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  • Author: Jose De Gregorio
  • Publication Date: 04-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Latin America's recent economic performance has been disappointing. After a very strong recovery from the Great Recession, growth has slowed considerably, and prospects for 2015 are dim. Among the seven largest economies in the region, output is expected to contract in Argentina, Brazil, and Venezuela, and Chile, Colombia, Mexico, and Peru are projected to grow by only about 3 percent. The decline was not caused by external factors but was mostly cyclical in nature and a result of low productivity. Although monetary and fiscal policies may still have a role in supporting demand in some instances, the main problem in the region is not a lack of demand but low productivity growth. Efforts must be made to foster productivity. Institutional weakness must be addressed and inequality reduced if sustainable high growth is to resume.
  • Topic: Economics, International Trade and Finance, Monetary Policy, Financial Crisis
  • Political Geography: Latin America
  • Author: Monica de Bolle
  • Publication Date: 09-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Public lending by the Brazilian Development Bank (BNDES) may have done more harm than good in Brazil, adversely affecting real interest rates and productivity growth. Specifically, BNDES's large amounts of subsidized lending are responsible for substantial credit market segmentation, choking off monetary policy transmission. As a result, to maintain price stability the Central Bank of Brazil is forced to raise interest rates more than it might do otherwise in the absence of BNDES lending. Restoring Brazil's capacity to grow in the medium term requires a thorough rethinking of the role of BNDES. In particular, the bank's lending rates should be aligned with market prices, term and risk premia, while taking into account that, with an adequate transparency framework, public development banks can increase private sector participation instead of crowding it out.
  • Topic: Development, Economics, International Trade and Finance, Markets
  • Political Geography: Brazil, Latin America
  • Publication Date: 04-2014
  • Content Type: Policy Brief
  • Institution: Oxfam Publishing
  • Abstract: Greater investment in agriculture is needed to reduce rural poverty and improve food security. This means not simply increasing supply but ensuring that adequate, nutritious food is accessible to every person at all times. How investment is made, its context and conditions, is at least as important as how much is invested.
  • Topic: Agriculture, Economics, Markets, Food
  • Political Geography: South America, Latin America
  • Author: Miguel Pérez Ludeña
  • Publication Date: 05-2014
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Multinational enterprises (MNEs) multiplied their profits made in developing countries by four between 2002 and 2011 (at current prices). In Latin America and the Caribbean, they rose from US$20 billion in 2002 to US$113 billion in 2011. The growth rate has been even higher in Africa and China, but much lower in developed countries. This rise is explained by an increase in FDI stock in developing economies and the higher average profitability of MNEs.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Africa, China, Latin America
  • Author: Itriago Déborah
  • Publication Date: 09-2014
  • Content Type: Policy Brief
  • Institution: Oxfam Publishing
  • Abstract: Despite economic growth and the reduction of both poverty and inequality that Latin America and the Caribbean (LAC) has experienced during the last decade, it still remains the most unequal region in the world.
  • Topic: Economics, Political Economy, Sociology
  • Political Geography: Latin America, Caribbean
  • Author: Adriana Erthal Abdenur, Danilo Marcondes de Souza Neto
  • Publication Date: 05-2013
  • Content Type: Policy Brief
  • Institution: Norwegian Peacebuilding Resource Centre
  • Abstract: For most of the twentieth century, the strategic importance of the North Atlantic outstripped that of the southern part of the ocean. However, the past decade has brought significant shifts in Atlantic dynamics, with regional and external actors developing new interests in the region. Brazil, in particular, has been working to reinforce its control and influence in the South Atlantic. To this end, over the last five years the Brazilian government has launched or intensified efforts meant to securitise the South Atlantic. This strategy combines unilateral initiatives – naval build-up, domestic military publicity efforts, and international legal moves – with a vastly expanded international defence cooperation programme that covers nearly the entire South Atlantic perimeter. This policy brief analyses key components of Brazil's strategy, situating them within the South Atlantic's changing ecology of actors and suggesting some of the potential tensions that may arise from Brazil's growing protagonism in the South Atlantic.
