Latin America and the Caribbean Issued US$ 74 Billion in International Bonds in the First Half of 2017…
This document, prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) Washington Office, presents and analyzes the most recent developments (first half of 2017) concerning capital flows to Latin America and the Caribbean.…
This article examines the propositions that wealth inequality supports credit market segmentation and that the financial system may reproduce economic inequality. Specifically, we discuss how the sources of credit and the purposes of borrowing may help perpetuate inequality. In Ecuador, the asset-poor are more likely than the asset-rich to borrow from the informal sector for expense purposes and to have higher debt-to-net-wealth ratios. We also investigate the correlates of borrowing by men and women to acquire assets and show that the main factor associated with holding asset debt for both me…
En el presente artículo se examinan los planteos de que la desigual distribución de la riqueza explica la segmentación del mercado crediticio y que el sistema financiero puede reproducir la desigualdad económica. En particular, examinamos de qué modo las fuentes del crédito y la finalidad de los préstamos pueden contribuir a perpetuar la desigualdad. En el Ecuador, las personas pobres en activos tienen más probabilidades que las personas ricas en activos de obtener préstamos en el sector informal y de utilizar estos préstamos para pagar sus gastos en vez de invertirlos en activos. También es m…
En el presente documento se analiza la evolución de las economías de Centroamérica (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua y Panamá) y la República Dominicana (CARD) en 2016, y se hace un examen de los primeros meses de 2017 y las perspectivas para el resto del año, sobre la base de información disponible al 30 de junio de 2017. Es un análisis de coyuntura elaborado por la Unidad de Desarrollo Económico (UDE) de la Sede Subregional de la Comisión Económica para América Latina y el Caribe (CEPAL) en México. El documento ofrece una actualización de la versión publicada en febrer…
2017 started with the highest monthly issuance on record from Latin America and the Caribbean in the international bond market, with total issuance reaching US$ 24.2 billion in January, according to the report Capital Flows to Latin America and the Caribbean: Recent Developments, released by the Washington Office of the Economic Commission for Latin America and the Caribbean (ECLAC). Petrobras led the way, issuing a US$ 4 billion dual-tranche bond on January 9, encouraging other issuers to come to the market. Although the pace of issuance slowed down in February and March, the total amount of…
El año 2017 empezó con la emisión mensual más alta de la historia por parte de América Latina y el Caribe en el mercado internacional de bonos, con un total que alcanzó 24.200 millones de dólares en enero, según el informe Flujos de capital hacia América Latina y el Caribe. Acontecimientos recientes (disponible solo en inglés), difundido por la Oficina de la Comisión Económica para América Latina y el Caribe (CEPAL) en Washington. Petrobras lideró el fenómeno, al emitir un bono de doble tramo de 4.000 millones de dólares el 9 de enero, lo cual alentó a que otros emisores salieran al mercado. A…
O ano de 2017 começou com a maior emissão mensal da história por parte da América Latina e do Caribe no mercado internacional de títulos, com um total que chegou a 24,2 bilhões de dólares em janeiro, segundo o relatório Fluxos de capital para a América Latina e o Caribe. Acontecimentos recentes (disponível somente em inglês), divulgado pelo Escritório da Comissão Econômica para a América Latina e o Caribe (CEPAL) em Washington. A Petrobras liderou o fenômeno, ao emitir duas tranches de 4 bilhões de dólares em 9 de janeiro, o que incentivou outros emissores a se dirigir ao mercado. Embora o rit…
The Preliminary Overview of the Economies of the Caribbean analyzes in its 2016-2017 edition the economic performance of the region throughout 2016, the international context and macroeconomic policies implemented by countries, while also providing an outlook for 2017. The Caribbean recorded economic growth of only 0.8 per cent in 2016 but growth is expected to rebound to 2.4 per cent in 2017. The poor performance observed in 2016 was primarily due to a 3.7 percent contraction in the goods producing economies, which were hard hit by the decline in commodity prices in general and hydrocarbons i…
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…
Caribbean countries have been seriously impacted by the trend toward “de-risking” in the global financial system, and this is damaging to their economic security and the ability of Caribbean businesses to innovate. De-risking is the name given to the tendency of banking institutions to turn away from working relationships and lines of business for which the cost of regulatory compliance—and the risk of non-compliance— is deemed to be too high in comparison to the returns. This is a phenomenon that is affecting developing economies around the world, but the small and vulnerable economies of the…
Dollarization is a monetary regime that is detrimental to sustained growth and the ability to cope with successive external shocks. Setting out from this premise, the present paper sets forth five reasons why Ecuador would be well advised to end dollarization. Studies such as those of Naranjo and Naranjo (2011), Acosta (2004), Correa (2004a and 2004b), Naranjo (2004) and Jameson (2003) made valuable and distinctive contributions to this discussion, but the oil boom and the change in the mode of development over the past decade have tended to leave the debate increasingly void. This article mak…
La dolarización es un régimen monetario que obstaculiza el crecimiento sostenido y la capacidad de enfrentar perturbaciones externas sucesivas. Bajo esa premisa, se exponen cinco razones por las que convendría que el Ecuador saliera de la dolarización. Trabajos como los de Naranjo y Naranjo (2011), Acosta (2004), Correa (2004a y 2004b), Naranjo (2004) y Jameson (2003) fueron aportes valiosos y singulares a esta discusión, pero la bonanza petrolera y el cambio del modo de desarrollo en la última década han contribuido a que el debate quede cada vez más desierto. En este artículo se hace referen…
El presente documento hace un balance preliminar de las economías de Centroamérica (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua y Panamá) y la República Dominicana (CARD) en 2016 y ofrece perspectivas para 2017. Es un análisis de coyuntura elaborado por la Unidad de Desarrollo Económico de la Sede Subregional de la Comisión Económica para América Latina y el Caribe (CEPAL) en México, con información disponible al 31 de enero de 2017. En él, se analiza el contexto internacional, en particular los eventos que impactan directamente a las economías de CARD. Seguidamente, se presentan l…
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