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Monetary Policy and Macroeconomic Stabilization in Latin America
Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and financial crises, which, in certain moments, have even spilled over and affected other emerging markets. This has resulted in huge costs in terms of lost potential growth, and, as is inevitable, the markets most affected by this have been the least capable of defending themselves. In a region plagued by still considerable rates of social exclusion, with some of the highest rates of income concentration in the whole globe, the human costs of...
Development Centre Studies Reducing Capital Cost in Southern Africa
Southern Africa suffers from disproportionately expensive capital which denies the region its full growth potential. This book presents ideas and proposals for reducing the cost of capital in the region.
The Decline of Latin American Economies
Latin America’s economic performance is mediocre at best, despite abundant natural resources and flourishing neighbors to the north. The perplexing question of how some of the wealthiest nations in the world in the nineteenth century are now the most crisis-prone has long puzzled economists and historians. The Decline of Latin American Economies examines the reality behind the struggling economies of Argentina, Chile, and Mexico. A distinguished panel of experts argues here that slow growth, rampant protectionism, and rising inflation plagued Latin America for years, where corrupt institutions and political unrest undermined the financial outlook of already besieged economies. Tracing Latin America’s growth and decline through two centuries, this volume illustrates how a once-prosperous continent now lags behind. Of interest to scholars and policymakers alike, it offers new insight into the relationship between political systems and economic development.
Convergence and Divergence of Sovereign Bond Spreads
The aim of this paper is to identify the macroeconomic determinants of sovereign bond spreads in Argentina, Brazil and Mexico and discuss the economic policies underlying the divergent fortunes experienced by these countries over 1993-2001. Based on a consistent theoretical framework (unlike a bulk of the former literature), we derive and empirically test those determinants, namely: a) real GDP growth; b) gross capital inflows in GDP terms, and c) the debt service burden, also measured as percentage of GDP. Our econometric analysis suggests that a permanent change in the former variables have a more significant and robust impact than transitory shocks do on spreads. It also stresses that financial contagion or risk-aversion variables have some meaningful role in explaining default premia across different emerging market crises.
The Impact of the Global Financial Crisis on Emerging Financial Markets
The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.
The Development Dimension Fostering Development in a Global Economy A Whole of Government Perspective
What does policy coherence for development mean? Increasing global integration through trade, capital and labour mobility brings increasing mutual responsibilities and mutual policy repercussions. These realities call for greater coherence between ...
Development Centre Seminars Globalisation, Poverty and Inequality
This book is based on an exceptional event in December 2000 which brought together civil society from poor countries and OECD experts. It emerges that globalisation can have a positive impact in poor countries, but only if policies encouraging more equitable distribution of resources are adopted.
