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How Latin America Weathered The Global Financial Crisis
Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of the Central Bank of Chile from 2007 to 2011, tells the story of how Latin America has responded to the crisis with a perspective that only an insider can have. De Gregorio focuses on the seven largest economies of the region, Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela (90 percent of the region's output). He argues that Latin America was resilient because of good macroeconomic policies, strong financial systems, and "a bit of luck."
Economic Growth in Latin America
This paper studies growth determinants in 12 Latin American countries during the period 1950-85. In a simple growth accounting framework, the share of labor in income is found to be lower in the sample group than in developed countries, while factor productivity growth accounts for a larger proportion of growth in the fastest growing countries in the sample. Using panel data, macroeconomic stability is found to play, in addition to investment (physical and human), a crucial role in growth. To a lesser extent, growth is negatively correlated with government consumption and political instability. The terms of trade appear to have no significant effect on growth.
An Independent and Accountable IMF
The continuous blurring of roles between the IMF and the World Bank is fraught with dangers; both institutions must redefine their functions. This report presents a detailed proposal for a new IMF, insisting on accountability and governance.
IMF Reform: The Unfinished Agenda
In this sequel to the first Geneva Report on the World Economy, published twenty years ago, the same group of authors review changes in the global economy and the IMF over this two-decade interval. While they find that that the IMF has responded actively to the ongoing globalisation trend, they flag concerns about formidable new challenges. For example, there is a danger that the IMF's resources could be significantly reduced at the very time that effective crisis management requires additional funding. The growth of emerging market economies increasingly calls into question the current distribution of voting power within the institution. Regional monetary arrangements and bilateral currency...
Facing Up to Low Productivity Growth
Labor productivity growth in the United States and other advanced countries has slowed dramatically since the mid-2000s, a major factor in their economic stagnation and political turmoil. Economists have been debating the causes of the slowdown and possible remedies for some years. Unaddressed in this discussion is what happens if the slowdown is not reversed. In this volume, a dozen renowned scholars analyze the impact of sustained lower productivity growth on public finances, social protection, trade, capital flows, wages, inequality, and, ultimately, politics in the advanced industrial world. They conclude that slow productivity growth could lead to unpredictable and possibly dangerous new problems, aggravating inequality and increasing concentration of market power. Facing Up to Low Productivity Growth also proposes ways that countries can cope with these consequences.
How Does Foreign Direct Investment Affect Economic Growth
We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the higher productivity of FDI holds only when the host country has a minimum threshold stock of human capital. In addition, FDI has the effect of increasing total investment in the economy more than one for one, which suggests the predominance of complementarity effects with domestic firms.
Left Behind
The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources—and a history of productivity and wealth—in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere. In Left Behind, Sebastian Edwards explains why the nations of Latin America have failed to share in the fruits of globalization and forcefully highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through exces...
Rebuilding the Global Economy
A special series outlining policy priorities and solutions in 2021 by the Peterson Institute for International Economics.
Californio Voices
In the early 1870s, Hubert H. Bancroft and his assistants set out to record the memoirs of early Californios, one of them being eighty-three-year-old Don Jose Maria Amador, a former Forty-Niner during the California Gold Rush and soldado de cuera at the Presidio of San Francisco. Amador tells of reconnoitering expeditions into the interior of California, where he encountered local indigenous populations. He speaks of political events of Mexican California and the widespread confiscation of the Californios' goods, livestock, and properties when the United States took control. A friend from Mission Santa Cruz, Lorenzo Asisara, also describes the harsh life and mistreatment the Indians faced from the priests. Both the Amador and Asisara narratives were used as sources in Bancroft's writing but never published themselves. Gregorio Mora-Torres has now rescued them from obscurity and presents their voices in English translation (with annotations) and in the original Spanish on facing pages. This bilingual edition will be of great interest to historians of the West, California, and Mexican American studies.
Priest-Indian Conflict in Upper Peru
This detailed volume offers an unprecedented exploration of incendiary conditions that stoked The Great Rebellion of 1780-1782 in Upper Peru (Bolivia). That revolt claimed tens of thousands of lives and traumatized imperial psyches for decades to come. It was, in effect, one of the most de vastating political and human disasters in Latin American colonial history. Using extensive archival research, Nicholas Robins delves into the fractious relations between Indian communities and their clergy and the role that such tensions played as a major causal factor of the rebellion. Among the grievous economic and social issues were the use of forced Indian labor, land encroachment, colonial relations...
