Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations

Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term policy instruments pursuing a sustainable and predictable pace for aggregate economic variables and major prices (wages, inflation, interest rates and exchange rates). In spite of the different arena and rationale in which they play, there are strong links between the two. First and most obvious,…

Why is there so much economic insecurity in Latin America?

The view that pervasive economic insecurity threatens political support for the ongoing market-oriented reforms has become one of the most common refrains in current discussions on Latin American affairs. Dealing with economic insecurity would thus appear to be a key part of the unfinished agenda of Latin America's reforms. The author argues that economic insecurity in Latin America is multifaceted and has many sources that feed on each other. Some of the insecurity arises from the decline in employment protection and increased volatility of household outcomes. Some of it is the result of…

The impact of privatisation on the banking sector in the Caribbean

Introduction With the failure of the import-substituting industrialisation policies of the post-war period, Caribbean countries shifted to an export-promotion strategy in the 1980s. Export promotion inevitably demanded a shifting of the relative price and productivity of tradable goods and services. To provide the necessary incentives for export promotion, countries pursued a mixture of reforms and restructuring to attract investment and to promote the competitiveness of production and exchange. The period also coincided with a shift in the development paradigm of the developed countri…

Regional interdependencies and macroeconomic crises: notes on MERCOSUR

Abstract In the relatively short history of Mercosur, the countries of the region have gone through wide macroeconomic fluctuations. Macroeconomic turbulence is not a novelty for Argentina, Brazil and their partners, but it has shown different features in recent years, particularly concerning the strength and nature of regional spillovers. Despite the asymmetries in size among the economies of the area and the low starting levels of trade, the rapid growth of intra-regional commerce until the last few years, and the feeling that there was a 'mercosur component' in the intern…

An econometric analysis of private-sector investment in Brazil

This article analyses the main determinants of private-sector investment in Brazil during the period 1956-1996, using an empirical model employed in the most recent studies on developing countries. The econometric procedures followed not only take into account the non-stationarity of the data series examined, but allow for the possible difficulties involved in treating the conditioning variables as exogenous ones or as policy instruments. The findings -both the long-term equations and the short-term models- reveal the positive impact of the output, public investment and financial credit variab…

Macroeconomic policies in the Caribbean

The concern with a gender dimension of macroeconomic policy stems from the mandate of the Beijing conference to review and implement policies aimed at achieving equitable access to economic resources. This paper examines some of the macroeconomic policies pursued in the Caribbean within the context of economic adjustment in order to understand the rationale for these polices to see whether and how gender analysis could contribute to a more equitable outcome. The aims and goals of macroeconomic policy are explained, against the background of the economic problems faced by the region since 1970.…

New technologies in agriculture

Introduction At the twentieth meeting of the Standing Committee of Ministers Responsible for Agriculture under the heading 'Technology Generation, Validation and Transfer', the discussions centered around the formation of yet another institution Â- PROCICARIBE - to 'integrate and coordinate all the agricultural research and development organizations throughout the Caribbean involved in technology development, export market development and the garnering of funds in support thereof.' It is interesting to note that the above in total or parts were already the mandate of the Ca…

Globalization and liberalization: the impact on developing countries

Summary This paper analyzes the impact of globalization on developing countries over the last several decades. The first section examines the components and mechanisms of globalization. The second turns to financial globalization –considered to be the most important aspect of a multifaceted process– and looks in more detail at the changing trends in finance for developing countries. The third analyzes the impact of the new pattern of finance in terms of growth, equity, and government autonomy. The concluding section offers policy recommendations for making globalization a more positiv…

The gender perspective in economic and labour policies: state of the art in Latin America and the Caribbean

The member countries of the Economic Commission for Latin America and the Caribbean (ECLAC) have called for an integrated approach to development. Despite making significant macroeconomic progress in the 1990s, the Latin American economies reached the end of the decade with relative poverty levels above those of 1980, while labour market conditions have worsened in most countries. To achieve development with equity, it is essential to apply a gender perspective to public-policy formation, as a technical-analytical instrument to accompany the overall ethical-political goal. For the United Nati…

Assessment of the damage caused by flood rains and landslides in association with hurricane Michelle, october 2001: implications for economic, social and environmental development

Preface This study was prepared for the Government of Jamaica following the significant physical damage and economic losses that the country sustained as a result of flood rains associated with the development of Hurricane Michelle. The Planning Institute of Jamaica (PIOJ) submitted a request for assistance in undertaking a social, environmental and economic impact assessment to the Economic Commission for Latin America and the Caribbean (ECLAC) on 14 November 2001. ECLAC responded with haste and modified its work plan to accommodate the request. A request for training in the use of th…

Anuario Estadístico de América Latina y el Caribe 2000 = Statistical Yearbook for Latin America and the Caribbean 2000

La edición 2000 del Anuario estadístico de América Latina y el Caribe contiene una selección actualizada a comienzos de diciembre de las principales series estadísticas disponibles sobre la evolución económica y social de los países de la región. Representa un sistemático esfuerzo de la División de Estadística y Proyecciones de la CEPAL, orientado a homogeneizar las cifras y a hacerlas internacionalmente comparables. La primera parte comprende indicadores socioeconómicos derivados (tasas de crecimiento, proporciones o coeficientes), que representan una visión resumida de cada área de interés y…

Pension reform in Europe in the 90's and lessons for Latin America

Abstract Reviewing and comparing the economic histories of Europe and Latin America we can observe that the universality of social security systems and the concurrent development of labor market institutions allowed Europe to reduce social inequality, while this has not been possible in Latin America. Pension systems in Latin America face some of the same problems that Europe's social security systems have faced before but with more difficult financing conditions. This document focuses on the lessons that Latin American countries may draw from the experience of Europe as well as on how re…

Job creation in Latin America in the 1990s: the foundation for social policy

Summary This paper analyzes labor market trends in Latin America and the Caribbean in the 1990s, arguing that employment must be the foundation of a social policy strategy for the region. The paper begins with a discussion of the expectations for labor market performance that were generated by the reform process in the region. It then provides an overview of what actually happened with respect to participation rates, employment generation, unemployment and wages. It also suggests some reasons why reality was less positive than was expected. Next it examines a new hypothesis about the d…

Caribbean SIDS Prepare for Johannesburg 2002 - The World Summit on Sustainable Development

The Implications of the European Union's EBA for the Caribbean

Managing in the public sector for investment and growth

This article will focus on the central role played by imperfect or incomplete markets in the spread and perpetuation of recessionary situations. It is a known fact that demand volatility perpetuates such situations, and this can only be mitigated by sustainable economic stimulus policies. Macrofiscal rules, which are important for enhancing the tarnished credibility of State action, need to combine two basic principles: responsibility and stability. This means preserving regulation mechanisms so that excessive macroeconomic fluctuations can be stabilized. The best thing the authorities can do …