Este artículo examina de qué manera los títulos de deuda latinoamericanos se vieron afectados,en el comportamiento de sus márgenes, por las variaciones de las tasas de interés estadounidenses en la segunda mitad del decenio de 1990. El análisis empírico muestra que,contrariamente a lo que sugiere el marco teórico, en este período los márgenes (spreads);de los
bonos de los mercados emergentes y las tasas de interés estadounidenses se movieron en direcciones opuestas;sugiere que hubo contagio financiero; apoya la tesis de que la contracción de la liquidez y el contagio financiero pueden contrarr…
Diez años de reforma de la infraestructura en América Latina puede enseñarnos mucho sobre cómo hacer que las privatizaciones favorezcan a los pobres.Hay mecanismos de transmisión macroeconómicos y microeconómicos por los cuales las reformas pueden afectar a estos sectores. Aquí se
examinan instrumentos de política para mejorar su acceso a
los servicios y su posibilidad de costearlos.Se evalúan las
ventajas y desventajas de instrumentos optativos,dando ejemplos. Se examinan la forma en que los responsables de las
políticas deben encarar el establecimiento de prioridades para
la reforma de la in…
Este artículo cuantifica las pérdidas de mercado de Brasil en
favor de México en los Estados Unidos entre 1992 y 2001,con
la entrada en vigor del Tratado de Libre Comercio de América
del Norte (TLC);.Una versión ampliada del modelo de partici-
pación constante en el mercado permitió calcular las ganancias
y pérdidas de competitividad de las exportaciones de Brasil a
los Estados Unidos,por producto,y además descomponerlas
entre sus competidores,en subperíodos entre 1992 y 2001.El
ejercicio señala que México fue el país frente al cual Brasil
perdió más mercado en los Estados Unidos entre 1992 y …
The paper explores the two-way links between human development and economic growth in Latin America. Economic growth is likely to advance human development as the resource base expands, while higher human development generates greater economic growth as healthier and more educated people contribute to improved economic performance. Regression analysis shows quite strong connections from human development to economic growth in Latin America, but the economic growth to human development relationship is much weaker than that indicated by worldwide evidence, probably due to the disruptive impact o…
This article uses international databases to empirically estimate the links between inequality and trade. It looks first at the links between trade openness, income distribution and relative factor abundance. Next, it uses the results obtained to analyse the changing relative resource endowment of Latin America and its distributive consequences. The main conclusion is that, behind the persistent high level of inequality in the region, substantive changes have been taking place. The Latin American pattern of relative resource abundance has changed with the inroads made by Asia, China and Russia…
Latin America is going through a simultaneous process of population ageing and growing predominance of precarious employment conditions which poses a challenge for contributory pension systems. The solvency of the basic pillars of the unfunded system is being affected by the long-standing decline in the number of active persons whose contributions finance the benefits of retirees. The benefits of the individually funded systems are sensitive to the density of contributions needed to accumulate capital and finance pensions for members with increasingly long life expectancies. This study describ…
Over the last quarter-century, the distribution of income in Argentina has deteriorated steadily. This article utilizes microsimulation analysis to decompose the impact that labour changes have had on the distribution of family income. In the 1970s, the deterioration was due to real reduction and relative dispersion of wages; in the1980s, it was linked to growing unemployment resulting from successive crises; in the1990s, under the new economic order, the deterioration continued as a result of the unemployment generated by the restructuring of production and the increase in labour force partic…
This article analyses the way in which Latin American bond spreads were affected by the changes in United States interest rates in the second half of the 1990s. Empirical analysis shows that, contrary to theory, in this period the spreads of emerging market bonds and United States interest rates moved in opposite directions; that there was financial contagion; that contraction of liquidity and financial contagion can offset the effects of those interest rates on the spreads of emerging market bonds at times of economic and financial turbulence and thus become the most important factors in the …
