Integration in Latin America - Trends and Challenges

Regional trade agreements have had a significant presence in the design of international and productive policies in Latin American and Caribbean countries since the early 1950s. Fifty years later, the region has not reached the degree of economic inter-relation found, for instance, in Western Europe, but the concern with promoting regional integration has been a tradition in an impressive amount of speeches and declarations by policy makers in the last decades. The weakening of multilateral negotiations and the multiplicity of bilateral agreements with countries in other regions might affect regional trade both via trade diversion and through investment decisions, considering a larger time horizon. International capital movement might affect exchange rates and output growth, hence influencing trade. At the same time the need for new, broader negotiating agenda, from simply dealing with trade issues to taking into consideration topics not directly related to trade but rather to competition, labour standards, environmental issues and others increase the difficulties in designing integration strategies. Even more so if the group of countries that aim at integrating their economies present markedly different characteristics. This article – an extension of a presentation made at the German Development Institute Conference on Regional Economic Integration Beyond Europe held in Bonn in December, 2007 - discusses these and other aspects related to regional integration in Latin America and the Caribbean.

Trabalho e modernização portuária: um estudo sobre os estivadores de Belém no estado do Pará

Buscou-se, com a presente dissertação tratar dos desafios que se colocam para os estivadores de Belém/PA frente à reestruturação produtiva. Realiza-se, portanto uma primeira aproximação quanto à modalidade de organização de trabalho, relacionando aspectos e ações que afetaram as relações de trabalho, enfatizando os reflexos desse processo na organização produtiva e social desse trabalhador, sendo que esse processo exige uma maior qualificação provocando, por um lado, uma polivalência, e por outro, uma maior exploração da força de trabalho o que condiz ao desemprego dos portuários e aumento das disparidades sociais. Neste sentido, a área porto torna-se um espaço de lutas sociais por politicas de saúde, segurança e assistência, que possibilite melhores condições de trabalho. Este estudo encontra-se estruturado em 05 (cinco) partes, 1) é a introdução, na qual se busca mostrar o interesse da pesquisa, a justificativa para o estudo do objeto, no qual trabalha o problema propriamente dito, os objetivos geral e específico e a metodologia utilizada. 2) propõe-se a abordar as formas de organização, controle e divisão do trabalho na sociedade capitalista, tomando como ponto de partida o surgimento do trabalho como categoria fundante da sociabilidade humana no qual o homem mantinha uma relação harmoniosa e simbólica com a natureza até a forma degradante e exploratória que o trabalho se configurou ao longo dos anos, mais profundamente, com o surgimento do modo de produção capitalista. 3) procurou compreender o desenvolvimento dos portos no Brasil, Amazônia e Pará, para compreender a dinâmica do processo de acumulação de capital que contou com o incentivo do capital internacional. 4) Foi dado destaque ao estudo da Lei nº 8.630, de 25 de fevereiro de 1993 (Lei de Modernização dos Portos), principal materialização desta lógica capitalista de modernização e reestruturação que determina o surgimento do Órgão Gestor de Mão-de-Obra (OGMO), como principal administrador da força de trabalho do trabalhador portuário avulso, visando proporcionar “melhorias” e controle da força de trabalho portuária. Objetivando compreender as conseqüências do processo de reestruturação portuária na vida do estivador de Belém no estado do Pará. 5) são apresentadas as considerações finais desta pesquisa, como visto, analisando o caso específico do Porto de Belém, destacando-se aqui a figura do Trabalhador Portuário Avulso – TPA, mais especificamente o estivador, que no mundo capitalista, assume o papel de mero coadjuvante. Mesmo diante das contrariedades que este quadro apresenta, intenciona-se considerá-lo protagonista, principal figura dentro deste processo. Em outras palavras poder-se-ia afirmar que, mesmo após a implantação da Lei de Modernização dos Portos, com seus acordos e convenções ou contrato coletivo de trabalho, que deveriam estabelecer as novas relações de trabalho, o perfil do trabalhador permanece incompatível com o processo, não atendendo, de certa forma, aos desígnios desejados de eficiência e competitividade, tratando-se de um cenário profundamente contraditório e ao mesmo tempo incerto no que diz respeito à força de trabalho do porto.

