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The Schumpeterian process of 'creative destruction' is an essential ingredient of a dynamic economy. In many countries around the world, however, this process is weakened by pervasive regulation of product and factor markets. This book documents the regulatory obstacles faced by firms, particularly in developing countries, and assesses their implications for firm renewal and macroeconomic performance. Combining a variety of methodological approaches--analytical and empirical, micro and macroeconomic, single- and cross-country-- the book provides evidence that streamlining the regulatory framework would have a significant social pay-off, particularly in developing countries that are also burd...
This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers to share high-quality research directly applied to policy issues within and among those countries. Contents include: The Economics of Latin American Art: Creativity Patterns and Rates of Return Sebastian Edwards (UCLA) Privatization in Latin America: What Does the Evidence Say? Alberto Chong (IADB) and Florencio Lopez-de-Silanes (Yale University) Multinationals and Linkages: An Empirical Investigation Laura Alfaro (Harvard Business School) and Andres Rodriguez-Clare (IADB) On the Consequences of Sudden Stops Pablo E. Guidotti (Universidad Torcuato di Tella, Argentina), Federico Sturzenegger (Universidad Torcuato di Tella, Argentina), and Agustin Villar (Bank for International Settlements) Effects of Foreign Exchange Intervention under Public Information: The Chilean Case Matias Tapia (Canco Central de Chile) and Andrea Tokman (Banco Central de Chile)
Developing countries face massive infrastructure needs, but public spending on infrastructure is inadequate, and public investment has been declining in recent years. Rising debt levels and tightening fiscal and monetary conditions are putting further pressure on the funds available for infrastructure, heightening the importance of increasing the efficiency of infrastructure spending. Off the Books: Understanding and Mitigating the Fiscal Risks of Infrastructure shows that however governments deliver infrastructure—through direct public provision, state-owned enterprises (SOEs), or public-private partnerships (PPPs), the risk of fiscal surprises is high in both good times and bad. As a res...
How oil volatility is affecting the global political scene, and where the oil market is heading The world is rapidly moving towards an oil environment defined by volatility. The Vega Factor: Oil Volatility and the Next Global Crisis takes an in-depth look at the most important topics in the industry, including strategic risk, why traditional pricing mechanisms will no longer govern the market, and how the current government approaches have only worsened an already bad situation. Details the industry's players, including companies, traders, and governments Describes the priorities that will need to be revised, and the policies needed to achieve stability Explains how today's oil market is fundamentally different from the pre-crisis market Oil prices affect everyone. The Vega Factor explains the new international oil environment of increasing consolidation and decreasing competition, and reveals how consumers and investors can navigate price volatility and new government policies.
"This book is important and timely, bringing together some of the world's leading economists. The theory chapters provide new insights and apply new developments in contract theory to the problems of natural resources and credible host country policies. The case studies provide up-to-date illustrations of the difficulties and development of host country policy in Latin America and the UK." Roderick Duncan, Charles Sturt University, Australia "This book is likely to become a standard reference in the area of natural resources and credible host country policies-coming, as it does, with a solid grounding in modern economic theory." Tim Worrall, University of Manchester Volatility in commodity p...
This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers to share high-quality research directly applied to policy issues within and among those countries.Contents Include: The Impact of the Basel Accord on Bank Credit Growth: A Cross-Country Study Ralph Chami and Adolfo Barajas (IMF) and Thomas Cosimano (University of Notre DameDistributional Effects of Crises: The Financial Channel Marina Halac and Sergio L. Schmukler (World Bank)Growth and Adjustment in East Asia and Latin America José De Gregorio (Banco Central de Chile) and Jong-Wha Lee (Korea University) Labor Market Adjustment in Chile Kevin Cowan, Alejandro Micco, and Carmen Pages (IADB)A Menu of Minimum Wage Variables for Evaluating Wage and Employment Effects: Evidence from Brazil Sara Lemos (University of Leicester)
The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems to play a major role. In a copper price boom, the higher copper price and associated capital inflows create upward pressure on the real exchange rate. The appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could partly explain why real wages grow more rapidly in this part of the cycle.
This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers to share high-quality research directly applied to policy issues within and among those countries.
Contents: Editors' Summary A Comparison of Product Price Targeting and Other Monetary Anchor Options for Commodity Exporters in Latin America Jeffrey A. Frankel Inflation Targeting in Latin America: Toward a Monetary Union? Marc Hofstetter Is Violence against Union Members in Colombia Systematic and Targeted? Daniel Mejía and María José Uribe The Dynamics of Income Inequality in Mexico since NAFTA Geraldo Esquivel