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101. Capital Requirements under Basel III in Latin America: The Cases of Bolivia, Colombia, Ecuador and Peru

Author:
Liliana Rojas-Suarez, Arturo J. Galindo, and Marielle del Valle
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
A number of banks in developed countries argue that the new capital requirements under Basel III are too stringent and that implementing the proposed regulation would require raising large amounts of capital, with adverse consequences on credit and the cost of finance. In contrast, many emerging market economies claim that their systems are adequately capitalized and that they have no problems with implementing the new capital requirements. This paper conducts a detailed calculation of capital held by the banks in four Latin American countries—known as the Andean countries: Bolivia, Colombia, Ecuador and Peru—and assesses the potential effects of full compliance with the capital requirements under Basel III. The conclusions are positive and show that while capital would decline somewhat in these countries after they make adjustments to comply with the new definition of capital under Basel III, they would still meet the Basel III recommendations on capital requirements. More importantly, these countries would hold Tier capital to risk-weighted-asset ratios significantly above the 8.5 percent requirement under Basel III. That is, not only the quantity, but also the quality of capital is adequate in the countries under study. While encouraging, these results should not be taken as a panacea since the new regulations are only effective if coupled with appropriate risk management and supervision mechanisms to control the build-up of excessive risk-taking by banks. Further research into these areas is needed for a complete assessment of the strength of banks in the Andean countries.
Topic:
Debt, Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Colombia, Latin America, Peru, Ecuador, and Bolivia

102. Sexual Violence and Justice in Postconflict Peru

Author:
Jelke Boesten and Melissa Fisher
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
United States Institute of Peace
Abstract:
Wartime sexual violence in Peru is linked to peacetime gender inequality, which is strongly influenced by inequalities based on race and class. These inequalities perpetuate the exclusion of victim-survivors of sexual and gender-based violence in the country's current postconflict transitional justice period, subject victim-survivors to postconflict violence, and reinforce tolerance for sexual violence in peacetime. If the international community and the Peruvian government recognize and address these inequalities, then Peru may witness a reduction in sexual and gender-based violence. Wartime rape can involve a range of acts, motivations, meanings, perpetrators, and victims. Peruvian legal and social definitions of sexual violence need to be inclusive of such variations and recognize that the internal conflict produced victim-survivors among women, men, and children. Domestic institutions should stop dismissing rape as a common crime and start prosecuting rape in war as a crime against humanity, as Peru formally recognized when it signed the Rome Statute of the International Criminal Court. Building on existing legislation would send signals to the international community and to victim-survivors of the war that Peru takes its citizens\' rights in both war and peace seriously. Sexual violence precedes and survives conflict, which creates a continuum of violence. National policies framed within an understanding of this continuum would be better able to guide international, nongovernmental, and community-based organizations operating in Peru regarding programs that address intimate partner and family violence. Such programs are essential for breaking cycles of violence. Reparations and criminal justice are tools of redress that recognize suffering, resilience, and citizenship. While Peru is currently using these tools, they do not seem to apply to victim-survivors of sexual and gender-based violence. An inclusive politics of justice would break through this historical marginalization.
Topic:
Democratization, Gender Issues, Human Rights, and War
Political Geography:
Latin America and Peru

103. Political Representation, Policy Inclusion

Author:
Richard André, Ryan Berger, Nina Agrawal, and Wilda Escarfuller
Publication Date:
05-2012
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
Do more Indigenous and Afro-descendant representatives in national congresses make a difference?
Topic:
Economics and Politics
Political Geography:
United States, Latin America, and Peru

104. Strength in Numbers

Author:
Carlos Ignacio Rojas and Alejandro Vera
Publication Date:
01-2011
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
The merger of the Colombian, Chilean and Peruvian stock exchanges is a milestone for hemisphere finance-and a sign of renewed economic confidence.
Political Geography:
Colombia, Chile, and Peru

