This paper describes the dimensions and activities of the asset management industry in the United States locating the industry in the global context. It also discusses the evolution of asset management strategies utilized by the industry, setting up the discussion of the potential risks associated with this set of strategies and identifies the potential risks to the industry and explore the overall risks they raise for the global financial system. Finally, it provides regulatory responses to deal with these potential problems and briefly summarizes some suggested modifications of regulations t…
Este estudo analisa quais alterações nos instrumentos financeiros são recomendadas ou foram feitas para viabilizar uma expansão dos investimentos com maior participação do setor privado no financiamento de projetos. Tais alterações podem ser na legislação de debêntures de infraestrutura, na tributação de instrumentos de renda fixa, nas normas da Comissão de Valores Mobiliários (CVM) para os fundos de investimento ou nas práticas de mercado de cofinanciamento de projetos.…
Highlights
• In the third quarter of 2019, the U.S. economy grew at a 2.1% annualized rate. Growth was driven by consumer and government spending, and a buildup in inventories.
• The third quarter of 2019 was the 41st consecutive quarter of growth and November the 125th month of consecutive growth for the U.S. economy. The current expansion is the longest on record.
• The Federal Open Market Committee (FOMC) cut the federal funds rate three times this year, in July, September and October, due to slowing global growth and trade uncertainty, contributing to diminish recession fears. Federal Rese…
This edition of the Preliminary Overview of the Economies of Latin America and the Caribbean is released amid an extremely complex economic and social context for the region. Latin America is showing a synchronized economic slowdown at the country and sector levels. In contrast to previous years, in 2019 growth in economic activity is slowing in 18 of the 20 countries of Latin America, and in 23 of the 33 countries of the Latin American and Caribbean region as a whole. The slackening of domestic demand has been accompanied by low aggregate external demand and more fragile international financi…
El Balance Preliminar de las Economías de América Latina y el Caribe 2019 sale a la luz en un contexto económico y social extremadamente complejo para la región. América Latina presenta una desaceleración económica generalizada y sincronizada a nivel de los países y de los distintos sectores. En 2019, en contraste con años anteriores, 18 de los 20 países de América Latina, así como 23 de las 33 economías de América Latina y el Caribe, presentan una desaceleración en la tasa de crecimiento de su actividad económica. El menor dinamismo de la demanda interna se ha visto acompañado por una baja de…
These are the main highlights of the Capital Flows to Latin America, Third Quarter 2019 edition:
• International bond issuance from Latin America and the Caribbean (LAC) in the third quarter (Q3) of 2019 was US$ 39.3 billion. It was up 17% from the second quarter, and up 541% from the third quarter of 2018, and it was the highest third-quarter issuance since 2010.
• From January to October 2019, the region’s total bond issuance reached US$ 103 billion, 20% higher than in the same period in 2018.
• The three top issuers, sovereign and corporate issuance combined, accounted for 65% of the tota…
This overview examines the economic performance of economies of the Caribbean in 2018 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter looks at the key development imperatives for the Caribbean. The third chapter concludes, and the final chapter includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregiona…
The organization’s office in Brasilia has organized a book that brings together essays with contributions on tackling structural economic “bottlenecks” and harnessing opportunities for the country’s development.…
Oficina del organismo en Brasilia ha organizado un libro que reúne ensayos con aportes para enfrentar “cuellos de botella” económicos estructurales y aprovechar oportunidades que se presentan para el desarrollo del país.…
Escritório do organismo em Brasília organizou obra que reúne ensaios com aportes para enfrentar gargalos econômicos estruturais e aproveitar oportunidades que se apresentam para o desenvolvimento do país…
In recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend —verified in the last two decades— as the result of greater central bank credibility stemming from the implementation of formal inflation-targeting regimes. This paper offers an alternative interpretation, in line with the structuralist tradition, as it examines other instrumental transformations, concurrent with the establishment of inflationtargeting regimes, including ubiquitous labour market flexibilization. Empirical e…
En los últimos años, un conjunto de trabajos empíricos documentó la disminución de la intensidad del traspaso del tipo de cambio nominal a los precios internos en los países periféricos o en desarrollo. De conformidad con la hipótesis tradicional, esta tendencia —verificada en las dos últimas décadas— se interpretó como el resultado de una mayor credibilidad en la política monetaria, a raíz de la implementación de regímenes formales de metas de inflación. En este trabajo se presenta una interpretación alternativa, afín a la tradición estructuralista, que considera otras transformaciones regist…
This paper examines the relationship between economic growth and financial development in Brazil. To this end, a data panel is constructed of all the Brazilian states for the period 1995–2014, with appropriate control variables and proxies for economic growth and financial development. The relationship is analysed for five different indicators of financial development, with a view to capturing its different aspects. Flexible regression modelling determines the direction of this relationship, characterizing it as linear or non-linear for each financial development indicator. It is concluded tha…
En el presente trabajo se investiga la relación entre crecimiento económico y desarrollo financiero en el Brasil. Para ello, se construye un panel de todos los estados brasileños relativo al período 1995-2014, con variables de control apropiadas y variables sustitutivas para el crecimiento económico y el desarrollo financiero. Se analiza esta relación para cinco indicadores distintos de desarrollo financiero, con miras a captar diferentes aspectos de este. Por medio del modelado de regresión flexible se determina la dirección de esta relación y se la caracteriza como lineal o no lineal para ca…
Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate pass-through in peripheral countries / Martín Cherkasky and Martín Abeles . -- Models of the developmental state / Luiz Carlos Bresser-Pereira .-- The development of venture capital in Latin America and the Caribbean: a comparative perspective / Ernesto H. Stein and Rodrigo A. Wagner .-- The heterogeneity of effects of preschool education on cognitive outcomes in Latin America / Juan Antonio Dip and Luis Fernando Gamboa .-- Economic growth and financial development in Brazil: a flexib…
El debilitamiento de las instituciones laborales, así como el papel histórico del Estado desarrollista, y las inversiones de capital de riesgo en empresas latinoamericanas, son algunos de los temas principales que aborda el nuevo número de Revista CEPAL, disponible desde hoy en internet.
En su edición N⁰ 128 (agosto 2019), la principal publicación académica del organismo regional de las Naciones Unidas incluye en total 9 artículos de destacados especialistas y profesores internacionales, quienes analizan diversas áreas de la situación económica y social de varios países de América Latina.
En …
Em sua edição número 71, que corresponde a 2019, o Estudo Econômico da América Latina e do Caribe consta de três partes. A primeira resume o desempenho da economia regional em 2018 e analisa sua evolução durante os primeiros meses de 2019, bem como as perspectivas para o ano em seu conjunto. Examina os fatores externos e internos que incidiram no desempenho econômico da região e analisa as características do crescimento econômico, bem como a evolução dos preços e do mercado de trabalho. Por último, destaca as características e alguns dos desafíos para as políticas macroeconômicas, num contexto…
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