O regime de metas inflacionárias e sua adequação à economia brasileira

The Inflation Targeting Regime was adopted in Brazil in 1999 and it aims at maintaining the price level in the interval set by the government. For such reason, the Central Bank makes use of variations in the interest rate, which causes the cost of the credit to be more expensive, reducing the investments, the jobs and, concomitantly, the inflation. Being aware that the country is subject to sudden reversals of the international capital flows which results in exchange rate and price instability, an econometric analysis of the adequation of the targerting regime to the Brazilian economy, especially concerned with the index price that is used as the parameter for the inflation calculus, is proposed

A financeirização da moradia e o Programa Minha Casa Minha Vida

This paper has it is hypotesis on the government program “My Home, My Life” and the assumption that it is a public politic attached to the market logic of financialization of the housing. It is understood that this program encourage capital for the main constructors and incorporated of brazilian heritage elite. It also served as well to promote more rentability to international capital and intensified the sociospacial segregration process as real state speculation has been potencialized. This work aims to present and discuss the program contradictions that have been sustained on the speech of wide subsidy offer and habitance construcution for low income workers - month income until three minimum salaries. Documents have shown that in the first phase of the program, habitance construction for this sector of population corresponded only to 5,5% of total habitation deficit. Businessmen on residance civil construction and public politic representatives have confirmed that the program interests are linked to financial market logic.The real benefits are not for low income workers, but for real state agents through extraordinaty profits of land and the so called new medium workers class(worker class C).We will search for embasement on the country history through the different governments and housing policies, in value theory and the concept of land income to understand the financialization process of the housing. We will also analyse oficial documents and the agents speech involved in real state market to show program contradictions and whose the real benefts are for

TITANS OF CAPITALISM IN THE MODERNIZATION OF BRAZILIAN TERRITORY: URBAN AND AWARDS PUBLIC ASSISTANCE DURING THE FIRST REPUBLIC (1889-1930)

In Brazil, the newly created Republic expressed interests of the elite increasingly committed to foreign capital. The Rio de Janeiro saw accumulate vast resources in trade and finance, deriving for industrial applications. The city appears as articulator of Brazilian territory and mediation between it and the international market. In the capital of the Republic, the conservative plan would sweep the old city and inaugurate images copied from Europe and installed in the tropics with civilizing purpose. This materialized with infrastructure financing and loans to entrepreneurs in Europe and North America, awarded public service concessions. The project relied on strong support of mayors (members or representatives of the companies involved in the reforms). This work aims to address the relationship between the mayors of Rio de Janeiro during the First Republic and international capital, focusing on strategies for the production of new spaces in motion the modernization of Brazil and its international image.

Concepción, guerra y frontera paraguaya con el Mato Grosso, y la política económica de Carlos A. López. Entre la diplomacia y la guerra

El artículo se propone analizar la política que Carlos A.López instrumentó en particular en la frontera de Concepción con el Mato Grosso para explicar que la desamortización de todos los bienes del fisco, la consecuente enajenación de estos recursos al capital internacional y las leyes sobre la inviolabilidad de la propiedad privada y sobre venta de tierras, produjo la concentración en manos de unos pocos, situación que se consolidó después de la Guerra del Paraguay. El espacio, la demografía, la producción, el sistema de tenencia de tierras son abordados para develar el funcionamiento de la Comandancia de Concepción entre la diplomacia y la guerra como frontera estratégica con el Imperio del Brasil.

Concepción, guerra y frontera paraguaya con el Mato Grosso, y la política económica de Carlos A. López. Entre la diplomacia y la guerra

El artículo se propone analizar la política que Carlos A.López instrumentó en particular en la frontera de Concepción con el Mato Grosso para explicar que la desamortización de todos los bienes del fisco, la consecuente enajenación de estos recursos al capital internacional y las leyes sobre la inviolabilidad de la propiedad privada y sobre venta de tierras, produjo la concentración en manos de unos pocos, situación que se consolidó después de la Guerra del Paraguay. El espacio, la demografía, la producción, el sistema de tenencia de tierras son abordados para develar el funcionamiento de la Comandancia de Concepción entre la diplomacia y la guerra como frontera estratégica con el Imperio del Brasil.

Concepción, guerra y frontera paraguaya con el Mato Grosso, y la política económica de Carlos A. López. Entre la diplomacia y la guerra

El artículo se propone analizar la política que Carlos A.López instrumentó en particular en la frontera de Concepción con el Mato Grosso para explicar que la desamortización de todos los bienes del fisco, la consecuente enajenación de estos recursos al capital internacional y las leyes sobre la inviolabilidad de la propiedad privada y sobre venta de tierras, produjo la concentración en manos de unos pocos, situación que se consolidó después de la Guerra del Paraguay. El espacio, la demografía, la producción, el sistema de tenencia de tierras son abordados para develar el funcionamiento de la Comandancia de Concepción entre la diplomacia y la guerra como frontera estratégica con el Imperio del Brasil.