105. Andean-U.S. Dialogue Forum: Toward a Common Agenda for the Andean Countries and the United States

Publication Date:
02-2011
Content Type:
Working Paper
Institution:
The Carter Center
Abstract:
An opening product of the Andean-U.S. Dialogue Forum, this report is intended to spur conversations on more effective cooperation by identifying convergences and divergences in priorities among the countries and the citizens of Venezuela, Colombia, Ecuador, Peru, and Bolivia and the United States. It seeks to open the door to a better understanding of the internal dynamics in each country and to reduce stereotypes that impede cooperation to resolve mutual challenges. This report highlights the transnational issues of energy, climate change, trade, and illegal drugs, recognizing that beneficial progress will demand a collective response from all.
Topic:
Climate Change, International Trade and Finance, Regional Cooperation, and War on Drugs
Political Geography:
United States, Colombia, Latin America, Venezuela, Peru, Ecuador, and Bolivia

106. Peru to Ration Electricity in Northern Cities

Publication Date:
06-2011
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
Peru's new Minister of Mines and Energy, Carlos Herrera, announced yesterday that authorities from the country's Comité de Operación Económica del Sistema—the national agency responsible for energy oversight—would begin rationing energy in Peru's major northern cities Trujillo and Cajamarca. Although the likely need for electricity rationing in 2011 was predicted last year by former Mines and Energy Minister Pedro Sánchez, the implementation of cuts highlights Peru's infrastructural shortcomings in the energy sector. According to the government statement, hydroelectric facilities in Peru's central regions produce sufficient energy to fulfill demand, but the country “does not have the capacity to transport sufficient electricity to the north.” Power will initially be cut only during nighttime hours in the affected areas and the government has voiced support for plans to import electricity from Ecuador, Colombia and Chile in the near future.
Topic:
Government
Political Geography:
Colombia, Chile, Peru, and Ecuador

107. Puncturing the 4 Myths about Latin America

Author:
Raul Rivera
Publication Date:
06-2011
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
Most people have grown used to thinking about Latin America as a region of marginal global importance: painfully poor, violent, politically and economically unstable and, to top it all, fragmented into some 20-odd countries, each one different from the other. So when Jerry Wind, founding editor of Wharton School Publishing, invited me to speak on Latin America at a Wharton conference aimed at senior U.S. executives, I wondered what a group of U.S. businesspeople would be interested to hear about the region. Who, after all, would want to do business in a place like that? But how accurate are those perceptions? As I prepared for my talk, my conclusion was: not much. Let's address the four principal myths about the region one by one. Myth 1: Latin America Really Does not Matter Economically To start, the territory of continental Latin America is larger than the U.S. and China combined, four times larger than the European Union, and seven times larger than India—a country roughly the size of Argentina. With almost every ecosystem represented, it is in fact the world's most biodiverse region, containing five of the world's ten most biodiverse countries. The region's bio-capacity (the biological productivity of the land measured in hectares per capita) is also larger than any other's. Witness the region's role in the global food chain: it is the largest producer of soybeans, coffee, sugar, bananas, orange juice, a leading fishmeal producer, and a major grain and meat exporter. Its mineral riches keep world industry running: silver, gold, copper, zinc, lead, tin, bismuth, molybdenum, rhenium, telurium, borium, strontium—you name it. And it produces one out of every six barrels of oil. In fact, much of the global community depends on Latin America's vast riches for its prosperity—indeed, for its survival. To that point: the Amazon basin plays a crucial role in the recycling of atmospheric carbon, absorbing one fourth of all global emissions. Latin America's population, now approaching 600 million, is twice that of the U.S. and significantly larger than the combined population of the European Union. Those numbers do not include some 50 million U.S. permanent residents and citizens who trace their origins back to the region (and keep close ties with it). By 2050, the region's population will have risen to an estimated 800 million. Latin America is not poor either. It boasts a per-capita GDP similar to the global average: $10,000. It is no richer or poorer than the rest of the world. In fact, 400 million people, or two-thirds of all Latin Americans, already belong to the global middle class, with their purchasing power fueling much of Latin America's growth. With some 200 million people still living in poverty, Latin America's poor are still numerous. But their ranks are declining fast, at a rate of 5 million a year over the past decade. As a result, its Gini coefficient improved by 10 percent between 2002 and 2008. In brief: the world's poor are now elsewhere—mainly in Asia and Africa. A population this large combined with average income levels have turned Latin America into the fourth largest economy in the world, with a regional GDP of some $6 trillion (purchasing power parity). That is larger than that of Russia and India's combined—larger, in fact, than that of any country or region other than the U.S., the EU and China. Not bad for a “region of marginal importance.” You could argue that Latin America's fragmentation into small, separate markets makes all the difference. But you would be wrong. As a result of the free-market reforms of the past decades, Latin America's economy is now the most open to trade in the developing world, with average tariffs down to 10 percent or less. Intraregional trade is booming. Most significantly, Chile, Colombia, Mexico, and Peru have signed bilateral free-trade agreements (with both the EU and the U.S., though Colombia's is waiting for the U.S. Congress' approval). These agreements are giving rise to a free-trade zone of some 200 million consumers, larger than Brazil and fully open to global trade. Surprisingly, it does not yet have a name—or a space among the BRICs. It will, though. Let's name these four countries the L-4 for now...
Topic:
Economics and Poverty
Political Geography:
United States, Europe, India, Brazil, Colombia, Latin America, Mexico, Chile, and Peru

