The Hummingbird Vol. 3 No. 5

ECLAC Presents a Debt Alleviation Strategy Based on a Debt Swap Proposal at High-level Meeting in Saint Kitts

ECLAC has made a call for the creation of a Caribbean Resilience Fund as part of a debt alleviation strategy based on a climate change swap proposal. “The swap will involve the use of pledged climate funds to write down the public debt of Caribbean countries and create the financing necessary to fund climate change adaptation and mitigation initiatives and investment in green economies, which in turn will be administered through a Caribbean Resilience Fund”, Alicia Bárcena, ECLAC’s Executive Secretary, said during the fourth meeting of the Caribbean Development Roundtable (CDR), held in Basset…

CEPAL presenta estrategia de alivio de deuda basada en propuesta de canje en reunión de alto nivel en Saint Kitts

La CEPAL llamó a la creación de un Fondo de Resiliencia del Caribe como parte de una estrategia de alivio de la deuda basada en una propuesta de canje por adaptación al cambio climático. “El canje involucrará el uso de fondos del clima comprometidos para reducir la deuda pública de países caribeños y crear el financiamiento necesario para iniciativas de adaptación y mitigación frente al cambio climático e inversiones en economías verdes, que serán administradas a través del Fondo de Resiliencia del Caribe”, dijo Alicia Bárcena, Secretaria Ejecutiva de la Comisión Económica para América Latina …

The Caribbean’s development trajectory and debt outlook to be discussed in Saint Kitts and Nevis

A proposal to address the Caribbean’s high debt burden and strategies to achieve sustainable development in the region will be the focus of discussions when two important meetings of the Economic Commission for Latin America and the Caribbean (ECLAC): the Caribbean Development Roundtable (CDR) and the Caribbean Development and Cooperation Committee (CDCC) convene in Basseterre, Saint Kitts and Nevis, on 21 and 22 April 2016, respectively. The CDR brings together senior level policymakers from governments of the Caribbean; officials of the United Nations system; representatives of regiona…

Beyond capital controls: regulation of foreign currency derivatives markets in the Republic of Korea and Brazil after the global financial crisis

Within the management of capital flows, some emerging economies have been facing economic policy dilemmas after the global financial crisis, related to financial instrument operations, in a context of abundant liquidity in the advanced economies. However, neither the academic literature nor the financial institutions have paid sufficient attention to foreign currency (FX) derivatives regulation in emerging economies. This paper analyses the measures adopted by Brazil and the Republic of Korea. We find, first, that the breadth of regulation concerning FX derivatives operations depends on the ac…

Más allá de los controles de capital: regulación de los mercados de derivados en moneda extranjera en la República de Corea y el Brasil después de la crisis financiera mundial

En el marco de la gestión de los flujos de capital, algunas economías emergentes han afrontado, después de la crisis mundial, dilemas en términos de políticas económicas relacionados con las operaciones de instrumentos financieros, en un contexto de abundante liquidez actual en las economías avanzadas. Sin embargo, la regulación de los derivados en moneda extranjera en las economías emergentes no ha sido suficientemente tratada ni en la literatura, ni por las instituciones financieras. Aquí se analizan las medidas aplicadas en el Brasil y la República de Corea. Primero, se constata que la ampl…

Senior policy makers to meet in Saint Kitts to discuss Caribbean debt relief

ECLAC Caribbean will convene the 4th meeting of the Caribbean Development Roundtable (CDR) in Basseterre, Saint Kitts and Nevis on 21 April 2016. This year’s Roundtable will explore possible options for debt relief for heavily indebted countries in the subregion. The CDR will be followed by the 26th session of the Caribbean Development and Cooperation Committee (CDCC) on 22 April 2016, where participants will take stock of the outcomes of the CDR, and review the implementation of the work programme for the ECLAC subregional headquarters for the Caribbean for the biennium 2018-2019. …

The Hummingbird Vol. 3 No. 1

ECLAC Proposes Debt Relief for the English-speaking Caribbean to Invest in the Fight Against Climate Change

The Economic Commission for Latin America and the Caribbean (ECLAC) proposed today in the framework of the climate conference in Paris a strategy to reduce the external public debt of English-speaking Caribbean countries that are considered to be Small Island Developing States (SIDS) through the creation of a regional resilience fund to finance climate change adaptation and mitigation measures. This proposal was presented today by the Director of the regional organization’s Economic Development Division, Daniel Titelman, during an event organized by ECLAC in conjunction with the Commonwealth S…

CEPAL propone alivio de la deuda del Caribe anglófono para invertir en lucha contra el cambio climático

La Comisión Económica para América Latina y el Caribe (CEPAL) propuso hoy en el marco de la conferencia sobre el clima en París una estrategia para reducir la deuda pública externa de los países del Caribe anglófono considerados pequeños Estados insulares en desarrollo a través de la creación de un fondo regional de resiliencia para financiar medidas de adaptación y mitigación al cambio climático. Esta propuesta fue presentada hoy por el Director de la División de Desarrollo Económico del organismo regional, Daniel Titelman, durante un evento organizado por la CEPAL en conjunto con la Secretar…