  • Topic: Development, Economics, Emerging Markets, Regional Cooperation, Governance
  • Political Geography: Latin America
  • Publication Date: 07-2013
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: The lingering effects of the eurozone crisis have weakened the European project as a whole. As a result, stronger and more effective cooperation between enthusiastic EU countries such as Poland and Spain is very much needed. Besides cooperation within the EU in such fields as completing the single market and promoting a more holistic approach to the European Neighbourhood Policy, both countries should focus on improving their economic ties in bilateral relations and beyond. Through "smart" trade triangulation, Poland could open new markets in Eastern Europe for Spain, and Spain could reciprocate by doing the same for Poland in Latin America. This could help Poland make the economy more competitive and give Spain a lever for economic recovery.
  • Topic: Economics, Bilateral Relations, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Latin America
  • Author: Edwin M. Truman
  • Publication Date: 12-2013
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: At the annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) held in Oslo, Norway on October 2-3, 2013, the forum reviewed and subsequently released its second report on members' experiences in the application of the Santiago Principles for sovereign wealth funds (SWFs). The Santiago Principles were adopted by a group of countries with such funds in September 2008 in response to concerns about threats to political, economic, and financial security in countries receiving SWF investments. The objective was to promote the transparency and accountability of SWFs for the countries of origin as well as the countries in which the funds were investing.
  • Topic: Economics, International Trade and Finance, Sovereign Wealth Funds
  • Political Geography: Norway, Latin America, Santiago
  • Author: Miguel Pérez Ludeña
  • Publication Date: 03-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Chinese foreign direct investment (FDI) in Latin America is a recent phenomenon. Although the China National Petroleum Corporation and other companies have been present in Peru, Ecuador and Venezuela since the early 1990s, large projects have been pursued only since 2006, following an extended period of high commodity prices. The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that there were US$ 15 billion of Chinese FDI inflows into Latin America in 2010, 90% of which were in extractive industries. This further contributed to the already high percentage of Chinese FDI flows to the region that are in natural resources. At a time of high economic growth fueled by commodity exports and strong currency appreciation (particularly in Brazil), FDI into extractive industries strengthens the region's specialization in primary products at the expense of manufacturing and other activities.
  • Topic: Economics, International Trade and Finance, Markets, Natural Resources, Foreign Direct Investment
  • Political Geography: China, Brazil, Latin America, Peru
  • Author: Alex Evans, David Steven
  • Publication Date: 01-2012
  • Content Type: Policy Brief
  • Institution: Center on International Cooperation
  • Abstract: Recent months have seen increasing interest in the idea that Rio+20 could be the launch pad for a new set of 'Sustainable Development Goals' (SDGs). But what would SDGs cover, what would a process to define and then implement them look like, and what would some of the key political challenges be? This short briefing sets out a short summary of current thinking the issue, followed by thoughts about the way forward.
  • Topic: Development, Economics, Foreign Aid, Foreign Direct Investment
  • Political Geography: Latin America
  • Author: Mauricio Cá¡rdenas, Joshua Meltzer
  • Publication Date: 07-2011
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: A trio of trade agreements now pending before Congress would benefit the United States both economically and strategically. Carefully developed accords with South Korea, Colombia and Panama will boost U.S. exports significantly, especially in the key automotive, agricultural and commercial services sectors. Among the other benefits are: increased U.S. competitiveness enhancement of U.S. diplomatic and economic postures in East Asia and Latin America new investment opportunities better enforcement of labor regulation and improved transparency in these trading partners' regulatory systems.
