CEPAL Review

English
Frequency
3 times a year
ISSN: 
1684-0348 (online)
http://dx.doi.org/10.18356/bf11809a-en
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Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.
Also available in Spanish
 

Latest Articles Hide / Show all Abstracts

Mark Number Date Article Volume and Issue Click to Access
  23 Oct 2017 The determinants of foreign direct investment in Brazil: Empirical analysis for 2001-2013: Eduarda Martins Correa da Silveira, Jorge Augusto Dias Samsonescu and Divanildo Triches
Eduarda Martins Correa da Silveira, Jorge Augusto Dias Samsonescu, Divanildo Triches

This article aims to analyse the determinants of foreign direct investment (FDI) into Brazil between 2001 and 2013. It uses a vector error correction (VEC) model to analyse both the long-term function and the impulse-response function. The results show that levels of economic activity, wages and productivity are positively related to FDI inflows, which means that investors pursue market-seeking and efficiency-seeking strategies when targeting the Brazilian market. Although less important, the stability of the national economy and the exchange rate also proved statistically significant in explaining FDI inflows.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/b8f0a611-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/the-determinants-of-foreign-direct-investment-in-brazil-empirical-analysis-for-2001-2013-eduarda-martins-correa-da-silveira-jorge-augusto-dias-samsonescu-and-divanildo-triches_b8f0a611-en
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  23 Oct 2017 The political economy of the fiscal deficit in nineteenth-century Chile: Roberto Pastén
Roberto Pastén

A structural shift in the trend toward higher deficits had emerged by the middle of the 1860s in Chile. For some authors, this was the result of increased spending owing to a fastgrowing economy. Another common explanation is the higher spending required to finance and then recover from the war against Spain, which began in 1864. This article provides an alternative explanation for the country’s fiscal disarray during that period, suggesting that it was motivated largely by increased political turmoil at the beginning of the second half of the nineteenth century in Chile that ended with the ousting of President Balmaceda in 1891. That period represents a dramatic departure from the calmer and economically buoyant early years of the Republic. Thus, it is suggested that the beginning of President José Joaquín Pérez’s rule in 1861 marks both a major political realignment after the birth of the Republic and a structural shift in the trend toward higher deficits. This hypothesis is consistent with the idea that political instability tends to lead to a decoupling of taxes from spending, two elements which would be otherwise aligned as predicted by the tax smoothing theory. This essay is a factual description in support of this hypothesis.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/0334fdaf-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/the-political-economy-of-the-fiscal-deficit-in-nineteenth-century-chile-roberto-pasten_0334fdaf-en
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  23 Oct 2017 Ecuador: Why exit dollarization?: Gonzalo J. Paredes
Gonzalo J. Paredes

Dollarization is a monetary regime that is detrimental to sustained growth and the ability to cope with successive external shocks. Setting out from this premise, the present paper sets forth five reasons why Ecuador would be well advised to end dollarization. Studies such as those of Naranjo and Naranjo (2011), Acosta (2004), Correa (2004a and 2004b), Naranjo (2004) and Jameson (2003) made valuable and distinctive contributions to this discussion, but the oil boom and the change in the mode of development over the past decade have tended to leave the debate increasingly void. This article makes reference to regulation theory and the Argentine crisis of 2001. It concludes that dollarization has been maintained because of a transformation in the mode of regulation that opened the way to a different accumulation regime, but that the country needs to restore its own currency if it is to consolidate the new mode of development.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/415a0722-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/ecuador-why-exit-dollarization-gonzalo-j-paredes_415a0722-en
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  23 Oct 2017 How did Costa Rica achieve social and market incorporation?: Juliana Martínez Franzoni and Diego Sánchez-Ancochea
Juliana Martínez Franzoni, Diego Sánchez-Ancochea

In 1980, just before the debt crisis and in contrast with the experience of the rest of Latin America, almost all Costa Ricans had formal jobs and high-quality social services. To explain this double social and market incorporation, the present article calls into question the role of land distribution, high-quality public institutions and democracy. Instead of these, it focuses on the State-building process whereby a small emerging elite of business owners and urban professionals, drawing on and adapting international ideas, used public policy to deal with social conflict and expand their own economic opportunities. Looking beyond Costa Rica, this analysis is particularly germane at a time of growing emphasis on the political economy of public policy and the still inadequate attention paid to the elites involved in designing it.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/08cdf4f3-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/how-did-costa-rica-achieve-social-and-market-incorporation-juliana-martinez-franzoni-and-diego-sanchez-ancochea_08cdf4f3-en
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  23 Oct 2017 Thoughts on the inequality of opportunities: New evidence: Wallace Patrick Santos de Farias Souza, Ana Cláudia Annegues and Victor Rodrigues de Oliveira
Wallace Patrick Santos de Farias Souza, Ana Claudia Annegues, Victor Rodrigues de Oliveira