The Hummingbird Vol. 2 No. 12

The Caribbean and the post-2015 development agenda

This paper will contend that the post-2015 development agenda presents a major opportunity for Caribbean countries to reverse decades of lagging economic performance and make the transition to balanced, holistic, and people-centred growth and development. The MDGs, while valuable in promoting gains in poverty reduction, health, education, nutrition, and maternal well-being were not tailored to the growth and development needs of the region. This can now be changed by a post-2015 development agenda which goes beyond improving the welfare of citizens by meeting basic needs and enhancing access t…

The Hummingbird Vol.2 No.8

Alicia Bárcena Advocates Boosting Domestic Resources to Finance Development

The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, today in Addis Ababa advocated boosting the mobilization of countries’ domestic resources to finance their development versus relying on flows that depend on external sources, such as Foreign Direct Investment (FDI) or Official Development Assistance (ODA). The senior United Nations official spoke at a roundtable dedicated to analyzing policy coherence to ensure sustainable development, in the framework of the Third International Conference on Financing for Development, which is bein…

Alicia Bárcena aboga por potenciar recursos internos para financiar el desarrollo

La Secretaria Ejecutiva de la Comisión Económica para América Latina y el Caribe (CEPAL), Alicia Bárcena, abogó hoy en Addis Abeba por potenciar la movilización de recursos internos de los países para financiar su desarrollo frente a los flujos dependientes del exterior, que proceden, entre otras fuentes, de la inversión extranjera directa (IED) o de la ayuda oficial al desarrollo (AOD). La alta funcionaria de las Naciones Unidas intervino en una mesa redonda dedicada a analizar la coherencia de las políticas para asegurar un desarrollo sostenible, en el marco de la Tercera Conferencia Interna…

Experts Call for New Rules to be Defined on Financing for Development

There is an urgent need to define new rules for financing sustainable development in the world, participants in the side event Regional Perspectives on Implementing an Ambitious, Transformative Sustainable Development Agenda agreed. The event was hosted on Tuesday, July 14 by the five United Nations regional commissions, of which ECLAC is one, in Addis Ababa, Ethiopia. During the event—which took place in the framework of the Third International Conference on Financing for Development, being held through July 16 in Ethiopia—the U.S. economist and Nobel Prize winner Joseph Stiglitz called for “…

Llaman a definir nuevas reglas para el financiamiento del desarrollo

Urge definir nuevas reglas para el financiamiento del desarrollo sostenible en el mundo, coincidieron los participantes en el evento paralelo Perspectives on Implementing an Ambitious, Transformative Sustainable Development Agenda (Perspectivas sobre la implementación de una agenda de desarrollo sostenible ambiciosa y transformadora), organizado el martes 14 de julio por las cinco comisiones regionales de las Naciones Unidas, entre ellas la CEPAL, en Addis Abeba, Etiopía. Durante el evento, que tuvo lugar en el marco de la Tercera Conferencia Internacional sobre Financiamiento para el Desarrol…

ECLAC Proposes Debt Relief for Caribbean Countries and the Creation of a Subregional Fund

The Economic Commission for Latin America and the Caribbean (ECLAC) proposes debt relief for Caribbean countries on the part of multilateral credit institutions and the creation of a regional resilience fund, considering that this burden hinders the subregion’s economic and social progress as well as compliance with the Sustainable Development Goals (SDGs), which will be approved in September in New York. This proposal will be made by ECLAC’s Executive Secretary, Alicia Bárcena, during the Third International Conference on Financing for Development, which will be held July 13-16 in Ethiopia. E…

CEPAL propone alivio de la deuda de países del Caribe y la creación de un fondo subregional

La Comisión Económica para América Latina y el Caribe (CEPAL) propone una condonación de la deuda de los países del Caribe por parte de las instituciones multilaterales acreedoras y la creación de un fondo regional de resiliencia, dado que se trata de un lastre que dificulta los avances económicos y sociales de la subregión y el cumplimiento de los Objetivos de Desarrollo Sostenible (ODS), que se aprobarán en septiembre en Nueva York. Esta propuesta será planteada por la Secretaria Ejecutiva de la CEPAL, Alicia Bárcena, durante la Tercera Conferencia Internacional sobre Financiamiento para el …

Ministers and Experts Will Debate in Addis Ababa the Challenges to Finance the Development of Latin America and the Caribbean

Ministers and senior officials from Latin America and the Caribbean, along with Nobel prize winning economist Joseph Stiglitz and the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, will participate in an event on the challenges faced by the region to finance its development, in the framework of the international conference on this matter that will take place on July 13-16 in Addis Ababa, Ethiopia. The event, which will address the domestic mobilization of resources and the international financial governance from the perspective of mi…