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871. Why Is the World Bank Still Lending?

Author:
Adam Lerrick
Publication Date:
11-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
World Bank money is building schools in China's impoverished western provinces, but the bill for interest charges is being mailed to the United Kingdom, attention Chancellor of Exchequer Gordon Brown. Mexico, Chile, and Brazil will soon be lining up for the same deal. This is but the latest scheme designed to preserve the World Bank's lending role at a time when the need and demand for its services are falling. Major middle-income countries, the cream of the bank's lending portfolio and where more than 80 percent of Latin Americans live, are curbing their borrowing and paying down their balances, setting off alarms at the bank. Net loan flows have shifted from a positive $10 billion in 1999–2001, to a negative $15 billion in 2002–2004.
Topic:
Debt, Development, Economics, and Third World
Political Geography:
China, United Kingdom, Brazil, Latin America, Mexico, and Chile

872. The Poverty Macroeconomic Policy Nexus: Some Short-run Analytics

Author:
George Mavrotas and S. Mansoob Murshed
Publication Date:
12-2005
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The present paper utilises a short-run theoretical macroeconomic model of a small open economy to look at the impact of macroeconomic policies and financial deepening upon poverty through sectoral changes. This is because an expansion in certain sectors may cause greater poverty reduction. The model involves a non-traded and a traded sector on the formal side of the economy. The former is more capital intensive and the latter more unskilled labour intensive. Increased employment in the traded sector is more pro-poor compared to a similar rise in the non-traded sector as the former draws workers out of poverty in the informal sector. The model in our paper analyses short-run effects of devaluation, a rise in the money supply induced by financial deepening, and taxation to discourage non-traded goods consumption. Financial deepening can induce greater output and reduce poverty. Other results are mixed and taxonomic. We also attempt to differentiate between the stylised experiences of East Asia and Latin America. East Asian economies have relied more heavily on labour-intensive manufactured exports, whereas Latin America has had a relatively greater share of capital intensive and natural resource based exports. In recent decades countries in these two regions have had differing experiences in poverty reduction, with poverty arguably declining more in East Asia.
Topic:
International Relations, Development, Economics, and Poverty
Political Geography:
East Asia and Latin America

873. Latin American Religious Responses to Socio-cultural changes of Globalization

Author:
Alice Hamui Sutton
Publication Date:
12-2005
Content Type:
Working Paper
Institution:
CONfines de Relaciones Internacionales y Ciencia Política
Abstract:
At the beginning of this third millennium, we are witnessing the end of an era marked by the hegemony of European Christianity and the globalization of a deterritorialized and decentered Christianity. Evangelical Pentecostalism and the Catholic Charismatic Renovation Movement are examples of this type of individual salvation spiritualism in Latin America. This article illustrates how these movements base their success on their ritual pragmatism with regard to personal crisis situations and the image of a near and accessible God. Moreover, the success of these movements is because of the adjustment to new conditions of the global market, the adaptation to the new processes of citizenship typical of modern democracies, and the satisfaction of spiritual and affective needs in a context of intense shifts trying to create new identities to reestablish the social framework of society.
Topic:
Civil Society, Government, and Religion
Political Geography:
Europe, South America, and Latin America

874. The Role of Perceived Opportunity in Fertility Choice: Evidence from Latin America

Author:
Louise C. Keely and Margaret MacLeod
Publication Date:
06-2004
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
We hypothesize that the perceived returns to human capital and to income uncertainty are important determinants of recent cross-sectional variation in Latin American fertility. An empirical study of cross-country individual level data supports the hypothesis. In particular, we find that a higher perceived return to human capital and higher income uncertainty both lead to higher fertility, all else equal. We interpret the evidence to suggest that increasing economic opportunity in Latin America should be accompanied by institutions that provide social protection in order to promote further decreases in fertility toward the replacement rate.
Topic:
Economics, Gender Issues, and Human Welfare
Political Geography:
South America, Latin America, Central America, and Caribbean