Ten years of infrastructure reform in Latin America can teach us a lot about how to make privatization work for the poor. There are macroeconomic and microeconomic transmission mechanisms through which such reform may affect those sectors. This paper discusses policy instruments to increase their access to services and make the latter more affordable for them. The advantages and disadvantages of each instrument are evaluated and examples are given. The ways in which policy-makers should go about setting social priorities in infrastructure reform and choosing the most appropriate policy instrum…
This article quantifies Brazil's loss of U.S. market share to Mexico between 1992 and 2001 as a result of the entry into force of the North American Free Trade Agreement (NAFTA);. An expanded version of the constant market share model was used to calculate gains and losses in the competitiveness of Brazilian exports to the United States, by product and by competitor, for subperiods between 1992 and 2001. The model showed Mexico to be the country to which Brazil lost the most market share in the United States between 1992 and 1996. Exchange rate variations and preferential tariff treatment…
En el presente documento se analizan las oportunidades de inversión que se detectaron en la IX Región de Aysén del General Carlos Ibáñez del Campo, constituida por un territorio extenso y complejo, con una economía regional de buen desempeño y una población que combina las tradiciones patagónicas con la modernidad chilena variopinta. Tres son los ejes que fundamentan el análisis. En primer lugar, la economía regional que, aunque de pequeño tamaño en el contexto del país, ha tenido una evolución muy satisfactoria en los últimos 40 años, tanto desde el punto de vista de la producción como del em…
The year 1997 marked the end of a cycle of growth in Latin America that enabled a number of countries to make significant strides in reducing poverty. The turning point in this process was the Asian crisis, which ushered in a five-year stretch of slower economic growth,higher unemployment and unchanging (or, in many cases, rising) poverty indices in the region. It may be said, without exaggeration, that the people of Latin America have once again been frustrated and discouraged by the adverse consequences of this lost half-decade. This edition of the Social Panorama presents the argument, howe…
En el número 75 de la serie Notas de población se da a conocer los últimos avances en relación con los censos de población y vivienda, en el momento en que en aproximadamente la mitad de los países de la región se han levantado los censos de la ronda del 2000. Es por ello que en la selección de estudios e informes contenidos en esta publicación se abordan materias referidas a la experiencia aportada por la ronda anterior y a los nuevos desafíos que se encaran. Entre estos últimos destacan los temas emergentes en la agenda de las políticas y programas de desarrollo y las nuevas tecnologías, cuy…
CONTENTS I.European Commission welcomes adoption of Directive on public access to environmental information.II. Adoption of the human right to water.III.Commission asks France, Spain and Italy to respond to queries on environmental complaints.IV. Moscow Mayor Plans to Sell Water to the World.V. New Treaties Relating to the Maas and the Scheldt.VI. Province at risk of EU fines over water.VII. Water Worries: How is a lifetime to be shared in politically turbulent times, while catering to economic interests.VIII.Zimbabwe, Mozambique Set to launch Joint Water Commission.Thestatements and opinions …
The process of urbanization in Latin America presents new challenges for urban transport systems insofar as one of the priorities is to provide proper mobility for the increasing and complex interaction of communities.This edition of the Bulletin, prepared by Irma Chaparro, presents a summary of the recent study entitled Evaluación del impacto socio-económico del transporte urbano en la ciudad de Bogotá. El caso del sistema masivo de transporte, Transmilenio, LC/L 1786-P, October 2002, which considers the socioeconomic impact of the Transmilenio system in Bogotá. This system is part of an inte…
Los procesos de urbanización a los que asistimos en América Latina presentan nuevos desafíos a los sistemas de transporte urbano, en la medida en que es prioritario proporcionar una adecuada movilidad para la creciente y compleja interacción de las comunidades. En esta edición del Boletín, preparada por Irma Chaparro, se presenta un resumen del reciente estudio intitulado Evaluación del impacto socioeconómico del transporte urbano en la ciudad de Bogotá. El caso del sistema de transporte masivo, Transmilenio, LC/L1786-P, octubre 2002, en el cual se analiza el impacto socioeconómico del siste…