Investors expect a strong finish for emerging markets this year, as market environment remains supportive of credit products, especially those with strong fundamentals and interesting yields, which is the case for emerging markets. Since the start of the year there were two sets of forces driving emerging markets debt: global liquidity and fundamental credit improvements. To a large degree, improving credit quality has itself been the result of ample global liquidity and the low interest-rate environment. Against this backdrop, spreads reached record low levels and issuance was boosted. The we…
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…
1 Oct 1999, 00:00 - 14 Oct 2025, 08:31
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Abstract This paper argues that the agenda for international financial reform must be broadened in at least two senses. First of all, it should go beyond the issues of financial prevention and resolution, to those associated with development finance for poor and small countries, and to the ownership of economic and development policies by countries. Secondly, it should consider, in a systematic fashion, not only the role of world institutions but also of regional arrangements and the explicit definition of areas where national autonomy should be maintained. These issues should be tabled in a r…
1 Mayo 2000, 00:00 - 14 Oct 2025, 08:32
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This document has been prepared and published jointly by the Economic Commission for Latin America and the Caribbean (ECLAC); and the International Jacques Maritain Institute. Its contents were edited by José Antonio Ocampo, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC);; Stefano Zamagni, Professor of Economics at the University of Bologna; Ricardo Ffrench-Davis, Principal Regional Adviser of ECLAC; and Carlo Pietrobelli, Professor of Development Economics at the University of Molise, Campobasso.
Foreword
Financial globalization has been a most dyna…
1 Ene 2016, 00:00 - 14 Oct 2025, 08:31
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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.…
1 Jun 2008, 00:00 - 14 Oct 2025, 08:31
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Abstract This paper presents an overview of current developments in macroeconomic modelling for forecasting and policy analysis in Latin America, based on material presented at a REDIMA project meeting at the UN Economic Commission for Latin America and the Caribbean, Santiago de Chile, in September 2007. Some particular issues that arise in modeling emerging economies are described, in the context of recent developments in modeling developed economies.…
1 Oct 2017, 00:00 - 14 Oct 2025, 08:32
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Flow-of-funds accounting permit to monitor the financial sector in terms of flows and stocks and to analyze its relationship with the real sector. These show inter-sectoral financial flows, capture balance sheet positions and all financial transactions by instrument, type and economic sector. In this paper we explain the methodology for the construction of flow-of-funds accounts and we exemplify their use for two source cases of study: the Mexican Crisis (1994-1995) and the Asian Crisis (1997-1998). Using similar sources of data, the same methodology and approach for the construction of all t…
1 Mayo 2013, 00:00 - 14 Oct 2025, 08:31
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The current survey provides an overview of the economic performance for 2011 and the outlook for 2012 of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago, and of the eight member countries of the Eastern Caribbean Currency Union (ECCU), namely Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, St Vincent and the Grenadines, Anguilla and Montserrat. The introduction summarizes the economic performance of the Caribbean in 2011 and the growth outcomes for 2012. Section A examines the current global economic difficulties and the challenges p…
This survey provides an overview of the economic performance of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago, together with the eight member countries of the Eastern Caribbean Currency Union (ECCU) countries for 2010 and their outlook for 2011. The first section is a summary of the main issues raised in the report including an assessment of the economic prospects for 2011. Chapter II analyses the impact of the global economy on the subregion then provides a comparative analysis of the GDP and sectoral growth performance. This is followed by the subsection on…
Brazil's electoral outlook and the external backdrop were the main drivers of Latin American credits in the third quarter of 2002, thus the performance of Latin American markets continued to be pressured by Brazil's fate and the ebb and flow of investors' risk appetite. The region had a rare month of outperformance in August, as the prompt negotiation of an IMF agreement for Brazil and the moderation of global risk aversion brought strong returns for Brazil, in particular, and for countries considered high-risks in general. However, risk aversion peaked again in September, retur…
1 Abr 2002, 00:00 - 14 Oct 2025, 08:32
