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- Volume 2018, Issue 125, 2018
CEPAL Review - Volume 2018, Issue 125, 2018
Volume 2018, Issue 125, 2018
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The geography of development in Latin America and the Caribbean: Towards a new multidimensional taxonomy of the Sustainable Development Goals
Author: Sergio TezanosThe Latin America and the Caribbean region has an ambiguous place in the new geography of development: while it is a predominantly middle-income region, it is home to no more than 3% of the world’s poor population. Consequently, there is a risk that the international community will (mis)interpret this situation as meaning that the region need not be prioritized in the 2030 Agenda for Sustainable Development. Nonetheless, the Sustainable Development Goals are not merely a strategy to combat economic poverty, but also a multidimensional strategy that defines a complex world map of priorities. This article develops a multidimensional taxonomy that addresses the fundamental dimensions of sustainable human development, beyond classifications based exclusively on per capita income. Cluster analysis is used to identify the different challenges faced by Latin American and Caribbean countries and to provide guidance for international cooperation policies.
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Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
Author: Emiliano LibmanIn recent decades, Latin American countries have adopted more flexible exchange-rate regimes and set inflation targets. Several authors argue that some countries’ monetary and exchange-rate policies suffer from a procyclical bias, whereby central banks are reluctant to reduce interest rates when inflation falls, but are willing to increase them when inflation edges up. Therefore, the exchange rate tends to appreciate a lot and depreciate little. This paper analyses the asymmetry of the monetary and exchangerate policies of the five largest Latin American countries in which inflation targets are used: Brazil, Chile, Colombia, Mexico and Peru. Nonlinear econometric techniques are used to show that there is “fear of floating”, except possibly in Chile and Peru, and that the symptoms are more pronounced in Brazil and Mexico.
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Horizontal inequality and ethnic discrimination in four Latin American countries
Author: Alicia Puyana MutisThis article analyses ethnic discrimination in Mexico relative to Chile, Colombia and Peru from a perspective of horizontal inequality. It presents the numerous ways in which such discrimination is perpetuated and shows how far back in history segregation reaches, having taken root in the period of conquest by European nations before becoming entrenched in the colonial era and institutionalized in the constitutions that gave rise to the Latin American republics and in the formal and informal institutions shaped since then. Notwithstanding progress with recognition of political, social, cultural, collective and territorial rights and the creation of institutions to implement anti-discrimination policies, there is a large and enduring social debt. This article also identifies some divides and, by way of policy implications, suggests certain measures for closing them.
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Health-care expenditures, economic growth and infant mortality: Evidence from developed and developing countries
Author: Abdelhafidh DhrifiThis paper investigates the effects of health-care expenditures on child mortality rates using a simultaneous-equation model for 93 developed and developing countries with data spanning the period 1995–2012. The findings show that health expenditure has a positive effect on reducing child mortality only for upper-middle-income and high-income countries, whereas for low-income and lower-middle-income countries, health spending does not have a significant impact on child health status. It is also found that at lower development levels, public health spending has a greater effect on mortality rates than private expenditure, while at high development levels private health expenditure has a positive impact on child mortality.
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Knowledge networks associated with the production of natural resources in Latin America: A comparative analysis
Authors: Valeria Arza, Anabel Marín, Emanuel López and Lilia StubrinThe opportunities for innovation that arise from natural-resource production are associated with the formation of knowledge networks that facilitate learning both within and outside the sectors in question. This article identifies the types of knowledge networks associated with innovation activities in the natural-resource domain using four case studies from the region: the livestock sector in Argentina, the mining sector in Chile, agriculture in Paraguay and forestry in Uruguay. The results show that, in all four cases, natural-resource producers form networks in which scientific knowledge is exchanged. While these have heterogeneous characteristics in terms of the capabilities of the participants, their structure and degree of openness, all display potential to disseminate and create knowledge.
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Technical progress in GDP production and CO2 emissions in Brazil: 1970-2012
Authors: Márcio Santetti, Adalmir Antônio Marquetti and Henrique MorroneIn this study, technical progress is analysed in terms of its influence on the mix of inputs of labour, capital and energy that go into the production of gross domestic product (GDP) and carbon dioxide (CO2) emissions. The results of this analysis show that the Brazilian economy exhibited a Marx-biased pattern of technical progress during the period under study. Within the framework of this overall pattern, however, three different phases of technical progress in Brazil can be identified. Between 1970 and 1980, a Marx-biased pattern was observed, followed by the stagnation of technical progress between 1980 and 2003. In the years from 2003 to 2012, the pattern of technical change was Harrod-neutral.
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Macroeconomic shocks and policy reforms: Lessons from the 1999 downturn in Chile
Author: Julio J. GuzmánThis article analyses the Chilean government’s response to the 1999 recession that followed on from the Asian financial crisis, focusing on the macroeconomic policy reforms adopted and the institutional factors that influenced this response. The analysis is based on a review of previous research on the topic and suggests that some fiscal and monetary policies adopted during 1997-1998 exacerbated the effects of what were initially external shocks. However, fiscal discipline and the robust public institutions developed before and after the recession strengthened Chilean social protection policies. Specifically, public debt reduction in the 1990s, the Copper Revenue Stabilization Fund (FEC) set up in 1985, the structural surplus fiscal rule introduced in 2000 and the new monetary, exchange-rate and fiscal policy mix of that decade reduced the vulnerability of Chile to new shocks.
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Colombia’s potential for trade with the European Union and other major global markets
Author: Jaime Rafael Ahcar OlmosThis paper identifies potential for trade between Colombia and the European Union following the implementation of a free trade agreement as from 2013. Predictions of potential are based on estimates produced by the Poisson pseudo maximum likelihood estimator applied to a gravity model, controlling for unobserved omitted variable bias with exporter and importer time-varying fixed effects on a sample of 153 countries, from 1980 to 2012. Untapped potential is found in both directions of trade flows. The results could increase the effectiveness of trade policy and define companies’ expansion plans in international markets.
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Deindustrialization, labour and violence in El Salvador
Author: Luis René CáceresThis study explores how deindustrialization is influencing the labour market in El Salvador. The variables under analysis are disaggregated by sex in order to permit an analysis of the differences in the ways that women and men react to deindustrialization. The results indicate that deindustrialization has led to a decline in quality employment and an upswing in self-employment, at the same time that the female labour force participation rate has risen and the male participation rate has fallen. This all occurred in parallel with the economic measures introduced in the 1990s and reflects the role that women have assumed in order to safeguard the well-being of their families. Deindustrialization has also been associated with increasing violence, since it paves the way for an increase in poor-quality jobs. This article concludes by underscoring the importance of reinstating tariff protections and supporting a reindustrialization process, together with regional integration, gender equality and education.
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Functional distribution of income and growth regime in Peru, 1942-2013
Authors: Germán Alarco Tosoni and César Castillo GarcíaThis paper begins by reviewing the literature on the relation between economic growth and the functional distribution of income since the time of the classical economists, highlighting the work of Kalecki and the post-Keynesians who develop the growthregimes approach. It reconstructs and analyses statistics on the shares of wages, income from self-employment (or from mixed sources) and profits in Peru’s GDP between 1942 and 2013, and then compares these shares with the averages for Latin America and other economies. The study then makes a comparative analysis of trends in the wage share and rate of growth, and it estimates a simultaneous equations model using three-stage least squares (3SLS) and generalized method of moments (GMM) to determine the growth regime. The conclusion is that growth is wage-led, so distributional policies to increase this component would likely boost the level of economic activity.
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