Intra-Euro rebalancing is inevitable, but insufficient. Bruegel Policy Contribution 2012/15, August 2012

Greece, Portugal and Spain face a serious risk of external solvency due to their close to minus 100 percent of GDP net negative international investment positions, which are largely composed of debt. The perceived inability of these countries to rebalance their external positions is a major root of the euro crisis. Intra-euro rebalancing through declines in unit labour costs (ULC) in southern Europe, and ULC increases in northern Europe should continue, but has limits because: The share of intra-euro trade has declined. Intra-euro trade balances have already adjusted to a great extent. The intra-euro real exchange rates of Greece, Portugal and Spain have also either already adjusted or do not indicate significant appreciations since 2000. There are only two main current account surplus countries, Germany and the Netherlands. A purely intra-euro adjustment strategy would require too-significant wage increases in northern countries and wage declines in southern countries, which do not seem to be feasible. Before the crisis, the euro was significantly overvalued despite the close-to balanced current account position. The euro has depreciated recently, but more is needed to support the extra-euro trade of southern euro-area members. A weaker euro would also boost exports, growth, inflation and wage increases in Germany, thereby helping further intra-euro adjustment and the survival of the euro.

Outward investments and productivity: evidence from European regions

Outward investments and productivity: evidence from European regions, Regional Studies. Using a novel data set on international investment projects, this paper builds measures of outward foreign direct investments (FDIs) for 262 regions of the European Union. This allows as estimation to be made of regressions of productivity growth over the 2007–11 period as a function of the number of FDIs. The number of outward FDIs in manufacturing activities is negatively associated with productivity growth in the home region, but investments in sales, distribution and marketing are associated with a boost in local productivity. This is driven especially by investments towards non-European Union locations. This evidence qualifies the fear of hollowing-out as a consequence of outward investments

Análise das relações de longo prazo entre a posição internacional de investimentos, o efeito Balassa-Samuelson e a taxa de câmbio real: testes de cointegração

Este trabalho tem a finalidade de analisar as evidências de relações de longo prazo entre a taxa de câmbio real (“RER”), a posição internacional de investimentos (“NFA”) e o efeito Balassa-Samuelson (“PREL”) em um grupo de 28 países, grupo este que inclui países em diferentes estágios de desenvolvimento. A metodologia utilizada foi a de testes de cointegração. Os testes aplicados foram desenvolvidos por Bierens (1997), teste não paramétrico, e por Saikkonen e Lütkepohl (2000a, b, c), teste que consiste em primeiro estimar um termo determinístico. Evidências de cointegração são constatadas, em ambos os testes, na maioria dos países estudados. Entretanto, houve diferenças relevantes entre os resultados encontrados através dos dois testes aplicados. Estas diferenças entre os resultados, bem como alguns casos especiais de países que não demonstraram evidências de cointegração, requerem análises mais aprofundadas sobre o comportamento de longo prazo das três variáveis estudadas.

Os requisitos de forma da cláusula compromissória inserida nos contratos comerciais internacionais e a jurisprudência do STJ

Nesta pesquisa comparo as interpretações que têm prevalecido no contexto internacional e na jurisprudência do Superior Tribunal de Justiça (“STJ”), versando sobre os requisitos de forma da cláusula compromissória inserida nos contratos comerciais internacionais. Contratos comerciais internacionais, nesta pesquisa, são aqueles que contém cláusula compromissória que elege arbitragem com sede fora do Brasil. Na Primeira Parte, examino a experiência internacional a partir (a) da questão da lei aplicável ao exame dos requisitos de forma da cláusula compromissória inserida nos contratos comerciais internacionais, (b) dos seus requisitos de forma propriamente ditos e (c) da interrelação destes requisitos com a exceção de ordem pública no âmbito da arbitragem comercial internacional. No que diz respeito aos requisitos de forma propriamente ditos, passo pela análise histórica dos principais foros internacionais, de alguns instrumentos de soft law selecionados, da legislação e da jurisprudência estrangeira. Meu objetivo é verificar a solução conferida no contexto internacional à questão, criando um quadro de análise para ser comparado com o levantamento da jurisprudência do STJ que será feito na Segunda Parte. Na Segunda Parte, por sua vez, examino a jurisprudência do STJ versando sobre estes mesmos requisitos de forma. Ao fim, concluo que, enquanto efetivamente há alguns pontos de divergência entre a orientação do STJ e àquela que prevalece na experiência internacional, estas diferenças não são tantas e vem sistematicamente diminuindo. Na Conclusão procuro sintetizar e confrontar os achados da pesquisa, fazendo ainda algumas proposições objetivas com o intuito de pacificar a discussão sobre o tema no Brasil.

