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41. Household Wealth in Latin America

Author:
Seymour Spilerman and Florencia Torche
Publication Date:
10-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This paper provides a descriptive analysis of wealth ownership and wealth inequality in Latin American countries, using diverse published sources and primary data analysis for 16 nations. We produce estimates of the distribution of home ownership, land, and financial assets, and find very high wealth concentration in all these types of assets, with the partial exception home ownership. The relevance of informal assets and the historical patterns of wealth accumulation and concentration since colonial times are discussed. Mechanisms of intergenerational wealth transmission are analyzed for the Chilean case.
Topic:
International Relations, Development, and International Political Economy
Political Geography:
South America and Latin America

42. The Rise and Halt of Economic Development in Brazil, 1945-2004: Industrial Catching-up, Institutional Innovation and Financial Fragility

Author:
Nelson H. Barbosa-Filho, José A.P. de Souza, and Leondardo Burlamaqui
Publication Date:
08-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This paper seeks to explain the dynamics of Brazilian industrial catch-up in the last 60 years by discussing its background institutional conditions as well as its main macroeconomic features. After a brief introduction, the second section describes how after the institutional innovations introduced during the Vargas' and Kubitschek's administrations, a Brazilian version of the Developmental State was created, releasing the growth potential of the economy during the 1950s. The third section analyses the inflationary crisis and institutional inertia of the mid-1960s, and its solution through the introduction of a new of wave of institutional innovations and conflict management devices, which lead to the Brazilian growth miracle, until the debt crisis of early 1980s signaled its end. The fourth section analyses why the financial crisis, coupled with ineffective institutional changes and unsuccessful macroeconomic stabilization plans lead growth to a halt. It also includes an analysis of the pro-market reforms from the early 1990s onwards. The fifth section concludes the paper offering a brief sketch on how the analytical narrative fits the conceptual framework within which it was performed.
Topic:
Conflict Resolution, Development, and Economics
Political Geography:
Brazil and South America

43. Development in Chile 1990-2005: Lessons from a Positive Experience

Author:
lvaro Garca Hurtado
Publication Date:
02-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Chile, in the last 15 years, has shown remarkable results in terms of growth, poverty reduction and democratic governance. This pa per reviews the structural changes that were behind these positive outcomes, as well as the pending challenges for Chile's development. Also shows that Chile did better in terms of growth than social integration and that this is related to the weak representation and participation of a wide majority in the national debate and decision making process. It also draws conclusions valid for other Latin American countries' development.
Topic:
International Relations, Development, and Economics
Political Geography:
South America and Chile

44. Why Have All Development Strategies Failed in Latin America?

Author:
Guillermo Rozenwurcel
Publication Date:
02-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
After the Great Depression and throughout the rest of the twentieth century, Latin American countries basically approached economic development following two successive and quite opposed strategies. The first one was import substitution industrialization. The second was the so-called Washington Consensus approach. While the two views were founded on quite opposite premises, neither the import substitution industrialization nor the Washington Consensus managed to deliver sustained economic development to Latin American countries. Two domestic elements are crucial to understand this outcome. One is the failure of the state. The second is the inability to achieve mature integration into the world economy.
Topic:
Development, Economics, and Government
Political Geography:
Washington, South America, and Latin America

45. Economic Survey of Chile, 2005

Publication Date:
11-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Chile continues to be a strong performer and the economy has recovered in earnest from the 1998-2003 slowdown. Macroeconomic management has been exemplary and policies have been framed in rules-based, credible settings. Public finances are particularly robust, making the economy resilient to shocks. Structural reform is on-going, unleashing opportunities for growth. But Chile's income gap remains sizeable relative to the OECD area. Lifting the economy's growth potential is therefore Chile's overarching policy challenge.
Topic:
Development, Economics, and Markets
Political Geography:
South America