This article evaluates the effects of a set of variables on the inequality of opportunities in Brazil, using the method developed by Li, Chen and Gao (2011) and combining data from the National Household Survey (PNAD) and Finanças do Brasil (FINBRA) on the Brazilian states for 1995-2012. The results show that economic growth has become less important in that debate than other conditioning factors over the last few years. The current pattern of education spending contributes to the maintenance of social vulnerability, thereby making it harder for individuals to participate fully in society. In contrast, increases in formal education and formalization have made opportunities less unequal.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/7b2d8869-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/thoughts-on-the-inequality-of-opportunities-new-evidence-wallace-patrick-santos-de-farias-souza-ana-claudia-annegues-and-victor-rodrigues-de-oliveira_7b2d8869-en
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  23 Oct 2017 Santiago Chile: City of cities? Social inequalities in local labour market zones: Luis Fuentes, Oscar Mac-Clure, Cristóbal Moya and Camilo Olivos
Luis Fuentes, Oscar Mac-Clure, Cristóbal Moya, Camilo Olivos

This article seeks to define and characterize the urban structure of Santiago, Chile, based on the relation between its inhabitants’ places of residency and work, which form local labour market zones. The article explains the criteria and methodological procedures used to define these zones, and it describes them on the basis of this functional definition, to determine the extent to which they underpin the social inequalities prevailing in the city. It also makes a spatial analysis of income inequality, access to education and the composition of the social classes.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/ac128476-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/santiago-chile-city-of-cities-social-inequalities-in-local-labour-market-zones-luis-fuentes-oscar-mac-clure-cristobal-moya-and-camilo-olivos_ac128476-en
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  23 Oct 2017 Innovation and productivity in services and manufacturing firms: The case of Peru: Mario D. Tello
Mario D. Tello

This article analyses the relationship between investment decisions, investment intensity, innovation outcomes and labour productivity for a sample of services and manufacturing firms from Peru in 2004, on the basis of an adjusted CDM model (Crepon, Duguet and Mairesse, 1998). The estimates of the model indicate that firm size was a key factor in the investment decision. Firm size and investment intensity were also key determinants in increasing, respectively, the probability of producing technological and non-technological innovation outputs and labour productivity across services and manufacturing sectors. By contrast, public financial support seemed to have a stronger effect in terms of investment inducement than in terms of investment intensity in services and low-tech manufacturing firms. These results suggest that horizontal science, technology and innovation (STI) policies that encourage firms to increase STI investment intensity may well produce some gains in firms’ labour productivity.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/a4c7eea5-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/innovation-and-productivity-in-services-and-manufacturing-firms-the-case-of-peru-mario-d-tello_a4c7eea5-en
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  23 Oct 2017 Determinants of non-farm employment and non-farm earnings in Ecuador: Cristian Vasco and Grace Natalie Tamayo
Cristian Vasco, Grace Natalie Tamayo

This article analyses the determinants of both participation in non-farm employment and nonfarm earnings in Ecuador. Using the Dubin-McFadden two-step estimation method, the results show that women are more likely than men to engage in non-farm self-employment but earn significantly less than men employed in the non-farm sector. Non-farm wage employment is a common choice among more educated individuals in landless households, while farm wage employment seems to be the only source of employment for uneducated landless people. Participation in non-farm work is more likely in areas located near medium-sized cities with dynamic economies. Finally, there are regional differences in employment patterns which appear to be associated with both the availability and the quality of land. This information is relevant in relation both to rural population growth and to the continuous process of land fragmentation in rural Ecuador.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/80b76a5e-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/determinants-of-non-farm-employment-and-non-farm-earnings-in-ecuador-cristian-vasco-and-grace-natalie-tamayo_80b76a5e-en
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  23 Oct 2017 Nicaragua: Trend of multidimensional poverty, 2001-2009: José Espinoza-Delgado and Julio López-Laborda
José Espinoza-Delgado, Julio López-Laborda

This paper estimates multidimensional poverty in Nicaragua between 2001 and 2009, using data from the three most recent standard of living surveys that are available (2001, 2005 and 2009), and mainly following the methodology proposed by Alkire and Foster (2007 and 2011). For that purpose, 10 dimensions and three weighting systems are used: equal-weightings and two other systems based on the data themselves, one based on the first principal component scores, and the other based on the relative frequencies of dimensional deprivations (both of these systems are new to Nicaragua). Overall, the results show that the incidence, intensity and severity of multidimensional poverty in Nicaragua declined in 2001-2009, and particularly so between 2001 and 2005.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/965f43f9-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/nicaragua-trend-of-multidimensional-poverty-2001-2009-jose-espinoza-delgado-and-julio-lopez-laborda_965f43f9-en
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  23 Oct 2017 Disasters, economic growth and fiscal response in the countries of Latin America and the Caribbean, 1972-2010: Omar D. Bello
Omar D. Bello

The aim of this study is to estimate the impact of geological and climate-related disasters on the per capita growth rates of gross domestic product (GDP) and fiscal expenditure in Latin American and Caribbean countries. The results show that the effects vary by type of disaster and by subregion. In the Caribbean countries, the per capita GDP growth rate has typically responded negatively to climate disasters, whereas the response to a geological disaster has generally not been statistically significant. In Central American countries, the response of the per capita GDP growth rate was found to be negative in the first year and positive in the third year in the case of climate disasters, but positive in the second and third years for disasters of geological origin.

Volume 2017 Issue 121
Click to Access: 
    http://oecd.metastore.ingenta.com/content/428d62af-en.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economic-and-social-development/disasters-economic-growth-and-fiscal-response-in-the-countries-of-latin-america-and-the-caribbean-1972-2010-omar-d-bello_428d62af-en
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