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- Volume 2013, Issue 110, 2013
CEPAL Review - Volume 2013, Issue 110, 2013
Volume 2013, Issue 110, 2013
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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Structural constraints and determinants of economic growth in Cuba
Author: United NationsThis study attempts to analyse the growth of Cuba’s production sector and to identify the main determinants and constraints that existed during a period when tighter restrictions on trade and financial activity forced the country to reorient its economic model and its position in the world economy. This analysis includes an exploration of the institutional dimension of the gross domestic product (gdp). The model, variables and methodology used for this purpose have all been adapted to the particular features and specificities of the Cuban economy.
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An assessment of green export opportunities for Barbados
Author: United NationsTransitioning towards a green economy —one that focuses on reducing environmental risks and resource scarcities, while also improving well-being— has been put forward as one possible path towards sustainable development. While the potential advantages of pursuing a green development path are clear, moving forward on the green agenda requires guaranteed support for emerging businesses and industries. Consequently, the policy agenda will have to be tailored to these new green business areas. This study assesses various green businesses and their potential suitability for the small island State of Barbados.
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Towards an integrative approach to sustainability: Exploring potential synergies between gender and environment
Author: United NationsIn the midst of one of the worst economic crises the Western world has faced, governments are focusing on macroeconomic equilibrium and failing to address the economy-environment disconnect and the social components of development. The ecological degradation of our planet and its implications for human well-being necessitate a sustainable approach. Although some progress has been made since the United Nations Conference on Environment and Development in 1992, we have yet to adopt a development path that takes account of the way that ecosystems work or the persistent social and gender inequalities. Feminist economists have developed theoretical and methodological proposals for recognizing the value of domestic work, which could be strengthened by integrating an ecological perspective. In turn, sustainable development could be enhanced by mainstreaming the gender perspective and the ethics of care. The link between these elements is examined here, as we explore the synergies between gender and the environment and outline an integrative approach to sustainability.
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Social mobility and the demand for income redistribution in Latin America
Author: United NationsAlesina and Angeletos (2005) and Alesina and Glaeser (2004) argue that income redistribution preferences vary systematically between the different regions and influence the size of government and the composition of public spending. This article analyses the demand for redistribution in Latin America, paying particular attention to the effects of mobility expectations on this demand. The findings suggest that demand for redistribution is driven primarily by self-interest and by considerations of fairness based on the inequality of opportunities. They also reveal the importance of past mobility, while the prospect of upward mobility (poum) hypothesis advanced by Benabou and Ok (2001) is rejected in the case of the Latin America region.
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NAFTA’S uninvited guest: China and the disintegration of North American trade
Author: United NationsThis paper examines the extent to which China’s entry into the World Trade Organization (wto) in 2001 and subsequent surge in global exports affected the composition of trade between the United States and Mexico through 2009. The authors found that China’s entry had a significant impact on the trade relations between these two North American countries, replacing and displacing many of the export strongholds in place before China joined the wto and after the first stage of the North American Free Trade Agreement (nafta) (1994-2000). Based on this research, the authors offer a variety of policy options for reinvigorating United States- Mexico trade and cooperating with China in the global economy.
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Terms of trade and output fluctuations in Colombia
Author: United NationsThis paper explores the impact of the terms of trade on output fluctuations in Colombia, a developing country where as much as 62% of export earnings come from just four commodities: oil (42%), coal (14%), coffee (5%), and nickel (1%). This research was prompted by: the particular role of short-run fluctuations in developing economies, the fact that the Colombian terms of trade are procyclical, and the discussion on economic policies towards sterilization of the effects of commodity prices. Following time series analysis for the period 1994 -2011, robust evidence was found indicating that around one third of Colombia’s quarterly growth is attributable to changes in the terms of trade.
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Argentina: Recent dynamics in the software and it services industry
Author: United NationsThis article examines the impact of organizational and absorptive capacities and networking on the performance of Argentine software and it services firms, within an evolutionary theoretical framework. The models estimated show that innovation outcomes depend on quality management, the existence of research and development (R&D) staff and on occupying intermediate positions in the network architecture. Firms’ economic performance cannot be assessed using a single set of indicators: whereas productivity is explained by the qualifications of human resources and employment growth by R&D personnel, export probability is associated with obtaining certifications, adopting agile methodologies and occupying intermediate positions in the network architecture. The heterogeneity of business models suggests that it is not possible to establish a single type of relationship between innovation and performance for all firms in the industry.
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The international trade position of Argentina. Towards a process of export diversification?
Author: United NationsThis study analyses how far the strong expansion of Argentine exports since 2003 has been due simply to favourable external conditions and how industrial manufactures have behaved. It finds that the country’s pattern of international specialization has not greatly altered at the major category level, but that both primary products and manufactures of agricultural origin, which account for much of the trade surplus, have undergone significant changes in composition. In addition, regional trade has consolidated and traditional partners such as the European Union and the United States have been displaced to some extent by China. Industrial manufactures have continued to suffer from a strong comparative disadvantage, but certain high-technology industrial sectors, such as agricultural machinery and pumps and compressors, have started to become competitive, while seamless oil and gas tubing is already highly competitive.
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Determinants of ownership concentration in the Chilean stock market
Author: United NationsThis paper analyses econometrically the determinants of ownership concentration in the Chilean stock market, paying particular attention to the effects of the Public Tender Offer Act (Ley de Ofertas Públicas de Adquisición de Acciones). Although the Public Tender Offer Act achieves its central purpose, the tender offer mechanism increases the concentration of ownership, mainly because of the “residual tender offer” obligation for which the Act provides. In addition, the study has found significant opposite responses between the controlling shareholder and the next two largest shareholders, which should sound a warning for international comparisons based on a common measure of ownership concentration that do not take account of the ownership structures characterizing Latin American markets. These aspects must be considered if the regulatory goals aimed at by minority shareholder protection bills are to be achieved.
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Chile: Subsidies, credit and housing deficit
Author: United NationsThis article has two objectives: to analyse the effects of the housing subsidy on access to credit and on real-estate investment; and to study the influence of those relations in the Chilean experience. Following a review of the financing and subsidy systems in Chile, a theoretical model is put forward to analyse the effect of subsidies on housing credit and on the equilibrium of the real-estate market. The model offers new perspectives on the role played by subsidies policy and the structure on which the empirical research is based. The econometric analysis corroborates the two main theoretical proposals, namely: access to the subsidy increases a family’s chances of obtaining credit and reduces the number of families living in a housing-deficit situation. The econometric results also help to interpret the trend of the housing deficit in Chile.
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