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Abstract The deep economic crisis of Argentina has been causing an active quest for conclusions of topical or general importance. Indeed, an experience of this kind is likely to generate useful lessons for macroeconomic theory and policy design. Some of them may be simple and straightforward (e.g.: under strong uncertainty, the arguments for precautionary savings should apply particularly to fiscal policies). However, we believe that the questions raised hardly lend themselves to trivial answers. In this paper, we propose to undertake a brief (and certainly, partial and preliminary) di…
This survey provides an overview of the macroeconomic performance of countries of the Caribbean Development and Cooperation Committee (CDCC) for the year 2006 and their outlook for 2007. The report consists of three chapters. The first one provides a regional analysis of the main economic indicators from a comparative perspective. The second chapter deals with two selected topics of particular relevance for the economic development of Caribbean countries, namely remittances and migration, and natural resources dependency. The last chapter presents country briefs with the main macroeconomic dev…
5 Ago 2025, 00:00 - 14 Oct 2025, 08:32
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The countries of Latin America and the Caribbean must urgently step up resource mobilization for development to avoid a third lost decade, amid a challenging and grim global landscape. This edition of the Economic Survey for Latin America and the Caribbean summarizes the key messages presented by the Economic Commission for Latin America and the Caribbean (ECLAC) —along with the countries of the region— at the Fourth International Conference on Financing for Development, held in Seville, Spain, in 2025.
This Economic Survey analyses three key dimensions of resource mobilization: fiscal and str…
1 Abr 2017, 00:00 - 14 Oct 2025, 08:32
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The U.S labor market is tight and is expected to return to full employment in 2017. However, productivity has risen less than 1% for six consecutive years. Sluggish productivity has implications for wage growth, which has been low by historical standards during this economic recovery. Wage growth seems to be already picking up, though, as the economy continues to advance. Average hourly earnings for private-sector workers rose 2.9% in December 2016 from a year earlier. That was the strongest growth of the current expansion.
Inflation has been low for the past four years. However, as the expans…
The Economic Commission for Latin America and the Caribbean (ECLAC) will present on Tuesday, October 6 its Economic Survey of Latin America and the Caribbean 2020: Main conditioning factors of fiscal and monetary policies in the post-COVID-19 era, the institution’s flagship annual economic report, which takes stock of the region’s economies in the last year, with special emphasis on the impact of the COVID-19 crisis, and examines the prospects for the coming months.
The latest edition of this document – published by the United Nations regional commission since 1948 – will present an analysis o…
1 Mayo 2004, 00:00 - 14 Oct 2025, 08:31
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In 2003, flows of foreign direct investment (FDI) to Latin America and the Caribbean continued to shrink for the fourth year running. With this latest decline, Latin America and the Caribbean turned in the worst performance of any world region. This situation was exacerbated by the steady increase in profit remittances and in outflows of other FDI-related resources, which has diminished its impact on the balance of payments. The decrease in FDI inflows over the past few years has varied across subregions and countries in Latin America and the Caribbean, however. In Mexico and the Caribbean bas…
1 Ago 2009, 00:00 - 14 Oct 2025, 08:32
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El presente trabajo de investigación, es una exploración que busca, sobre todo, poder señalar los posibles caminos a seguir en Bolivia en el desarrollo de las microfinanzas en general y en el área rural en particular. Se basó en entrevistas y visitas de campo y se realizó entre julio y agosto de 2008. Dos fueron los ejes en los que se movió esta investigación: 1.-El rol de las microfinanzas para combatir la pobreza.2.-Tratar de descubrir como lograr que las instituciones microfinancieras presten servicios financieros productivos en el área rural. Asimismo, detalla las posibles acciones para:Am…
This article analyses the impact of the increasing use of electronic means of payment on the demand for cash (banknotes and coins). It estimates two models: one with panel data and the other with cross-sectional data. The two methodologies offer complementary views for evaluating the degree to which electronic means of payment act as a determinant of currency in circulation. The study identifies an intense substitution process between cash and electronic means of payment, which is common to most of the economies analysed. However, there are also a number of idiosyncratic factors that explain t…