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- Volume 2008, Issue 96, 2008
CEPAL Review - Volume 2008, Issue 96, 2008
Volume 2008, Issue 96, 2008
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 reforms and transfer of technology. Written in English and Spanish (Revista De La Cepal), each tri-annual issue brings you approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.
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Towards a theory of change
Author: Raúl PrebischWith the present article the author rounds off the series he began with “A critique of peripheral capitalism” (published in Review No. 1), and continued with “Socio-economic structure and crisis of peripheral capitalism” (No. 6) and “The neoclassical theories of economic liberalism” (No. 7). While in all the preceding articles his main concern was to offer a critical interpretation of the functioning of peripheral capitalism and to show the inability of neoclassical theory to comprehend it in depth, in this one he seeks to trace the lines along which that system should be changed.
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Styles of development in Latin America
Author: Aníbal PintoThe discussion of styles of development has been complicated by the improper use of this and other associated terms. In order to avoid misunderstandings, this article starts by examining the concepts of system and structure and on this basis, goes on to define a style of development as “the way in which human and material resources are organized and assigned within a particular system with the object of solving such questions as what goods and services to produce; how; and for whom”. More specifically, it notes two sets of features of such styles: (a) those which make up the structural basis of the production apparatus, especially the sectoral structure of the product and employment, the various technological strata, and the predominant type of external relationship, and (b) the dynamic elements of the system, which are revealed by analyzing the level and composition of demand and its underlying basic factors, namely the level and distribution of income. These two sets of features are closely linked by a circle of mutual cause and effect.
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A historic turning point. Political change and the socio-institutional situation in Latin America
Author: Fernando Calderon G.Latin America is going through a time of political crisis, reconfiguration and change in which the relationship between institutions and equity will be crucial to future democratic governance. In particular, this crisis and this reconfiguration are first and foremost sociocultural in nature. Politics and political actors would be in no position to resolve politico-institutional problems if they were not capable of confronting society’s problems, particularly those of equity and poverty. This article synthesizes and reviews a number of socio-historical trends, formulates some observations aimed at illustrating and disaggregating its main findings, considers the medium-term outlook and suggests a road map for improving democratic governance in Latin America.
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Spatial distribution, internal migration and development in Latin America and the Caribbean
Author: Jorge Rodríguez VignoliAn examination of the links between migration and development using census micro data for 15 Latin American countries reveals that: (i) internal migration is diminishing, which was not foreseen in the specialist literature, (ii) internal migration, while apparently helpful for individuals and beneficial for successful regions, erodes the human resources of poorer regions, and (iii) as a result of increasing urbanization, urban-urban migration is replacing rural to urban migration as the predominant flow and other types of migration are on the increase, an example being intrametropolitan migration which, unlike the traditional kind, is driven by residential and not occupational factors. Where policy is concerned, the governing principle is freedom of movement within a country’s borders, without restrictions or resettlements. Governments have to resort to incentives and indirect measures if they wish to influence migration decisions; however, local measures and regulations do influence intrametropolitan migration choices.
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International finance and development: Opportunity or threat?
Author: Jorge García-AriasThe volume of assets traded on international financial markets has reached gigantic proportions. The question must arise, then, as to whether international finance might play a decisive role in the provision of stable resources in the quantities needed to fund development. This article analyses the function that international finance might perform and that it actually has performed, focusing specifically on the analysis of private capital flows, official development assistance and external borrowing. It concludes that there need to be far-reaching structural reforms in the workings of the international financial system and in development financing instruments and mechanisms if these are to be placed at the service of long-term development goals.
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Venture capital and innovation in Latin America
Author: Luis Felipe JiménezOne of the drivers of economic growth is innovation, which raises productivity by creating new production methods, technologies, products and firms. This article examines an instrument that supports this process, venture capital, and highlights the need for a financing system covering each phase of innovation. It starts by illustrating Latin America’s innovation deficit. It then proceeds to a general analysis of the difficulties affecting the financing of innovation and the provision of venture capital to overcome these. It goes on to examine the form taken by these obstacles in the region and, considering the experience of Brazil and Chile, the methods used to deal with them. In relation to a number of the subjects addressed, the article discusses issues connected with major problems of financial system development.
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The competitive real exchange-rate regime, inflation and monetary policy
Author: Roberto FrenkelThis article argues that in a stable and competitive real exchange-rate (SCRER) macroeconomic regime, the exchange-rate component can drive up Inflation through the very mechanisms that stimulate high rates of gross domestic product and employment growth: to offset this pressure, fiscal and monetary policies will have to be used to control aggregate demand. It finds that in an exchange-rate regime of this type, monetary policy has a degree of autonomy that can be exploited to apply active monetary policies. It analyses the degree to which monetary policy can be used to control aggregate demand and concludes that it cannot bear the main responsibility for this, which means that fiscal policy ought to be the main instrument for controlling aggregate demand.
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Distributive effects during the expansionary phase in Argentina (2002-2007)
Author: Fernando GroismanThis article analyses developments in the labour market and income distribution in Argentina between 2002 and 2007, using data from the Permanent Household Survey and econometric estimates. Following the 2001 crisis the employment situation improved in the aggregate and there was initially a marked decline in income concentration. This reduction later tailed off, however, apparently because of differences in the opportunities for different types of households to reap the benefits of growth. Members of resource-poor households had less chance of finding work and faced disadvantages in terms of pay and labour market participation. The isolation and social homogeneity of the neighbourhoods in which these households were located appear to have influenced the distributive outcome.
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The agricultural machinery industry in Argentina: From restructuring to internationalization?
Author: Graciela M. C. GarcíaThis paper sets out to show that, having undergone restructuring at a microeconomic and sectoral level, the agricultural machinery industry in Argentina depends for growth on higher exports and further progress towards internationalization, which are strategic goals for the largest firms. Given the dynamism of global demand for this type of machinery, the conclusion is that the sector can increase its sales in export markets, where some of its products are competing well. The behaviour of domestic demand will be critical, and this largely depends on the profitability of Argentine agriculture. To internationalize further, the sector will have to overcome certain limitations, largely technological in nature, while receiving support from government programmes and assistance from employers’ associations and science and technology institutions.
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The structure and competitiveness of the Brazilian capital goods industry
Author: André NassifThis article analyses changes in the structure and competitiveness of the Brazilian capital goods industry since the early 1990s and proposes a classification within that industry based on the different industrial segments from which the demand for machinery and equipment derives. Although this industry still accounts for a large share of manufacturing sector value added, the production efficiency and international competitiveness of the segments it comprises are quite heterogeneous. The article singles out the segments with the greatest development potential and suggests measures that could be taken in each of them to complement the industrial and technology policy instruments contained in the Production Development Policy officially established in May 2008.
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The economic returns to education in Mexico: A comparison between urban and rural areas
Author: Juan Luis Ordaz-DíazThis study uses the Mincer equation to calculate the private economic returns to education in urban and rural areas of Mexico in the 1994-2005 period. The findings indicate that investing in education is profitable in both types of area. Returns to education were found to be greater in the countryside than in cities in most of the years analysed and at every level of education. Education in rural areas tends to be more profitable for women at the basic education levels and for men at the higher levels. In urban areas, education proved to be more profitable for men at the primary and higher levels and, in some years, for women at the lower and upper secondary levels.
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