Financial liberalization and the lifting of capital market restrictions have brought in foreign investment and made more financing available for investment projects,but at the same time have made it easier for financial crises originating in Latin America or elsewhere to spread.Such crises became more frequent in the 1990s,and as a result a more careful study was made of the impact of capital flow instability on investment.Hypotheses derived from theoretical procedures were checked against econometric exercises showing that capital flows have a positive impact,but that negative consequences ar…
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…
Abstract Economic globalization has had a variety of consequences for employment including changes in labour market structure, making way for new non-standard (or atypical ) forms of employment. These are often associated with low-quality employment, to such an extent that the concepts non-standard forms of employment and precarious employment are used as synonymous expressions. The literature shows that women have been affected the most by these changes. This study considers a particular example of non-standard employment: part-time work in Chile. The …
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…
International experience shows that costfree replication and adoption of industrial best practices on a universal basis is a misconception. Rather, it is a matter of a progressive and reciprocal adaptation between external and local practices in which learning costs and times, as well as the need for public and private cooperation, are essential. The potential for convergence of policies, practices and institutions triggered by globalization appears to be greater at the macroeconomic than at the microeconomic level. This article examines such issues in a general way and then focuses on the di…
This article provides an overview of a number of changes that have taken place in the region's economy, together with their effects in terms of its social stratification, and analyses the different social sectors' options for political action. A series of economic changes have altered both the traditional heterogeneity of the Latin American economy and the relative weight of its various sectors; this is reflected, for example, 9n the heightened importance of agribusiness and the reciprocal penetration of the services and production sectors. Today a generic distinction between i…
La Unidad de Financiamiento para el Desarrollo representó a la CEPAL en un retiro organizado por la Fundación de las Naciones Unidas bajo el tema “Financing and the Means of Implementation for Post-2015.…
This document, prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) Washington Office, presents and analyzes the most recent developments…
Although the notion of a circular economy (CE) has been conceived and debated for more than half a century
(Henrysson and Nuur, 2021), it has gained considerable popularity in the lexicon of economists, ecologists and
other development thinkers over the past two decades. The increasing evidence of the existential threat of
human-induced climate change and the related imperatives of decarbonizing the global economy, have led to greater focus on strategies for a more sustainable use of the natural and environmental resource base.…
Under the auspices of the Economic and Social Commission for Asia and the Pacific (ESCAP), two important initiatives were undertaken to assist the Philippines to develop, design and implement an effective unemployment protection scheme. These initiatives included: 1) a study tour for officials and policy makers from the Philippines on Viet Nam’s Unemployment Insurance Scheme and 2) a workshop on implementing reforms on the Philippines’ protection from unemployment schemes.…
This paper examines four hypotheses: (i); in Brazil, as in otherperipheral countries in the post-crisis context, a policy choice appears tohave been made for a flexible exchange rate within a currency band ( dirtyfloat );; (ii); the underlying reasons for this policy appear to have more to dowith pass-through of exchange-rate variations and precautionary demandfor reserves than with the maintenance of a competitive real exchangerate; (iii); in the country's peculiar situation, considerable capital mobility isconjoined with large and liquid financial derivatives markets and a res…
For most developing countries, open regionalism has emerged as quite a sensible response to the undergoing turbulent and asymmetric process of economic globalization. Moreover, the successful experience of the countries which are now part of the European Union, has made regional integration an increasingly attractive option for the developing world. Whenever regional integration is intended to go beyond merely a free trade agreement, macroeconomic coordination becomes a key issue. Theoretically, the underlying idea of the macroeconomic coordination is the interdependency between econo…
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…
ECLAC has submitted an overall assessment of the economic reforms implemented during the past 15 years to the Governments of the region and, based on that assessment, a proposal for strengthening the development process. The central message that emerges from this analysis is that the region needs to work towards forming closer linkages among its macroeconomy, microeconomy and institutional structure by reinforcing the complementarities between macroeconomic and microeconomic sources of competitiveness and fortifying the institutional framework for the development of production activity. Withou…
Reúne intervenciones que el Director General del ILPES ha formulado en diferentes foros y en las cuales ha presentado una visión de la planificación y del futuro, que pueden ayudar a reflexionar sobre las incertidumbres que se ciernen sobre la región y respecto al papel que le corresponde a la actividad de planeamiento en el desarrollo económico y social.…
Organizado en conjunto por la Comisión Económica para América Latina y el Caribe (CEPAL), el Ministerio de Asuntos Exteriores y de Cooperación del Gobierno de España (MAEC) y la Initiative for Policy Dialogue (IPD) de la Universidad de Columbia (EEUU).…
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.…
The report provides an overview of the economic performance for 2017 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 2018. Data were collected from a review of reports from subregional institutions as well as national governments and interviews with government officials in each of the countries examined.…
(9 de febrero 2010) Mientras más bajo sea el nivel educativo de los jóvenes, menor será su acceso a empleos de calidad y alta productividad, particularmente entre las mujeres, afirmó el Secretario Ejecutivo Adjunto de la CEPAL, Antonio Prado, durante el II Foro América Latina y el Caribe - Unión Europea (ALC-UE) que tiene lugar en Lima.
El Foro se realiza entre el 8-10 de febrero bajo el título "La promoción del trabajo decente para los jóvenes, nuevas capacidades para nuevos empleos", y en él participan ministros de Estado, altos funcionarios de gobierno de una docena de países de la región y…
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.…