Políticas de turismo e comunidade local no litoral potiguar

This research focuses on raise the discussion of existance tourism policies in Rio Grande do Norte and its contributions to the integration of local communities in the coastal tourist activity. Guided by the background of the neoliberalism and its influence on the model of tourism development adopted in Rio Grande do Norte. For that, were surveyed the concrete realities of coastal localities of the municipalities of Ceará-Mirim, Extremoz, Parnamirim and Nísia Floresta covered by Prodetur-RN I and II, by being part of the tourist portion of the state that have received domestic and international investment and, because are located in the geographical area of the Potiguar capital, Natal. We interviewed the municipal managers and the residents of local communities who live in municipalities more than ten years. Also, was raised a discussion on the role of the state as the main agent of public policies and hegemonic facilitator in the attraction of domestic and foreign investments, with the main scenario the neoliberal model of economic development. Here discuss ways and strategies of socio-political organization of local communities, with regard to the inclusion in the tourist and, pointing to the critical development model in question and signaling other concepts of development model, such as local basis, for example. By the ending of the research, was concluded that the model of development of the tourism in the Rio Grande do Norte is reflected of the way of life of the society, that the communities live in precarious conditions and that the way of inclusion in the tourism is almost incipient. Also, it was possible to detect the inexistence of public politics of tourism that promoted the planning of the tourist activity, as well as, the inclusion of the communities in the decision processes and that, searched the development on the basis of the principles of sustainable and local autonomy

A snapshot of Chile's 20 largest multinational enterprises in 2011: Sustained growth in South America

Includes bibliography

Technological dimensions of economic diversification and development in the Caribbean with specific reference to the Organization of Eastern Caribbean States (OECS)

Includes bibliography

Network for Cooperation in Integrated Water Resource Management for Sustainable Development in Latin America and the Caribbean No. 26

Editorial remarks.-- Open discussion: Formulation of new regulatory frameworks for water supply and sanitation services ; The problem of provision of public goods.-- News of the network: Matanza-Riachuelo River basin authority, Argentina ; Venezuelan water law.-- Meetings: Fifth Brazilian Congress on Regulation ; Experience of water management in the Southern Cone.-- Courses: Course on international investment agreements, water and public services.-- Internet and WWW news

A pedagogia histórico-crítica e o currículo: para além do multiculturalismo das políticas curriculares nacionais

Pós-graduação em Educação Escolar - FCLAR

Planejamento ambiental do distrito de Ameliópolis – Presidente Prudente - SP

The concern with the environmental planning has become important in Brazil recently. Until then, nature was conceived as a resource, because of the implementation of developmental policies that perdured to the 1970s, based on the expansion of the industrial complex, altogether hadn´t preoccupation by the federal government with the relationship between society and nature. During this period, after the threat of not receiving more international investment to finance large projects in the country, accompanied by pressure from civil society organizations, the federal government began to take some action related to the environment, such as the creation of federal agencies (IBAMA), application of environmental laws and decrees in order to create rules for the proper use of natural resources such as water, soil and air. From the decade of 1990 onwards the master plans have become a mandatory document for all municipalities in the country with a population over 20,000 inhabitants, ranging from health issues to the development of urban, rural and environmental planning. Thus, the environmental planning gained prominence in the political scene. Therefore, to achieve environmental planning is necessary to follow some social and environmental parameters, which for this survey, conducted in the District of Ameliópolis – Presidente Prudente... (Complete abstract click electronic access below)

Clothing Export from sub-Saharan Africa : Impact on Poverty and Potential for Growth

Increases in clothing exports after 2000 signaled the first incidence of large-scale manufacturing exports from sub-Saharan Africa. Using firm-level information, this paper explores the potential of clothing exports for poverty reduction and further growth as seen in other low income countries. It shows that the garment exporting industries in Kenya and Madagascar have contributed poverty reduction in the short term by providing mass employment for female and less educated workers with wages beyond the poverty line. However, the long-term impact is not certain. High production costs and limited development of local firms weaken potential for further growth in the competitive world market. Upgrading of the market and improvement of efficiency are required to remain competitive for African industries, and governmental support for local participation are needed to facilitate technology transfer.

Complex Vertical FDI and Firm Heterogeneity: Evidence from East Asia

In this paper we statistically test the validity of the mechanics of complex VFDI in Japanese machinery FDI to East Asia; we do this by estimating a multiple-spatial lag model. From the theoretical point of view, in complex VFDI, the production activity of affiliates in a given country is positively related to that in neighboring countries which have large differences in factor prices with the given country. Our empirical results show that such mechanics of complex VFDI work in Japanese FDI to East Asia, and that they work more strongly in the MNEs with higher productivity. These results have an important implication for the policies of developing countries in attracting FDI.

FDI and Export Participation of Local Firms in Africa: The Case of the Kenyan Garment Industry

FDI in the garment sector has been the single case of large-scale manufacturing investment in African low-income countries since the 1990s. While FDI has triggered the development of local industries in many developing countries, it has not yet been realized in Africa. This paper describes the spillover process in the Kenyan garment industry and investigates the background of local firms' behavior through firm interviews and simulation of expected profits in export market. It shows that credit constraint, rather than absorptive capacity, is a primary source of inactive participation in export opportunity. Only firms which afford additional production facilities without sacrificing stable domestic supply may be motivated to start exporting. However, in comparison with successful Asian exporters, those firms were not as motivated as Asian firms due to the large gap in expected profits.