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- Volume 2002, Issue 77, 2002
CEPAL Review - Volume 2002, Issue 77, 2002
Volume 2002, Issue 77, 2002
Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of reforms and transfer of technology. Written in English and Spanish (Revista De La Cepal), each tri-annual issue brings you approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.
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Institutional reform and government coordination in Brazil’s social protection policy
Author: Vilmar E. FariaThis study, now being published posthumously, examines Brazil’s recent experience in formulating and implementing government social policies and assesses the prospects for establishing a “social authority” for centralizing and coordinating such policies. It describes the complex pattern of exclusion and vulnerability against which social reforms must be instituted in Brazil. It then goes on to review the social development strategy adopted as part of the Plano Real in 1994, which seeks to restructure the financing, outlays and benefits of the social protection system in order to increase its effectiveness, coverage and redistributive impact. Finally, it analyses the coordination of federal social policies, especially at the macropolitical and intergovernmental level, drawing special attention to the creation of sectoral chambers and policy integration mechanisms to replace former bureaucratic coordination structures.
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Growth, instability and the convertibility crisis in Argentina
Author: José María FanelliThe Argentine economy is currently going through the deepest and most prolonged recession of the postwar period: a devastating panorama that contrasts vividly with its significant growth in 1991-1998. In this article we will analyse the macroeconomic dimensions of the crisis which led to the abandonment of convertibility. Firstly, we will identify some structural weaknesses of the Argentine economy that are a source of macroeconomic instability. In particular, we will study the role of the imperfect access to international capital markets, the limited openness, the lack of financial depth and the nominal and policy rigidities, as well as the role of the errors in expectations and volatility. Secondly, we will examine the sequence of disturbances (shocks) in 1998-1999, concluding that the simultaneity of many of them aggravated their effects and that, under the convertibility régime, the economy was not prepared to face such consequences. Finally, we will briefly outline the policies that the country should apply in order to restore macroeconomic and financial stability.
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Investment and financial volatility in Latin America
Author: Graciela MoguillanskyFinancial 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 arise when they are volatile. This work covered a large group of countries in the region.
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International tax cooperation and capital mobility
Author: Valpy FitzGeraldThe international mobility of capital and the geographical dispersion of firms have clear advantages for the growth and modernization of Latin America and the Caribbean, but they also pose great challenges. Modem principles of capital taxation for open developing economies indicate the need to find the correct balance between the encouragement of private investment and the financing of social infrastrucmre, both of which are necessary for sustainable growth. This balance can be sub-optimal when countries compete for foreign investment by granting tax incentives or applying conflicting principles in determining the tax base. The fiscal authorities of the region could obtain a more equitable share of capital tax revenue, without depressing investment and growth, through more effective regional tax mles, double taxation treaties, information sharing and treatment of offshore financial centres along the lines already promoted for OECD members.
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Reforms and growth in Latin America
Authors: Andrea C. Bandeira and Fernando GarciaThis article analyses the effects of the economic reforms applied by Latin American countries during the second half of the 1980s and after. In order to include the reform indices among the elements determining the per capita gross domestic product, in accordance with neoclassical growth models, the authors start by analysing the institutional nature of these reforms. The econometric analysis, carried out for a set of 17 Latin American countries for the 1970- 1995 period, revealed that the five reform areas studied significantly affected GDP. On the basis of empirical analysis, it can be concluded that: i) the general impact of the reforms on per capita GDP was positive, as other studies have found; ii) the main mechanism by which the reforms raised per capita income was the positive effect they had on the productivity of the capital factor, and iii) capital accumulation also responded positively to the reforms.
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EMBRAER: From national champion to global player
Author: Andrea GoldsteinMuch has been written on the macroeconomic aspects of the economic reform process in Latin America, but much less has been published on its microeconomic results, especially at the company level. This paper explores how Embraer, a Brazilian aircraft manufacturer, transformed itself after privatization to become a world market leader in a high- tech industry traditionally dominated by companies based in member countries of the Organization for Economic Cooperation and Development (OECD). Its main findings are that top management played a key role in aligning innovation for dynamic capabilites, that the company has been very successful in forming alliances with foreign partners and strengthening its bargaining position, and that the Brazilian authorities have consistently supported Embraer after relinquishing direct control. For these results to be extended to other companies, however, Brazil’s export promotion tools must be made compatible with multilateral norms.
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Education and the labor market in Latin America: Confronting globalization
Author: Beverley CarlsonThis article analyses the challenges facing education in Latin America and its relation to labor market performance, against a background of severe long-standing income and social inequalities and now also the effects of globalization. It examines the degree to which higher educational attainment results in positive labor market outcomes (employment and earnings) and finds that, in spite of very large investments in education reform, the Latin American countries are falling behind their global competitors. Calculations made by the author of the education premiums in selected countries, by educational attainment and gender, show that labor market returns to education are positive or mixed but, in the case of unemployment, are often negative. The article suggests policies that could provide a more competitive labor force and more prepared human capital, and concludes with concrete proposals for confronting globalization.
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Changes and inequality in Latin American families
Author: Irma ArriagadaThe family -a key institution in people’s lives- tends to be EC LAC iamagada@eclac cl examined as though it were statie and immutable over time. This paper seeks to shed some light on the changes which have affected the family in a broader socio-economic and cultural context, highlighting the processes of modernization and modernity and their effects on families, by making a diagnostic study of families in the region which describes the changes that have taken place, the diversity of families in different socioeconomic strata, and their heterogeneous structures, according to their type and the stage reached in the family life cycle. In addition to showing the increasing economic inequality between families, the study also highlights the various types of cultural changes to which the family has been subjected, including demographic changes, the growing number of households headed by women, and the increasing participation of women both in the labour market and in the social and political domains.
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Infrastructure to support the digital economy in Chile
Author: Rossella CominettiThis article presents a model for dealing systematically with the different matters associated with policies for developing the infrastructure necessary to support a digital economy, identifying the roles of the State and the private sector in this respect. It also describes the main initiatives taken in terms of creating and improving the infrastructure and content in the case of Chile, which illustrates the recent progress made in developing the country’s digital economy and the challenges still pending in this field. There is general agreement that Chile must move closer to those countries already incorporated into the information society, and it must do so quickly and promptly. This study helps to identify the main factors for evaluating the policy aimed at promoting access to the digital economy, which is one of the central pillars for designing policies to advance toward the information society.
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