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Latin American Macroeconomic Reforms
Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together prominent economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concern...
Financial Markets Volatility and Performance in Emerging Markets
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. Financial Markets Volatility and Performance in Emerging Markets addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund. A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.
Pension Reform and Capital Market Development
Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.
Urbanization Without Growth
To find out why African countries' experience with urbanization and sustained growth appeared to differ from that of other countries, the authors investigated the determinants of urbanization across countries over 40 years. Rather than studying individuals' decisions to migrate, they relied on macroeconomic data and cross-country comparisons. A central hypothesis of their study: that individuals move (with varying degrees of ease) in response to economic incentives and opportunities. If location incentives are distorted, so is growth. The authors find that urbanization levels are closely correlated with levels of income. But urbanization continues even during periods of negative growth, carr...
Marginal Willingness to Pay for Education and the Determinants of Enrollment in Mexico
The paper contends that the best way to increase school enrollment in Mexico is to successfully target public spending on education to poor households. Currently, nonpoor households in urban areas get much of the subsidy benefit from the government provision of education services.
Natural Openness and Good Government
A "naturally more open economy"--As determined by its size and geography - devotes more resources to building good institutions and displays less corruption.
How Mexico's Financial Crisis Affected Income Distribution
After Mexico's financial crisis in 1994, the distribution of income and labor earnings improved. But financial income and rising labor earnings in higher-income brackets are growing sources of inequality in Mexico.
The Distribution of Mexico's Public Spending on Education
Public spending on tertiary education in Mexico is strongly regressive, benefiting mainly the nonpoor in urban areas. To give the poor a chance at higher education, student loan programs or means-tested financial aid and scholarship programs (though rarely devoid of subsidy) are preferable to free education services, because loan and aid programs target the students who suffer from the financial market's failure to provide long-term loans for higher education.
Utility Privatization and the Needs of the Poor in Latin America
Do Latin America's poor households lose from the privatization of infrastructure? How can policymakers minimize the risk of losses while promoting competition and private financing of infrastructure?
Ruling Capital
In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, an...