Complejos turísticos residenciales: análisis del crecimiento del turismo residencial en el Mediterráneo español y en el Litoral Nordestino (Brasil) y su impacto socio-ambiental

Entre las diversas formas de turismo que aparecen a partir de la segunda mitad del siglo pasado, el turismo residencial surge como uno de los principales fenómenos en los escenarios brasileño e internacional. El crecimiento de esta actividad ha sido un factor importante para la generación de empleo e ingresos en los municipios del litoral sudeste de Brasil y de la costa española mediterránea. Pero recientemente, se observa un crecimiento acelerado de esta modalidad de turismo en la costa del Nordeste de Brasil. Este proceso ha generado beneficios económicos para la región al igual que impactos socioambientales. El primer objetivo de este artículo fue realizar un enfoque exploratorio, identificando el escenario de la oferta y la demanda de la construcción de complejos turísticos residenciales en el Nordeste brasileño por medio del relevamiento de sites y entrevistas a las inmobiliarias, constructoras, incorporadoras, operadoras hoteleras y organismos públicos. Los resultados de la investigación muestran el gran interés del capital internacional en construir mega proyectos de segunda residencia en el nordeste, adaptados a la demanda internacional, principalmente europea. El segundo objetivo fue comparar y analizar la evolución, las etapas y las características del turismo residencial en la costa española mediterránea, como ejemplo de modelo consolidado, con la actividad en el Nordeste brasileño, como modelo en expansión. Se verificó que ambas regiones turísticas fueron afectadas por la crisis económica y por deficiencias estructurales de sus respectivos modelos, las cuales potencian impactos económicos y socioambientales.

Environmental regulation induced foreign direct investment

The last decade has witnessed a renewed interest in the relationship between environmental regulations and international capital flows. However, empirical studies have so far failed to find conclusive evidence for this so-called pollution haven or race to the bottom effect where foreign direct investment (FDI) is assumed to be attracted to low regulation countries, regions or states. In this paper we present a simple theoretical framework to demonstrate that greater stringency in environmental standards can lead to a strategic increase in capital inflows which we refer to as environmental regulation induced FDI. Our result reveals a possible explanation for the mixed results in the empirical literature and provides an illustration of the conditions under which environmental regulations in the host country can affect the location decision of foreign firms.

Start-up financing in the age of globalization

The authors investigate the determinants of start-up financing in fifty-four countries, using the Global Entrepreneurship Monitor (GEM) surveys for the years 2001-6. They find that financial liberalization increases the total financial size of the individual start-up entrepreneurial project both via the increased use of external and of own funds. In addition, the volume of start-up finance responds positively to international capital inflows, as represented by loans from nonresident banks and remittances, and negatively to the volume of offshore deposits. The positive impact of remittances on total volume of start-up financing is via financing by the entrepreneur.

Theory of foreign portfolio investment

This dissertation examines one category of international capital flows, private portfolio investments (private refers to the source of capital). There is an overall lack of a coherent and consistent definition of foreign portfolio investment. We clarify these definitional issues.^ Two main questions that pertain to private foreign portfolio investments (FPI) are explored. The first problem is the phenomenon of home preference, often referred to as home bias. Related to this are the observed cross-investment flows between countries that seem to contradict the textbook rendition of private FPI. A description of the theories purporting to resolve the home preference puzzle (and the cross-investment one) are summarized and evaluated. Most of this literature considers investors from major developed countries. I consider--as well--whether investors in less developed countries have home preference.^ The dissertation shows that home preference is indeed pervasive and profound across countries, in both developed and emerging markets. For the U.S., I examine home bias in both equity and bond holdings as well. I find that home bias is greater when we look at equity and bond holdings than equity holdings solely.^ In this dissertation a model is developed to explain home bias. This model is original and fills a gap in the literature as there have been no satisfactory models that handle at the same time both home preference and cross-border holdings in the context of information asymmetries. This model reflects what we see in the data and permits us to reach certain results by the use of comparative statics methods. The model suggests, counter-intuitively, that as the rate of return in a country relative to the world rate of return increases, home preference decreases. In the context of our relatively simple model we ascribe this result to the higher variance of the now higher return for home assets. We also find, this time as intended, that as risk aversion increases, investors diversify further so that home preference decreases.^ The second question that the dissertation deals with is the volatility of private foreign portfolio investment. Countries that are recipients of these flows have been wary of such flows because of their perceived volatility. Often the contrast is made with the perceived absence of volatility in foreign direct investment flows. I analyze the validity of these concerns using first net flow data and then gross flow data. The results show that FPI is not, in relative terms, more volatile than other flows in our sample of eight countries (half were developed countries and the rest were emerging markets).^ The implication therefore is that restricting FPI flows may be harmful in the sense that private capital may not be allocated efficiently worldwide to the detriment of capital poor economies. More to the point, any such restrictions would in fact be misguided. ^

