The Hummingbird Vol.3 No.7

New bond issuance in LAC region reached almost 14 billion dollars in March, the highest monthly issuance since June 2014

Market sentiment and portfolio flows to Latin America and the Caribbean (LAC) ended the first quarter of 2016 on a more optimistic note than it started, with new bond issuance reaching almost 14 billion dollars in March, the highest monthly issuance since June 2014, according to the report Capital Flows to Latin America and the Caribbean: Q1 2016, released by the Washington Office of the Economic Commission for Latin America and the Caribbean (ECLAC). According to this study, there was a large rally in LAC assets in March, but its intensity was also a function of the very challenging start of …

Nueva emisión de bonos en América Latina y el Caribe alcanzó casi 14.000 millones de dólares en marzo, la mayor emisión mensual desde junio de 2014

La mejora de la confianza del mercado y de los flujos de capitales hacia América Latina y el Caribe a lo largo de los primeros tres meses del año contribuyó para que el primer trimestre de 2016 terminara con una nota más optimista de lo que comenzó, con las nuevas emisiones de bonos alcanzando casi 14.000 millones de dólares en marzo, la mayor emisión mensual desde junio de 2014, según el reporte Flujos de Capital hacia América Latina y el Caribe: Primer Trimestre 2016, difundido por la Oficina en Washington de la Comisión Económica para América Latina y el Caribe (CEPAL). De acuerdo con este …

Nova emissão de títulos na América Latina e no Caribe alcançou quase 14 bilhões de dólares em março, a maior emissão mensal desde junho de 2014

A melhora da confiança do mercado e dos fluxos de capitais para a América Latina e o Caribe ao longo dos primeiros três meses do ano contribuiu para que o primeiro trimestre de 2016 terminasse com uma nota mais otimista do que começou, com as novas emissões de títulos alcançando quase 14 bilhões de dólares em março, a maior emissão mensal desde junho de 2014, segundo o relatório Fluxos de Capital para a América Latina e o Caribe: Primeiro Trimestre de 2016, divulgado pelo Escritório da Comissão Econômica para a América Latina e o Caribe (CEPAL) em Washington. De acordo com esse estudo, houve u…

The Hummingbird Vol.3 No.6

U.S. Economic Outlook: Quarterly developments

U.S. economic growth disappointed in the first quarter of 2016, as global conditions continued to have an adverse impact. According to the U.S. Department of Commerce’s third estimate, the GDP grew at a 1.1% annualized pace in the first quarter, up from a previous estimate of 0.8%, and down from 1.4% in the fourth quarter of 2015. Growth was under 1.5% for the last two quarters, the worst six-month performance in nearly three years.…

ECLAC to enhance member states’ ability to forecast public expenditure

Senior policy makers from the ministries of finance, education, health and agriculture in three Caribbean states recently received a comprehensive introduction to the ECLAC Development Account project, “Strengthening the technical capacity of public finance managers in select Caribbean Small Island Developing States (SIDS)”, from which their countries will benefit. The project focuses on increasing the capacity of policy makers and finance managers to apply the methods and procedures for better monitoring and forecasting of public expenditure and revenue, and is expected to have a positi…

The Hummingbird Vol. 3 No. 4

Economic Survey of the Caribbean 2015: Balancing economic recovery and high debt in the Caribbean

The survey provides an overview of the economic performance for 2014 of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago plus the eight member states of the Eastern Caribbean Currency Union (ECCU) and the outlook for 2015. Data were collected from a review of reports from national governments and through interviews with government officials in each of the countries analyzed.…

Una interpretación institucionalista de la política macroprudencial

Resumen del artículo publicado en Revista CEPAL N° 117, diciembre de 2015. Autores: Gustavo Chagas Goudard y Fábio Henrique Bittes Terra.…

Experts Address Local Finance Challenges in Ibero-American Countries

Authorities, experts and scholars from numerous Ibero-American countries met on September 1-2 at the headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile, to discuss the challenges of public provision of goods and services and its financing at different levels of government in the region, and its impact on economic development, equality, and social and territorial cohesion. During the IV Ibero-American Conference on Local Finance 14 research papers were presented—out of more than 50 submitted initially—regarding issues of fiscal and financial t…