108. Institutional Trust and Congressional Autonomy in Latin America: Expectations, Performance, and Confidence in Peru's Legislature

Author:
Barry S. Levitt
Publication Date:
06-2011
Content Type:
Journal Article
Institution:
German Institute of Global and Area Studies
Abstract:
What role do Latin Americans expect legislatures to play vis-à-vis the executive? How do expectations shape political trust in a developing democracy like Peru? This article introduces new indicators gauging citizens' current perceptions of, and idealized expectations for, the institutional independence of their elected assemblies. It uses 2007 data to test the hypothesis that the gap between the two indicators – the “legislative autonomy gap” – predicts trust in Congress. Most Peruvians claimed to prefer a more autonomous legislature. And citizens whose high expectations for institutional independence were adequately met were more likely to express confidence in Congress. However, having low expectations of congressional autonomy met also enhanced confidence in that institution. Trust in Congress proved to be pragmatic too, tied to perceptions of strong national economic performance, confidence in political parties, approval of congressional leader- ship, and approval of the same president from whom most Peruvians wished Congress would become more independent.
Political Geography:
Latin America and Peru

109. Ruling Against the Executive in Amparo Cases: Evidence from the Peruvian Constitutional Tribunal

Author:
Lydia Brashear Tiede and Aldo Fernando Ponce
Publication Date:
06-2011
Content Type:
Journal Article
Institution:
German Institute of Global and Area Studies
Abstract:
In this paper, we systematically analyze decisions made by the Peruvian Constitutional Tribunal from 1996 to 2006 in amparo cases, which significantly impact individual rights. We ask the following question: in these types of cases, what conditions led the Tribunal to assert itself against the executive? Through an analysis of Tribunal decisions during the presidencies of Alberto Fujimori and Alejandro Toledo, we find that the Tribunal is more likely to rule against the executive, as the public's confidence in the executive decreases and as the share of congressional seats of the president's party declines. Further, the Tribunal is more willing to decide cases against the executive in areas that most pervade its docket, specifically in the areas of pensions and employment. These findings add to the comparative and American judicial politics literature by showing that high courts, even relatively weak ones, follow politics, but that case subject area and prevalence may temper this tendency.
Political Geography:
Peru

110. Madame Officer

Author:
Sabrina Karim
Publication Date:
06-2011
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
Peru's anti-corruption gambit.
Political Geography:
Peru