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  • Author: Imtiaz Hussain
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: With so much attention riveted upon economic integration today, another form of integration, having to do with the laws, constitutional provisions, and judicial arrangements countries abide by, has received considerably less attention. To partly redress that imbalance, a case study of legal integration in North America is undertaken. Building upon the specific dispute settlement arrangements of chapters 19 and 20 of the North American Free Trade Agreement, two comparative studies are pursued—the first between the legal practices, constitutional requirements, and judicial contexts in Canada, Mexico, and the United States; the other between NAFTA, GATT, and the World Trade Organization provisions. Two broad findings undergird legal integration in North America: The recognition of the need a) for at least three forms of reciprocal relationships: between economic and legal forms of integration; regional procedures and their domestic counterparts; and regional procedures and their multilateral counterparts; and b) to keep the state an active participant in supranational efforts by leaving a veto power over such developments or the exit option with the state, and thereby accomodating domestic interests and cross-national divergences as widely as possible.
  • Topic: Economics, International Trade and Finance, Politics
  • Political Geography: North America
  • Author: Catherine Boone, Henry Clement
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This study underscores the strategic role —both political and economic— of banking sector reform in the overall pursuit of economic development and democratization. It compares trajectories of banking sector reform in Middle Eastern and African countries that have remained on the margins of the new global economy. A close look shows that there governments' willingness to embrace reform has differed across contexts, as has the extent and pace of reform. Meanwhile, the effects of reform have also been very uneven. We model this variation in reform trajectories and its outcomes, propose a theoretical explanation for it, and use a set of case studies to illustrate the contrasts and causal dynamics that we have identified. Our main claim is that structural features of national political economies go far in defining actual trajectories of banking sector reform and liberalization. Structural features of national political economies that we define as key are the strength of indigenous private sector, and how it is linked to the state and foreign capital. We propose a typology of banking structure and reform trajectories and use case studies from the Middle East and Africa to illustrate variation in the politics of banking sector reform.
  • Topic: Development, Political Economy
  • Political Geography: Africa, United States, Middle East, Canada, North America, Mexico
  • Author: Antonio Ortiz Mena
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This working paper assesses the impact of the Uruguay Round Agreements of multilateral trade negotiation (MTN) on Mexico and determines the priorities of business and government for an upcoming round of MTN. It draws on secondary sources as well as interviews with business organizations representing Mexico' most important export industries and import-competing sectors. It proceeds as follows: the first section gives an overview of trade polity reforms since 1982; section two covers Mexico's regional trade agreements with special emphasis on the North American Free Trade Agreement; the third section provides and outline of Mexico's current trade policies; the fourth section consists of an assessment of the costs and benefits of Mexico's current World Trade Organization commitments' the fifth sections sets out the views of government and business on a new round of MTN; and the sixth section concludes.
  • Topic: Security, Economics, International Trade and Finance
  • Political Geography: North America, Mexico
  • Author: Antonio Ortiz Mena, Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Globalization, understood as "an open market place free of institutional or locational constraints" (Weiss) seems to have taken hold of the Americas - for better or worse. There are currently numerous preferential trade agreements (PTAs) and bilateral investment treaties (BITs) in the region. Yet, how close is this image to reality? Do American countries have the institutional framework required to allow a relatively free flow of goods, services and capital within the region? This paper looks into the institutional structures required for financial and monetary integration, through an analysis of BITs, investment and trade in financial services provisions in PTAs, capital account regimes, exchange rate structures, and the possibilities for debt and equity financing within the Americas. It is an empirically-oriented paper that attempts to assess the degree of compatibility between the current institutional structure governing financial and monetary relations in the Americas, and the possibility of attaining relatively free flow of capital and integrated financial markets in the region.
  • Topic: Economics, Globalization, Politics
  • Political Geography: America, North America
  • Author: Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Mexico's financial market opening demonstrates how this domestic logic interacts with international condition. The following case study of Mexican financial opening makes the following contentions. First, financial market opening in Mexico did not begin in the 1980s, as commonly believed. Rather the process has its roots in a conflict among sub-sectors of the financial services industry, between powerful oligarchic bankers (banqueros) and financial entrepreneurs based on the bolsa (bolseros). The conflict, dating from the 1960s, was a purely domestic affair and was not the result of increased international capital mobility and financial marked opening in OECD countries. Nevertheless, this conflict led to a structural change in the financial service industry congruent with changes in the international financial system from bank-based financing to increasing securities market-based financing.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: North America, Mexico
  • Author: Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This study seeks to test the hypotheses that different styles of financial market opening can be explained, in part, by general economic conditions and the need to attract external capital. It seeks, as well, to test the some for the more general arguments advanced in the financial market opening literature that financial market opening is a result of a country's increased participation in the international financial system and increased international trade integration. Two specifically political arguments also are tested. The first is that emerging markets opened their markets in response to pressure from the IMF. The second is that there is an association between political freedom and open markets. I test these hypotheses using regression analyses of panel data from a sample of emerging market countries.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: Europe, North America
  • Author: Miguel Ángel Valverde
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: In June 1990, Presidents George Bush and Mexican President Carlos Salinas de Gortari announced their intention to begin negotiating a free trade agreement. Canada joined the negotiations the following August. The proposed North American Free Trade Agreement (NAFTA) provoked an intense lobbying campaign in the U.S. Congress, in what became a major political battle for its congressional approval.
  • Topic: Economics, Government, International Trade and Finance
  • Political Geography: Africa, Canada, Central America, Mexico
  • Author: Mark Aspinwall, Imtiaz Hussain
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: How autonomous is a state in today's highly interdependent international economy to pursue policies that diverge widely from the international norm? Does the degree of autonomy vary for different domestic sectors? We adapt and apply Benjamin Cohen's unholy trinity model (1993), to a comparative assessment of how France responded to globalization over agriculture and shipping, focusing on three dimensions—investment, transaction costs, and government policy responses. Although France is reputed to possess a strong state machinery (Katzenstein, 1987; Wilson, 1987; Skocpol, 1985), our analysis raises qualifications. On the one hand, regardless of government policy intentions, we find irreversible forms of disinvestment in both sectors, though different in nature—geographic for shipping, and functional for agriculture; on the other, we also find continued dependence upon the state—for aid in shipping and resisting free trade in agriculture. We further find that, although internal and endogenous, as well as external and exogenous, factors influence policy-making, the nature of these factors are different for the two sectors. We conclude by drawing implications of our findings for state-society relations and European integration.
  • Topic: Agriculture, Economics, International Trade and Finance
  • Political Geography: Africa, Europe, France
  • Author: Blanca Heredia Rubio
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: The buoyant optimism spurred by the rush to democracy throughout Latin America along with the high, even if less widespread, hopes about market reform of the last decade have given way to a different mood. The excitement associated with large scale social change has subsided and a certain disillusionment, a hangover of sorts, has begun to set in.
  • Topic: Civil Society, Democratization, Economics
  • Political Geography: Latin America, Central America, Mexico
  • Author: Miguel Ángel Valverde
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: The objective of this paper is to analyze the institutional setting of the NAFTA debate in the United States, focusing on the interaction between the Presidency and Congress, in the formulation of foreign commercial policy. A series of arrangements have tamed confrontation between the Executive and Legislative powers, reconciling their institutional biases. THese arrangements channel and contain domestic demands for protectionism, favoring international trade liberalization negotiations.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: Africa, United States, Asia, North America