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841. Financial Crisis and Fiscal Policies in Globalization: A Latin America Experience

Author:
Ayça Şimşek
Publication Date:
03-2007
Content Type:
Journal Article
Journal:
Bilgi
Institution:
Değişim Yayınları
Abstract:
Dünya ekonomisinde küreselleşme süreci ile birlikte hızla artan dışa açılma eğilimleri özellikle gelişmekte olan ülkelerin finansal piyasalarında önemli değişimlere yol açmıştır. Bu ülkelerde erken dışa açılma (finansal piyasaların gelişimini tamamlamadan dışsal aktörlere açılması) ve sığ piyasaların varlığı piyasaların dışsal şoklardan etkilenme derecesini arttırarak krizlerin oluşumunu tetiklemiştir. Latin Amerika ülkeleri bu özellikleri bünyesinde barındıran ve dolayısıyla krizlerden önemli ölçüde etkilenen ülkeler olmuşlardır. Bu ülkelerin finansal piyasalarında 1960'lı yıllardan itibaren küreselleşmenin hız kazanmasıyla birlikte krizler ortaya çıkmaya başlamıştır. Bu krizler ile mücadelede özellikle IMF tarafından önerilen ortodoks ekonomi politikaları uygulanmış ve bu çerçevede sıkı para ve maliye politikası önlemleri ile finansal krizlerin piyasalar üzerindeki etkileri azaltılmaya çalışılmıştır. Ancak bu politikalar; uygulama sonuçları itibariyle kısa dönemde finansal piyasalarda kısmi bir iyileşme sağlamışsa da uzun dönemde ekonomide daraltıcı etkilere yol açarak reel ekonomideki durgunluk sürecini körüklemiştir. Dolayısıyla bu piyasalarda krizlerle mücadelede uygulanan para ve maliye politikalarının eşanlı yürütülmesi ve bu bağlamda makroekonomik politikaların birbiriyle tutarlılığı önem taşımaktadır. Bu açıdan Latin Amerika ülkelerinde reel piyasaları daraltmadan finansal risklerin azaltılmasını sağlayacak güvenilir ve istikrarlı bir ekonomi politikasının uygulanabilirliğinin sağlanması, sadece finansal istikrarın değil tüm makroekonomik istikrarın gerçekleştirilmesi için gerekli görülmektedir.
Political Geography:
Latin America

842. Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?

Author:
Laurissa Muhlich and Barbara Fritz
Publication Date:
12-2006
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of 'original sin' (Eichengreen et al.) we argue that regional monetary South-South integration schemes that, unlike North-South arrangements, involve none of the international reserve currencies, have specific monetary constraints and implications which need to be duly considered. A first comparative analysis of three cases of monetary South-South cooperation in South Africa (CMA), East Asia (ASEAN) and Latin America (Mercosur) shows that these can indeed provide macroeconomic stability gains but that this strongly depends on the existence of economic hierarchies within these integration schemes.
Topic:
Development, Economics, Foreign Exchange, and Third World
Political Geography:
East Asia, South Africa, and Latin America

843. The Politics of Senatorial Confirmations: A Comparative Study of Argentina and Brazil

Author:
Mariana Llanos and Leany Lemos
Publication Date:
06-2006
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
Though an important function of the Latin American senates, the confirmation of presidential nominations has drawn little academic attention. This paper assesses empirically the way in which two Latin American upper chambers – the Argentine and Brazilian senates – made use of their confirmation prerogatives between 1989 and 2003, namely, if one of deference to the executive proposals or a more active role including both consultation and oversight. To do this, the article first analyses all nominations regarding outcome (confirmed, rejected and withdrawn) and length of process. Then, the similarities and differences are used to advance some explanatory hypotheses. Special attention is paid to the impact of political factors, mainly divided government, and institutional features, mainly the senates' internal rules for the organization of the legislative work.
Topic:
Democratization, Government, and Politics
Political Geography:
Brazil, Argentina, South America, and Latin America