46. Competition Law and Policy in Brazil

Publication Date:
10-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The modern era of competition policy in Brazil began in 1994 with the enactment of a new law as part of the “Real Plan”, a set of policies developed to deal with a period of hyperinflation. The law established a Brazilian Competition Policy System (BCPS) consisting of three agencies: a re-configured Administrative Council for Economic Defence (CADE), which had originally been created in 1962, the Economic Law Office (SDE) in the Ministry of Justice, and the Secretariat for Economic Monitoring (SEAE) in the Ministry of Finance. CADE has adjudicative authority in BCPS cases, while SDE has the principal investigative role, and SEAE is primarily responsible for providing economic analysis.
Topic:
Development, Economics, and Government
Political Geography:
Brazil and South America

47. What Iraq and Argentina Might Learn from Each Other

Author:
Anna Gelpern
Publication Date:
06-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Financial collapse usually triggers a flurry of market, academic, and policy innovation. The Latin American debt crisis of the 1980s produced the Brady Bonds and led to the rise of today's emerging markets. In the late 1990s, crises in Pakistan, Ecuador, and Ukraine helped teach the markets how to restructure international sovereign bonds. Crises in Mexico, Russia, Brazil, Turkey, and throughout East Asia raised doubts about the international system's ability to manage vast and rapid capital flows, and prompted a big-picture reassessment under the rubric “international financial architecture.” This included most famously the sovereign bankruptcy proposals discussed elsewhere in this volume.
Topic:
Development and Economics
Political Geography:
Pakistan, Russia, Turkey, Ukraine, Middle East, East Asia, Brazil, South America, Latin America, and Mexico

48. What Bond Markets Can Learn from Argentina

Author:
Anna Gelpern
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Argentina has completed the largest and most complex sovereign bond restructuring in history. Before the debt exchange, it owed about $82 billion in principal and $20 billion in past due interest. Hundreds of thousands of creditors held 150 kinds of defaulted instruments issued in six currencies under the laws of eight jurisdictions. Creditors owed just over 76% of the total, or $62 billion, got $35 billion in new performing bonds. Other performing debt includes $40 billion in domestic and about $30 billion in multi-lateral obligations. Argentina left behind almost $25 billion in defaulted principal and interest.
Topic:
Development, Economics, and International Trade and Finance
Political Geography:
Argentina and South America

49. Chilean Foreign Policy: Exceptionality or Continuity? A review of "profound forces" and tendencies

Author:
María Elena Lorenzini and Myriam Colacrai
Publication Date:
12-2005
Content Type:
Working Paper
Institution:
CONfines de Relaciones Internacionales y Ciencia Política
Abstract:
The purpose of this article is to explore how identity and profound forces shape the foreign policy of states. The author discusses how traditional Chilean foreign policy actions reveal its identity while also taking into account new external policy trends that seemingly operate within the construction of a new identity. With respect to profound forces, the article examines the following: institutional stability and democratic processes ( Pinochet's dictatorship is an exception here), presidentialism, territorial factors and regional balance, and the civic-pragmatic style of its diplomacy.
Topic:
Foreign Policy, Development, and Government
Political Geography:
South America

50. Andes 2020: A New Strategy for the Challenges of Colombia and the Region

Author:
Daniel W. Christman, John G. Heimann, and Julia E. Sweig
Publication Date:
01-2004
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The democracies of the Andean region—Colombia, Venezuela, Ecuador, Peru, and Bolivia—are at risk. The problems that characterize other developing regions—including political instability, economic stagnancy, widening inequality, and social divisions along class, color, ethnic, ideological, and urban-rural fault lines—are all present in the Andes. Most important is the region's physical insecurity, due in some countries to ongoing or resurgent violent conflict, and in every country to the lack of state control over significant territory and to porous borders that enable the easy movement of drugs, arms, and conflict. Equally sobering, expectations for strong democracy and economic prosperity in the Andes remain unrealized. Recognizing its interests in the Andes, the United States over the past two decades has spent billions of dollars and significant manpower to stem the flow of illegal drugs from the region northward; to assist local security forces in the fight against drugs, terror, and insurgency; and to promote free markets, human rights, and democratic consolidation. Yet the region remains on the brink of collapse, an outcome that would pose a serious threat to the U.S. goal of achieving democracy, prosperity, and security in the hemisphere.
Topic:
Democratization, Development, and Regional Cooperation
Political Geography:
United States, Colombia, South America, Latin America, Venezuela, Peru, Ecuador, and Bolivia