Capital flows to Latin America: fourth quarter 2002

Includes bibliography

Capital flows to Latin America: first quarter 2005

Includes bibliography

Capital flows to Latin America: recent developments

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2013

Includes bibliography.

Integrated transport systems in Latin America and the Caribbean: converging initiatives

The year 1998 is shaping up to be a year of grand regional initiatives focusing on the setting up of regional integrated transport systems. The past six months have seen intense activity in Latin America and the Caribbean. It would seem that the public and private sectors have agreed to launch converging initiatives, each from its own perspectives. In Central America, a multimodal transport project is already under way, while a new transport master plan put forward by the Permanent Secretariat of the General Treaty on Central American Economic Integration (SIECA) is being prepared; in South America, the Latin American Integration Association (LAIA) and Latin American Railways Association (ALAF) have launched a prefeasability study concerning a plan for the sustainable development of transport; the second Summit of the Americas adopted a plan of action that now takes in the work of the Executive Committee of the Western Hemisphere Transport Initiative; and the private sector also held its regional meeting in São Paulo, Brazil, with Intermodal 98, the fourth in a series. These initiatives are taking shape around similar lines of thought and action; their backgrounds are similar, and they tend towards the same goal: taking action in the immediate environment with a view to expanding linkages with the global economy. The background is the observation that after several years of growth, transport infrastructure, equipment and services appear unable to satisfy the growing demand of international trade in the region. The goal is to implement the requisite reforms in the transport sector so as to meet the challenges posed by global competition. This issue of the Bulletin is devoted to news about recent initiatives and possible future developments.

The potential of Aid for Trade to improve the infrastructure and logistics performance of landlocked developing countries of Latin America

Incluye bibliografía.

NAFTA's uninvited guest: China and the disintegration of North American trade

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.

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.

Foreign Direct Investment in Latin America and the Caribbean 2009

Includes bibliography.

The global financial crisis: what happened and what’s next

Global economic conditions have been deteriorating sharply since mid- September 2008. Lending has dropped abruptly, credit spreads have widened sharply, stock markets have plunged and economies everywhere are stumbling. Governments around the world have undertaken unprecedented measures, including some coordinated intervention. However, global economic prospects remain troubled, and further policy action is required. In order to better understand the task before policy makers as they chart a new direction, this paper examines how the global economy arrived at its current predicament, looking back at the sequence of events that contributed to create havoc in financial markets, as well as the policy response they produced. In light of these events, we examine the impact on Latin American financial markets in particular. The global nature of the current crisis underscores the need for coordinating the policy response at the global level, as well as advancing towards a new international financial architecture that will make possible a more effective response to the build-up of systemic pressures.

Criador e criatura: os Estados Unidos e a Organização Mundial do Comércio (OMC)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Causes and consequences of low rates of specialisation in science and technology in CDCC member countries

The importance of science and technology (S&T) in Small Island Developing States (SIDS) is clearly articulated in Chapter XI, paragraphs 57, 58, 61 and 62 of the Mauritius Strategy for the Further Implementation of the Programme of Action for Sustainable Development of Small Island Developing States (MSI). At the regional level, the Heads of Government of the Caribbean Community (CARICOM) noted the challenge that CARICOM member States face in competing in this new international economic environment in which the impact of scientific and technological change has created a knowledge-based global economy. Given the importance of S&T to development of Caribbean SIDS, the Economic Commission for Latin America and the Caribbean (ECLAC) Subregional Headquarters for the Caribbean embarked on a study to determine the causes and consequences of low rates of specialisation in S&T with a view to making recommendations for development of strategies for addressing these challenges. Data on postgraduate (Master of Science, Master of Philosophy and Doctor of Philosophy) enrolment and graduation in agriculture, engineering and the sciences from the three campuses of the University of the West Indies (UWI) as well as from the University of Technology in Jamaica and the University of Trinidad and Tobago (UTT) were examined and analysed. Face-to-face interviews were also held with key personnel from these institutions and a questionnaire was also served to individuals in key institutions. Results of the study revealed that although the number of students enrolled in higher degree programmes has increased in absolute terms, they are decreasing in relative terms. However, enrolment in agriculture has indeed declined while enrolment rates in engineering, although increasing, were not significantly high. Market forces have proved to be a main reason for this trend while facilities for the conduct and supervision of cutting-edge research, the disconnect between science and industry and societal labelling of scientists as “misfits” are also contributing to the situation. This has resulted in a reduced desire by students at all levels of the school system and faculty to be involved in S&T; lack of innovation; a better staffed private, as compared with public, sector; and poor remuneration in science-based employment. There also appears to be a gender bias in enrolment with more males than females being enrolled in engineering while the opposite is apparent in agriculture and the sciences. Recommendations for remedying this situation range from increasing investment in S&T, creating linkages between science and industry as well as with the international community, raising awareness of the value of S&T at all levels of the education system to informing policy to stimulate the science – innovation interface so as to promote intellectual property rights.

Implementation of the 2014-2015 programme of work: subprogramme 13: subregional activities in the Caribbean

This report highlights the activities carried out by ECLAC in the Caribbean subregion between 1 January 2014 and 31 March 2015. Subprogramme 13 of the ECLAC programme of work 2014-2015 (“Subregional activities in the Caribbean”) covers the Commission’s work in Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago, as well as Anguilla, Aruba, the British Virgin Islands, the Cayman Islands, Curaçao, Guadeloupe, Martinique, Montserrat, Puerto Rico, Sint Maarten, the Turks and Caicos Islands and the United States Virgin Islands. Subprogramme 12 (“Subregional activities in Central America, Cuba, the Dominican Republic, Haiti and Mexico”) includes activities conducted in the Caribbean member States of Cuba, the Dominican Republic and Haiti. In addition, countries of the Caribbean were included in activities organized under the 12 other substantive subprogrammes of the ECLAC programme of work 2014-2015, namely: (i) linkages with the global economy, integration and regional cooperation; (ii) production and innovation; (iii) macroeconomic policies and growth; (iv) financing for development; (v) social development and equality; (vi) mainstreaming the gender perspective in regional development; (vii) population and development; (viii) sustainable development and human settlements; (ix) natural resources and infrastructure; (x) planning of public administration; (xi) statistics; and (xii) support for regional and subregional integration and cooperation processes and organizations.

Abertura de capital como estratégia de gestão jurídica e financeira de empresas do setor sucroalcooleiro

Pós-graduação em Direito - FCHS