844. Living with Hugo: U.S. Policy Toward Hugo Chávez's Venezuela

Author:
Richard Lapper
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The popularity of the new political and economic model being developed in Venezuela has been a consistent source of aggravation for the U.S. government. Since first winning the presidency in December 1998, Hugo Chávez has been able through repeated electoral victories and radical constitutional reform to dominate Venezuela's government and public institutions. Undaunted by stiff U.S. opposition, President Chávez has launched what he calls a Bolivarian revolution, named after Simón Bolívar, a nineteenth-century leader of Latin America's independence wars. Chávez has reasserted the role of the state in the Venezuelan economy and developed extensive social programs to advance an anti- U.S., anti-capitalist crusade. New or newly reinvigorated alliances with established U.S. adversaries have helped internationalize Chávez's aims. Most alarming to those concerned with the health of Venezuelan democracy, Chávez and his allies have concentrated political power in the hands of the executive, curtailed the independence of the judiciary, shown limited tolerance for domestic critics, and openly intervened in the electoral politics of neighboring states.
Topic:
Conflict Prevention, Foreign Policy, Development, Economics, and Politics
Political Geography:
United States, South America, and Latin America

845. The Attraction for Success: the'Hezbollah in Venezuela' Case

Author:
Manuel R. Torres
Publication Date:
10-2006
Content Type:
Journal Article
Journal:
Athena Intelligence Journal
Institution:
Athena Intelligence
Abstract:
A lo largo del verano de 2006, de manera paralela a la crisis desatada entre Hezbollah en el Libano y el Estado de Israel, hizo su aparición ante la opinión púiblica una organización que proclamaba ser "Hezbollah en Amtrica Latina". Aunque su "presentación en sociedad" se produjo el 29 de julio de 2005 (fecha en la que se crea su primera página web), fue en los albores del conflicto militar en el Líbano cuando este grupúsculo adquirió mayor notoriedad. La preocupación ante la posibilidad de que organizaciones terroristas de inspiración yihadista estuviesen extendendo sus tentáculos por en Sudamérica confirió, a las proclamas procedentes de este grupo una considerable publicidad y reabrió el debate sobre las posibles derivas del fenómeno terrorista en esta región.
Topic:
Terrorism
Political Geography:
South America, Latin America, and Central America

846. Real Income Stagnation of Countries, 1960-2001

Author:
Sanjay Reddy and Camelia Minoiu
Publication Date:
04-2006
Content Type:
Working Paper
Institution:
Institute for Social and Economic Research and Policy at Columbia University
Abstract:
This paper examines the phenomenon of real-income stagnation (in which real-income growth is uninterruptedly negligible or negative for a sizable sequence of years). The authors analyze data for four decades from a large cross-section of countries. Real income stagnation is a conceptually distinct phenomenon from low average growth and other features of the growth sequence that have been previously considered. The authors find that real income stagnation has affected a significant number of countries (103 out of 168), and resulted in substantial income loss. Countries that suffered spells of real income stagnation were more likely to be poor, in Latin America or sub-Saharan Africa, conflict ridden and dependent on primary commodity exports. Stagnation is also very likely to persist over time. Countries that were afflicted with stagnation in the 1960s had a likelihood of seventy-five percent of also being afflicted with stagnation in the 1990s.
Topic:
Economics, International Political Economy, and International Trade and Finance
Political Geography:
Africa and Latin America

