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- Volume 1996, Issue 58, 1996
CEPAL Review - Volume 1996, Issue 58, 1996
Volume 1996, Issue 58, 1996
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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Aníbal Pinto Santa Cruz
Author: United NationsAníbal Pinto Santa Cruz, Director of the Review since 1986, died on 3 January. His death fills us with profound grief and leaves a deep vacuum in this organization.
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Social policy paradigms in Latin America
Author: Rolando FrancoIn recent years, a new development model has arisen in Latin America whose spread has been facilitated by the changes which have taken place in the world economy (globalization, technological innovation) and their repercussions on the region. A consensus has been generated in respect of the model’s economic tenets, and there is also widespread agreement -which is gradually being reflected in concrete measures- on the role that should be assigned to the State. With regard to social policies, an awareness has been growing -with some difficulty- of the limitations of the traditional way of implementing them and the need to develop new criteria on their design and application.
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Virtues and limitations of census maps for identifying critical deficiencies
Author: Fuben KaztmanCritical deficiency maps, conceived as objective, uniformly applicable technical tools that could be employed to make social expenditure more efficient and effective, constitute the most ambitious and successful method devised to date for using census data for social planning in Latin America and the Caribbean. Nevertheless, while their importance and potential as a policy tool have gained increasing recognition, questions have arisen concerning their virtues and limitations and on how they could be made to serve the need for more complex social information or to reveal the changing forms that poverty assumes.
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Central America: Inflation and stabilization in the crisis and post-crisis eras
Authors: Hubert Escaith and Claudia SchatanThe small, open economies of the Central American countries have all, to a large extent, been subject to the same determinants of inflation. The oil shocks of the 1970s brought the era of stable prices and steady growth in the subregion to an end. External factors continue to have a significant influence on price movements. In addition to the direct impact of international prices, the availability of external resources, which cases supply and demand pressures, also plays a role. It is true, however, that the nature of the national economic policies adopted to deal with fiscal imbalances have led to a progressive differentiation of the inflationary processes experienced by each country.
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The State, business and the restoration of the neoclassical paradigm
Author: A. Barros de CastroThe author describes the neoclassical restoration, which, from the 1970s onwards, took a radical approach to the search for a theory of development by attempting to fuse the particular characteristics of developing economies with the central ideas of economic theory. Intervention with the aim of furthering development was perceived not as a solution but as part of the problem, and adjustment programmes were oriented not so much towards correcting imbalances as towards establishing an economic structure close to neo-classical precepts. Several East Asian economies were chosen as examples of the application of correct policy, since they were seen as being market-driven, but closer analysis revealed that behind their export success lay the firm guiding hand of the State.
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Globalization and loss of autonomy by the fiscal, banking and monetary authorities
Author: Juan Carlos LerdaThe idea that globalization impairs the sovereignty of the modem nation-State is increasingly accepted in some academic, government and international circles. Currently, there is generalized concern over the progressive erosion of national authorities’ leeway for making decisions on matters of internal interest independently of outside influences. This perception has reached its extreme among those who feel that globalization has transformed the nation-State into a dysfunctional entity in a world without frontiers. It is understandable that a consensus should have grown up around this thesis, in view of its general nature and in particular because of the conceptual flexibility with which the notions of globalization and sovereignty are usually treated in some professional circles.
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The macroeconomic context and investment: Latin America since 1980
Author: Graciela MoguillanskyThis article analyses the evolution of regional investment within the context of general macroeconomic trends. First, trends in the macroeconomic context of investment between 1980 and 1994 are examined, and it is concluded that the economies’ vulnerability to external shocks was crucial to the decline in the rate of investment and its subsequent slow recovery: in countries where indebtedness and external account imbalances were lower, investment levels and rates fell less sharply. Next, the factors determining trends in private investment are reviewed, and it is concluded that over and above those traditionally taken into account by economic theory, a further three also played a part: the stability of policies and their consistency with structural reforms, which ensures the sustainability of regulations over time; access to the infrastructure, where public sector investment has traditionally been supplemented by private investment; and the availability of Financing.
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Property rights and the rural land market in Latin America
Author: Frank VogelgesangLand distribution in Latin America is characterized by striking inequality. Notwithstanding the emergence of modem structures in some regions, a few huge land holdings are found alongside a large number of small ones. This situation has long been considered undesirable for reasons of social equity as well as for reasons of efficiency. The topic remains high on the political agenda. The ultimately disappointing results of past redistributive reforms have caused contemporary policy-makers to search for alternatives. In recent years attention has focused on the institution of private property rights and land transactions through market mechanisms.
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Mexico: The plan and the current situation
Author: David IbarraTwo disequilibria are intertwined in the Mexican economy: incomplete modernization of institutions and production, and external imbalances that have made the country unable to service its external debt. In a context of liberalization, this combination has been conducive to sharp depredations, as evidenced by recent events. The success of the adjustment exercise will depend on the progress of the retooling and expansion of production. This article analyses the main objectives of the National Development Plan for 1995-2000 and the policies that have been implemented to realize them, and shows that the current situation is a patchwork of progress and setbacks.
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The competitive challenge for Brazilian industry
Authors: Joäo Carlos Ferraz, David Kupfer and Lia HaguenauerThis article defines the stages of development reached by industries that account for half of Brazil’s total output and identifies the competitive challenges they face, including those associated with the country’s industrial policy. Between 1980 and 1994, Brazilian industry experienced persistent macroeconomic instability as the country’s trade liberalization efforts proceeded. By means of a series of adjustments, however, the sector did manage to adapt to this hostile environment; in fact, it not only survived but actually succeeded in maintaining its ability to help cover the existing deficit, meet domestic demand and aid the country in achieving balanced linkages with the external economy.
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Indicators of fiscal policy: Design and applications for Chile
Author: Ricardo MartnerLatin America’s economics are prone to continual shocks, of both external and internal origin, giving rise to a marked variability in their growth rates. In order to reduce this volatility, it is necessary therefore to establish stabilization mechanisms, including in particular the instruments of fiscal policy. The economies’ increasing variability is prompting the development of fiscal norms that in-corporate anti-cyclical features. Such rules arc based on the setting of medium-term public spending goals that are consistent with the economy’s growth trend and level of public debt but are independent of the cyclical component of the level of activity. In such a system, tax revenues would perform the traditional function of stabilizers of economic fluctuations.
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ECLAC and the sociology of development
Author: Enzo FalettoThe principal sphere in which ECLAC’S theses are situated is that of economics. However, as befits an integrated approach to development, the theories it has propounded also include sociological and political aspects. The social aspects of development have been a focus of attention at ECLAC since its creation, and in this area too it has endeavoured to avoid the mechanical transposition of existing theories to the region. Through an interchange of ideas with specialists from other institutions, it has sought to identify the specifically regional dimension of the problems dealt with and to determine the precise social and political conditions conducive to economic development.
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