  • Topic: Diplomacy, Economics, International Trade and Finance, Treaties and Agreements, Labor Issues
  • Political Geography: Kenya, United States, Israel, Colombia, Latin America
  • Author: Alexandre de Gramont
  • Publication Date: 09-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: In his recent article, “Thinking twice about a gold rush: Pacific Rim v. El Salvador” (Columbia FDI Perspectives, No. 23, May 24, 2010), Professor Gus Van Harten uses the PacRim v. El Salvador arbitration, pending at the International Centre for Settlement of Investment Disputes (ICSID), as the basis for asserting a number of criticisms against the overall system of arbitration under investment treaties.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: Latin America
  • Author: Gus Van Harten
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Whether it concerns oil drilling or gold mining, sometimes a government, facing new circumstances, must change its mind.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Latin America
  • Author: Uri Dadush, Vera Eidelman
  • Publication Date: 11-2010
  • Content Type: Policy Brief
  • Institution: Carnegie Endowment for International Peace
  • Abstract: The Great Recession included five major surprises: (1) the severity of the global trade and output collapse, (2) the United States suffered a milder than expected recession, (3) Europe saw the onset of a severe sovereign debt crisis, (4) China grew at an extraordinary rate even though it's greatly dependent on exports, and (5) Latin America showed remarkable resilience.
  • Topic: Economics, Globalization, Global Recession, Financial Crisis
  • Political Geography: United States, China, Europe, Latin America
  • Author: Khalid Koser
  • Publication Date: 09-2010
  • Content Type: Policy Brief
  • Institution: The Geneva Centre for Security Policy
  • Abstract: Economic and financial crises have always impacted on international migration patterns, processes, and policies. The Great Depression (1929- 33) resulted in massive repatriations of Latin Americans from the United States and the introduction of highly restrictive immigration policies in a number of industrialized countries, including France and Canada. The Oil Crisis (1973) resulted in severe restrictions on labour migration, a concomitant growth in asylum applications and irregular migration in Europe, and the emergence of new flows of labour migration to emerging industrial centres in Asia and Latin America. As a result of the Asian financial crisis (1997-99) several South-East Asian countries introduced policies of national preference and sought to expel migrant workers. The Russian financial crisis (1998) accelerated rates of emigration from Russia, in particular of Russian Jews and the highly-skilled. The gravity of the Latin American financial crisis (1998- 2002) also resulted in a significant exodus, in particular from Argentina.
  • Topic: Economics, Migration, Global Recession, Financial Crisis
  • Political Geography: Russia, Asia, Latin America
  • Author: Luís Afonso Lima, Octavio de Barros
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The internationalization of Brazilian companies is a relatively recent phenomenon. From 2000 to 2003, outward foreign direct investment (OFDI) averaged USD 0.7 billion a year. Over the four-year period 2004−2008, this average jumped to nearly USD 14 billion. In 2008, when global FDI inflows were estimated to have fallen by 15%, OFDI from Brazil almost tripled, increasing from just over USD 7 billion in 2007 to nearly USD 21 billion in 2008 (annex figure 1 below). Central Bank data put the current stock of Brazilian OFDI at USD 104 billion, an increase of 89% over 2003. Caution is in order about these figures, however, as in Brazilian outflows it is difficult to separate authentic FDI from purely financial investment under the guise of FDI. According to the most recent data, 887 Brazilian companies have invested abroad.
  • Topic: Economics, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Brazil, Latin America
  • Author: Michael Mortimore, Carlos Razo
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Despite the global crisis, outward FDI by Latin American firms grew by more than 40% in 2008. The picture for 2009 is less clear, due to the expected regional GDP contraction, falling commodity prices, and tightening credit markets. Nonetheless, the authors argue that many countervailing factors make Latin American investment more resilient in the crisis than other regions may be.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Latin America
  • Author: Liliana Rojas-Suarez
  • Publication Date: 09-2009
  • Content Type: Policy Brief
  • Institution: Center for Global Development
  • Abstract: Before the global economic crisis began in 2008, all countries in Latin America, long known as the world's most economically and financially volatile region, had experienced five consecutive years of economic growth, a feat that had not been achieved since the 1970s. Yet despite this growth, Latin America's incomeper-capita gap relative to high-income countries and other emerging-market economies widened, and poverty remained stubbornly high. Latin America, in short, suffered from growing pains even when things were going reasonably well.
  • Topic: Economics, Emerging Markets
  • Political Geography: Brazil, Colombia, Latin America, Mexico, Costa Rica, Peru