847. Radical Democracy in the Andes: Indigenous Parties and the Quality of Democracy in Latin America

Author:
Donna Lee Van Cott
Publication Date:
12-2006
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
I explore whether recently formed indigenous political parties in Ecuador and Bolivia are fulfilling their promise to improve the quality of local government by establishing institutions that promote intercultural cooperation and the participation of individuals and civil society groups. To the extent that such improvements have occurred, I seek to identify the conditions under which they succeed. I argue that under certain conditions even "least-likely cases" for the establishment of radical democratic models can produce positive changes in relations among hostile ethnic groups, shift resources toward underserved populations, and create spaces for citizens and civil society groups to deliberate public spending priorities. Such models are most likely to work when indigenous parties and their social movement sponsors are able to (1) maintain internal unity and solidarity; (2) develop distinct, complementary roles; (3) attract charismatic, talented mayors who are willing and able to work across ethnic lines; (4) reelect successful mayors; and (5) attract resources and technical support from external donors.
Topic:
Civil Society, Democratization, and Development
Political Geography:
South America, Latin America, Ecuador, and Bolivia

848. Latin American Catholicism in an Age of Religious and Political Pluralism: A Framework for Analysis

Author:
Frances Hagopian
Publication Date:
12-2006
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This article identifies and proposes a framework to explain the responses of Latin America's Roman Catholic churches to a new strategic dilemma posed by religious and political pluralism. Because the church's goals of defending institutional interests, evangelizing, promoting public morality, and grounding public policy in Catholic social teaching cut across existing political cleavages, Church leaders must make strategic choices about which to emphasize in their messages to the faithful, investment of pastoral resources, and alliances. I develop a typology of Episcopal responses based on the cases of Argentina, Chile, Brazil, and Mexico, and explain strategic choices by the church's capacity to mobilize civil society, its degree of religious hegemony, and the ideological orientations of Catholics. The analysis draws from 620 Episcopal documents issued since 2000.
Topic:
Development, Government, and Religion
Political Geography:
Brazil, Argentina, South America, Latin America, Mexico, and Chile

849. Collective Defense of Democracy: Concepts and Procedures

Author:
Carlos Ayala Corao and Pedro Nikken Bellshaw-Hógg
Publication Date:
01-2006
Content Type:
Working Paper
Institution:
The Carter Center
Abstract:
At the General Assembly of the Organization of American States held in Ft. Lauderdale, Florida in June of 2005, the member states enjoined Secretary General José Miguel Insulza to prepare a report on past use of the Inter-American Democratic Charter (IDC) and make suggestions to the Permanent Council concerning possible improvements in its application. The resolution on “Promotion of Regional Cooperation for Implementation of the Inter-American Democratic Charter” also urges the Permanent Council to receive input from civil society concerning the IDC, and conscious of this invitation, The Carter Center and the Andean Commission of Jurists (CAJ) have responded to this invitation.
Topic:
Democratization and Globalization
Political Geography:
Latin America

850. Privatization: A Summary Assessment

Author:
John Nellis
Publication Date:
03-2006
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
In the last 25 years many thousands of formerly state-owned and operated firms have been privatized in developing and transition countries, generating over $400 billion (US) in sales proceeds. In addition, thousands of firms have been transferred by privatization processes in which no money was raised (though a surprising number of state-owned firms remain in these regions). The vast majority of economic studies praise privatization's positive impact at the level of the firm, as well as its positive macroeconomic and welfare contributions. Moreover, contrary to popular conception, privatization has not contributed to maldistribution of income or increased poverty——at least in the best-studied Latin American cases. In sum, the technical picture is generally positive. Nonetheless, public opinion in the less developed world is generally suspicious of, and often hostile to, privatization. A good part of the problem is that privatization has proven harder to launch, and is more likely to produce errant results, in low-income, institutionally weak states, particularly in the most important infrastructure sectors. Privatization is hard to sell politically; it has become a lightning rod and handy scapegoat for all discontent related to liberalization and globalization. What is needed are reform mechanisms that give incentives and comfort to reputable private investors, that create and sustain the policy and regulatory institutions that make governments competent and honest partners with the private operators, while at the same time protecting consumers, particularly the most disadvantaged, from abuse.
Topic:
Development, Economics, Government, and Privatization
Political Geography:
Latin America