Economic Development and Mass Poverty in Africa: Assessment of the Nigerian Experience

The forces surrounding the emerging economies of underdeveloped world, especially Africa has practically stifled its economic progress, growth, development and sustainability. This economic condition brings to the fore the massive onslaught of rural/urban poverty which the African continent grapples with since the post-world war II era to date. The economic misfortunes and incidence of mass poverty in Africa, vis-à-vis Nigeria is used as a point of departure in this study. The paper underscores the ideological and philosophical undertone of international capital manifesting in form of colonialism and imperialism as a major character in the historical process of underdevelopment and mass poverty in peripheral states of Africa, Asia and Latin America, respectively. Of particular interest in this study is the activities of domestic bourgeoisie elite class who have vigorously displayed some degree of lack of much needed vision and abject lack of desires to draw up workable plans to redeem the battered image of African/ Nigerian economic misfortunes. This state of affairs has practically engendered economic underdevelopment, misery and disturbing levels of poverty in the nation-state system. The paper concludes with the forward towards realizing the vision 20-20-20 objectives in the 21t century and beyond.

A problemática da dicotomia contabilística ao nível dos subsídios ao investimento

A globalização dos mercados, articulada com a abertura das fronteiras dentro da União Europeia, e com a diversidade de sistemas contabilísticos, acentuou a necessidade de criar um único sistema contabilístico que fosse aceite internacionalmente e, ao mesmo tempo, que facilitasse o acesso aos mercados de capitais internacionais. O novo Sistema de Normalização Contabilística (SNC) adotado em Portugal é baseado essencialmente em princípios, conduzindo à existência de novos conceitos e à necessidade de incorporar novas formas de entender a contabilidade. Constata-se que os procedimentos contabilísticos impostos pelo SNC, no caso particular da Norma de Contabilidade e Relato Financeiro (NCRF) 22 - Contabilização dos Subsídios do Governo e Divulgação de Apoios do Governo, são mais exigentes e pormenorizados do que os previstos no anterior sistema normativo nacional, em vigor até 31/12/2009. Verifica-se ainda que esta norma, no que diz respeito ao tratamento contabilístico dos subsídios relacionados com ativos, não segue o preconizado na atual International Accounting Standard (IAS), ou Norma Internacional de Contabilidade (NIC) 20 - Contabilização dos Subsídios do Governo e Divulgação de Apoios do Governo. Pretende-se assim analisar as referidas normas, enumerando as suas principais diferenças, e constatar como os outros países da União Europeia contabilizam estes subsídios. The globalization of markets, combined with the opening of borders within the European Union, and the diversity of accounting systems, emphasized the need to create a single accounting system that is internationally accepted and at the same time, improving access to markets international capital. New Accounting Standards System adopted in Portugal is essentially based on principles leading to the existence of new concepts and the need to incorporate new ways of understanding accounting. It appears that the accounting procedures required by the SNC, particularly in the case of NCRF 22 - Accounting for Government Grants and Disclosure of Government Assistance, are more stringent and detailed than those of the preceding national regulatory system in force until 31/12/2009. It also appears that this standard with regard to the accounting treatment of grants related to assets, does not follow the recommendations in the current IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance. The aim is to analyze the standards, enumerating the main differences, and see how the other UE countries account for these allowances.

Privatisation and accountability in a “crony capitalist” Nigerian state

Nigeria is richly endowed with oil and gas resources, but the country’s continued reliance on loans from international financial institutions raises questions about the transparency and accountability of its utilisation of the huge revenues resulting from these two resources. In order to attract international capital to bolster its revenues from sales of oil and gas, a huge proportion of which continues to be used corruptly, the World Bank has encouraged the Nigerian government to subscribe to neoliberal economic policies by enlisting accounting firms and privatising state-owned enterprises. Key justifications for this have included enhancing accountability, reducing public-sector corruption, promoting market efficiency and attracting international capital. However, this paper presents evidence of the role of accounting in the undervaluation of assets, concealment of possible malpractice, and subversion of the accountability that it should have delivered in the privatisation process. The assumption that accounting will enhance accountability, reduce public-sector corruption and promote market efficiency in privatisation, and ultimately attract investment into a crony capitalist Nigerian state, appears to be an illusion created partly through the apparent legitimacy of accounting.