Expertos abordan desafíos de la financiación local en los países de Iberoamérica

Autoridades, expertos y académicos de varios países de Iberoamérica se reunieron el 1 y 2 de septiembre en la sede de la Comisión Económica para América Latina y el Caribe (CEPAL) en Santiago, Chile, para discutir sobre los desafíos de la provisión pública de bienes y servicios, su financiamiento en los distintos niveles de gobierno de la región y su impacto sobre el desarrollo económico, la igualdad y la cohesión social y territorial. Durante las IV Jornadas Iberoamericanas de Financiación Local se presentaron 14 trabajos de investigación – seleccionados entre más de 50 enviados inicialmente-…

Peritos abordam desafios do financiamento local nos países da Ibero-América

Autoridades, peritos e acadêmicos de vários países da Ibero-América se reuniram em 1º e 2 de setembro na sede da Comissão Econômica para a América Latina e o Caribe (CEPAL) em Santiago, Chile, para discutir os desafios da provisão pública e seu financiamento nos diversos níveis de governo da região e seu impacto sobre o desenvolvimento econômico, a igualdade e a coesão social e territorial. Durante as IV Jornadas Ibero-Americanas de Financiamento Local foram apresentados 14 trabalhos de pesquisa (selecionados entre mais de 50 enviados inicialmente) relativos a temas das relações fiscais e fina…

Global financial rulemaking and small economies

This paper addresses some unintended consequences of global financial regulation and international tax evasion prevention and their impact on small economies. It explores how failure to recognize countries’ differing access to finance and varying costs of funding as well as the high costs of complying with financial regulations may overlook some unintended consequences, especially on smaller island countries Then, it discusses the global financial architecture and governance of standard setting bodies and the actions taken to improve representation and legitimacy and remediate some of the unin…

Infografía de Unidad de Desarrollo Económico

Infografía sobre los objetivos y acciones de la Unidad de Desarrollo Económico…

Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of …

Precios de adjudicación y componentes del spread en la Bolsa de Valores de Lima

En este trabajo se analizan tres aspectos del mercado de acciones de la Bolsa de Valores de Lima (bvl): i) la relación de corto plazo entre la dinámica de precios, la dirección y el volumen del flujo de órdenes; ii) los componentes del spread y el punto de equilibrio del Libro de Órdenes Límite por acción, y iii) la dinámica de los precios, de la dirección de la orden y del volumen negociado por shocks de las mismas variables rezagadas. Los resultados econométricos para datos intradiarios del año 2012 muestran que la dinámica de corto plazo de las acciones más líquidas y menos líquidas del Índ…

Capital Flows to Latin America and the Caribbean: 2014 Overview

Divergence in macro trends and in monetary policy in advanced economies was a dominant driver of rates and currencies in emerging markets in 2014. Diverging macroeconomic developments were reflected in different monetary policy actions in 2014, with the European Central Bank (ECB) and the Bank of Japan (BOJ) moving in the opposite direction of the U.S. Federal Reserve. The unwinding of the U.S. monetary stimulus, while the ECB and the BOJ step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. Latin American markets, which sta…

Financial constraints on economic development: Theory and policy for developing countries

This article contains a theoretical and policy analysis of the financial constraints on economic development in developing countries. Following a Keynesian interpretation, it concludes that financial policies are needed to relieve these constraints, given the natural tendency of financial systems to operate in ways that are dysfunctional to economic development. It then proposes three lines of policy that take account of the special characteristics of developing countries: resource allocation policies targeted at segments of strategic importance for economic and financial development; policies…

Restricciones financieras del desarrollo económico: teoría y políticas para los países en desarrollo

En este artículo se analizan las restricciones financieras del desenvolvimiento económico en los países en desarrollo desde los puntos de vista teórico y normativo. A partir de una interpretación keynesiana, se deduce la necesidad de políticas de financiamiento que alivien esas restricciones, ante la natural propensión del sistema financiero a actuar de manera poco funcional para el desarrollo económico. Luego se proponen tres líneas de política, teniendo en cuenta las características específicas de los países en desarrollo: políticas de asignación de recursos, focalizadas en los segmentos est…