovate Recent titles and calendar of activities

A regional reserve fund for Latin America

Includes bibliography.

Preliminary Overview of the Economies of Latin America and the Caribbean 1998

Includes bibliography.

Preliminary Overview of the Economies of Latin America and the Caribbean 1997

Incluye Bibliografía.

The employment situation in Latin America and the Caribbean: Crisis, stabilization and reactivation: performance of the labour market in 2009

Following a five-year period during which economic and social performance in Latin America and the Caribbean surpassed anything seen in recent decades, the global economic and financial crisis not only hurt macroeconomic variables but also impacted heavily on labour markets in the region’s countries. Between 2003 and 2008 employment rates had risen considerably, especially in the formal sector, but the crisis spelled a reversal of this trend. Nevertheless, the region was better prepared than it had been in previous crises, since it had achieved a sound fiscal footing, a good level of international reserves and low rates of inflation. This meant that the authorities had the space to implement countercyclical policies on both fiscal and monetary levels. Be this as it may, faced with the worst global crisis since the Great Depression of the 1930s, these measures could only attenuate the impact on the region’s economies —they could not prevent it altogether. Furthermore, the crisis struck with notable differences among subregions and countries depending on the nature of their trade integration, and not all the countries had the fiscal space to implement vigorous countercyclical policies. As discussed in this third ECLAC/ILO bulletin, the crisis did less damage to the region’s labour markets than had been feared at the beginning of last year, thanks to the implementation of public policies geared towards employment, as reviewed in the two previous bulletins. This bulletin offers an additional analysis from the perspective of gender equality. Moreover, some countries in the region, notably Brazil, managed to rapidly stabilize and revive economic growth, with positive effects on labour variables. The fact remains, however, that millions in Latin America and the Caribbean lost their jobs or were obliged to accept more poorly paid employment in more precarious conditions. The macroeconomic data indicate that recovery is under way and is stronger and occurring more rapidly than foreseen one year ago. In fact, regional growth in 2010 may well exceed the 4.1% forecast at the end of 2009. Consequently, although the unemployment rate may be expected to record a modest drop, it may not return to pre-crisis levels. The upturn is taking many different forms in the countries of the region. In some, especially in South America, recovery has benefited from the buoyancy of the Asian economies, whose demand for natural resources has driven large increases in exports, in terms of both volume and price. Countries whose economies are closely tied to the United States economy are benefiting from the recovery there, albeit more slowly and with a certain lag. Conversely, some countries are still suffering from major disequilibria, which are hampering their economic reactivation. Lastly, Chile and Haiti were both victims of devastating earthquakes early in the year and are therefore facing additional challenges associated with reconstruction, on top of their efforts to sustain an economic upturn. Despite the relatively favourable outlook for regional growth in 2010, great uncertainty still surrounds the global economy’s recovery, which affects the region’s economic prospects over the longer term. The weakness of the recovery in some regions and the doubts about its sustainability in others, as well as shocks that have occurred in international financial markets, are warning signs which authorities need to monitor continuously because of the region’s close integration with the global economy. In addition, a return to growth does not directly or automatically mean higher employment rates —still less decent working conditions. Although some labour indicators have performed reasonably favourably since the end of last year, the countries still face daunting challenges in improving the labour market integration of millions in Latin America and the Caribbean who are not seeing the fruits of renewed growth. This is why it is important to learn the lessons arising from the policies implemented during the crisis to offset its impact on labour markets. With this third joint bulletin, ECLAC and ILO continue to pursue their objective of affording the region the information and analyses needed to face these challenges, as regards both trends in the region’s labour markets and the corresponding policy options.

O regime global da propriedade intelectual e a questão do desenvolvimento: o poder dos países em desenvolvimento no campo multilateral

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Fiscal Panorama of Latin America and the Caribbean 2016: Public finances and the challenge of reconciling austerity with growth and equality

Latin America’s fiscal accounts deteriorated slightly during 2015, registering an average deficit of 3.0% of GDP and average gross public debt of 34.7% of GDP. Of the 19 countries considered, the fiscal deficit and public debt as a share of GDP both increased in 11. The region started to build up public debt, most of it domestic, after the 2008 international financial crisis to meet the growing financing needs resulting from the worsening growth situation.