875. Development and Foreign Investments: Lessons Learned from Mexican Banking

Author:
Jacob Steinfeld
Publication Date:
07-2004
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
FOREIGN DIRECT INVESTMENT (FDI) HAS TRANSFORMED MEXICO'S BANKING SYSTEM during the past decade, making it the second largest in Latin America with $165 billion in commercial assets in 2003. In the past four years, Mexico received $25.3 billion of FDI into its financial sector. This composes nearly 40 percent of total FDI inflows into the country. As a result of FDI flowing into the country's financial sector, the Mexican banking system has the highest ratio of foreign ownership in Latin America.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
Latin America and Mexico

876. Small Enterprises and Economic Policy

Author:
Simon Johnson and Anders Åslund
Publication Date:
03-2004
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Institutions such as strong property rights and the rule of law are important for both long-run economic performance and short-run volatility. Developing good institutions is generally viewed as a desirable goal, but there is no agreed road map for such changes.
Topic:
Economics
Political Geography:
Israel, Eastern Europe, East Asia, and Latin America

877. The Political-Economic Conundrum: The Affinity of Economic and Political Reform in the Middle East and North Africa

Author:
Eva Bellin
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
FOR NEARLY TWO DECADES THE MIDDLE EAST AND NORTH AFRICA (MENA) has languished in economic stagnation and lassitude. At a time when the logic of market-driven reform and exportoriented growth has become nearly canonical worldwide, the MENA region has proven steadfastly unenthusiastic about reform, shutting itself out of the benefits of economic globalization and falling behind most other regions in economic development. At the same time, the MENA region has distinguished itself by spurning another worldwide trend: democratization. As democracy has spread in Latin America, Central and Eastern Europe, Asia, and sub-Saharan Africa, the Middle East has remained largely authoritarian, experiencing at most only mild liberalizing political reforms. This dual resistance to world trends is intriguing and resurrects the question of the relationship between political and economic reform. Is this dual resistance to reform coincidental? And what does this resistance say about whether and how Western policy makers and aid practitioners should try to link or sequence their efforts to promote political and economic reform in the region?
Topic:
Globalization and Political Economy
Political Geography:
Europe, Middle East, Asia, Latin America, and North Africa

878. WMD in Iraq: Evidence and Implications

Author:
George Perkovich, Joseph Cirincione, Jessica T. Mathews, and Alexis Orton
Publication Date:
01-2004
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
If history is any guide, the war and subsequent occupation and reconstruction of Iraq will shape U.S. relations with the Arab world—and perhaps with the whole Muslim world—for decades, just as prior military occupations altered U.S. relations with Latin America, the Caribbean, Europe, and Asia. What happens in Iraq is also likely to profoundly affect whether and with what degree of effort and success states choose to work together to constrain the spread of weapons of mass destruction (WMD). The war and its aftermath will affect U.S. foreign relations, influence U.S. policies regarding future armed interventions, and alter the international struggle against terrorism. It is a massive understatement, then, to say that a great deal is at stake, on the ground in Iraq, around the world, and in the lessons for the future that will be drawn here at home.
Topic:
Security, Terrorism, and Weapons of Mass Destruction
Political Geography:
United States, Iraq, Europe, Middle East, Asia, Arabia, Latin America, and Caribbean

879. The Dominican Republic: Resolving the Banking Crisis and Restoring Growth

Author:
Steve H. Hanke
Publication Date:
07-2004
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
After a decade of rapid economic growth, the Dominican Republic entered a downward spiral in 2003. The economy shrank for the first time since 1990, the inflation rate quadrupled, the Dominican peso collapsed, government debt more than doubled, interest rates soared, and the central bank incurred large losses.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
Latin America and Caribbean

880. U.S.–Latin American Relations: The Prospect

Author:
Mark Falcoff
Publication Date:
07-2004
Content Type:
Working Paper
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
This series began more than a dozen years ago with an essay titled “U.S.-Latin American Relations: Where Are We Now?” Since this is the last issue of Latin American Outlook, it seems worthwhile to pose the question again.
Topic:
Foreign Policy and Politics
Political Geography:
United States, South America, Latin America, Central America, and North America