2024-03-29T04:46:39Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:1289
2019-09-27T12:32:08Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4E:4E31:4E3137
7375626A656374733D4E:4E30
7375626A656374733D46:4635:463534
7375626A656374733D4F:4F34:4F3430
7375626A656374733D4E:4E31:4E3134
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E31:4E3135
7375626A656374733D4E:4E31:4E3133
7375626A656374733D4E:4E31:4E3130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1289/
Global Disparities Since 1800:Trends and Regional Patterns
Alam, M. Shahid
O11 - Macroeconomic Analyses of Economic Development
N17 - Africa ; Oceania
N0 - General
F54 - Colonialism ; Imperialism ; Postcolonialism
O40 - General
N14 - Europe: 1913-
N16 - Latin America ; Caribbean
N15 - Asia including Middle East
N13 - Europe: Pre-1913
N10 - General, International, or Comparative
This paper reviews the growing body of evidence on the relative economic standing of different regions of the world in the late eighteenth and early nineteenth centuries. In general, it does not find support for Eurocentric claims regarding Western Europe’s early economic lead. The Eurocentric claims are based primarily on estimates of a per capita income, which are plagued by conceptual problems, make demands on historical data that are generally unavailable, and they use questionable assumptions to reconstruct early per capita income. A careful examination of these conjectural estimates of per capita income, however, does not support claims that Western Europe had a substantial lead over the rest of the world at the beginning of the nineteenth century. An examination of several alternative indices of living standards in the late eighteenth or early nineteenth centuries – such as real wages, labor productivity in agriculture, and urbanization – also fails to confirm claims of European superiority. In addition, this paper examines the progress of global disparities – including the presence of regional patterns – using estimates of per capita income.
2006-12-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1289/1/MPRA_paper_1289.pdf
Alam, M. Shahid (2006): Global Disparities Since 1800:Trends and Regional Patterns. Published in: Journal of World-Systems Research , Vol. 12, No. 1 (July 2006): pp. 36-59.
en
oai:mpra.ub.uni-muenchen.de:10832
2019-09-29T04:36:51Z
7374617475733D707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4E:4E31:4E3136
7375626A656374733D43:4332:433233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10832/
Determinantes del crecimiento en America Latina: Analisis empirico de los sistemas bancarios
Carton, Christine
Ronquillo, Cely
O41 - One, Two, and Multisector Growth Models
N16 - Latin America ; Caribbean
C23 - Panel Data Models ; Spatio-temporal Models
This article examines a theoretical framework for an explanation for the processes of growth experienced by the economies of Latin America. The economic literature is devoted primarily to analyze this topic based on the use of the macroeconomic production function as the main analytical concept. It is proposed to validate empirically the interaction between financial development and human capital as determinant of the processes of growth for the Latin American region. Thus, the major contribution of this study is the application of a translog production function which allows the analysis of the interaction that can exist between explanatory variables. Estimates are made with a panel data from 1980 to 2004, based on a sample of 16 countries representing the Latin American region. We found significant results suggest that financial development is as important as human capital for economic growth.
2008-01-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10832/1/MPRA_paper_10832.pdf
Carton, Christine and Ronquillo, Cely (2008): Determinantes del crecimiento en America Latina: Analisis empirico de los sistemas bancarios. Published in: Global Conference on Business and Finance Proceedings , Vol. 3 (2), No. 3 (May 2008): pp. 506-519.
es
oai:mpra.ub.uni-muenchen.de:11422
2019-09-28T12:02:13Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4630:463030
7375626A656374733D4E:4E31:4E3136
7375626A656374733D44:4434:443433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11422/
Foreign exchange market bid-ask spread and market power in an underdeveloped economy
Khemraj, Tarron
Pasha, Sukrishnalall
O11 - Macroeconomic Analyses of Economic Development
F00 - General
N16 - Latin America ; Caribbean
D43 - Oligopoly and Other Forms of Market Imperfection
This paper explores the influence of trader (or cambio) market power in determining the foreign exchange market bid-ask spread. In particular, it presents a theoretical model that incorporates the notion of oligopolistic power into the foreign exchange market. The econometric analysis substantiates the existence of oligopolistic trader market power in determining the spread. Moreover, the results confirm the prediction of standard market microstructure theory that volatility exerts a positive effect on spread. We also uncovered a positive relationship between liquidity (the quantity of foreign exchange traded) and spread, a result which differs from the existing literature. We interpret this finding to mean that oligopolistic traders set the mark-up exchange rate above where the purely competitive rate would have been so as to generate a surplus of US$ that is then hoarded. The econometric exercise utilizes a unique data set of trading volumes and buying/selling exchange rates for each cambio from January 2000 to December 2007.
2008-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11422/1/MPRA_paper_11422.pdf
Khemraj, Tarron and Pasha, Sukrishnalall (2008): Foreign exchange market bid-ask spread and market power in an underdeveloped economy.
en
oai:mpra.ub.uni-muenchen.de:14133
2019-10-05T16:45:35Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F34
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14133/
Growth effects of foreign direct investment and economic policy reforms in Latin America
Vadlamannati, Krishna Chaitanya
N16 - Latin America ; Caribbean
F21 - International Investment ; Long-Term Capital Movements
O4 - Economic Growth and Aggregate Productivity
Both theoretical and empirical literature has identified several channels through which FDI influence economic growth in Latin America. This study however examines the impact on economic output growth using aggregate production function augmented with FDI inflows, policy reforms and the interaction between the two for 22 Latin American countries over 1980-2006 period. The results demonstrate the importance of FDI inflows and policy reforms on economic output growth. Though the interaction between the two highlights complimentary affect, the results are not significant. On the other hand, both FDI and reforms influence economic growth only post 1990s, the period in which many Latin American countries initiated drastic economic policy reforms. Despite these positive outcomes, the coefficient of FDI on economic growth is found to be smaller. This is because, though absolute FDI inflows have increased in the region over the years, the rate of growth of FDI in comparison to other developing regions like Asia is very low. The share of Latin American FDI to total developing countries declined from 1970 to 2006. This suggests that even though there is a positive impact of FDI and policy reforms on economic growth, this effect is only marginal and Latin America as an investment destination is less attractive than other developing regions like Asia today.
2009-03-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14133/1/MPRA_paper_14133.pdf
Vadlamannati, Krishna Chaitanya (2009): Growth effects of foreign direct investment and economic policy reforms in Latin America.
en
oai:mpra.ub.uni-muenchen.de:15131
2019-09-28T04:37:36Z
7374617475733D756E707562
7375626A656374733D45:4535:453538
7375626A656374733D45:4534:453432
7375626A656374733D45:4533:453331
7375626A656374733D4E:4E31:4E3136
7375626A656374733D45:4535:453532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15131/
Implementing inflation targeting in Brazil: an institutional analysis
Strachman, Eduardo
E58 - Central Banks and Their Policies
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E31 - Price Level ; Inflation ; Deflation
N16 - Latin America ; Caribbean
E52 - Monetary Policy
The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from a Post-Keynesian and, thus, an institutional stance. It is Post-Keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is institutional insofar as it assumes that there are several ways of implementing a policy, such that the chosen one is determined by historical factors, as it is illustrated by the Brazilian case. One could even support IT policies if their targets were seen just as “focusing devices” guiding economic policy, notwithstanding other targets, as, in the short run, output growth and employment and, in the long run, technology and human development. Nevertheless, an IT is not necessary, although it can be admitted, mainly if the target is hidden from the public, in order to increase the flexibility of the Central Bank.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15131/1/MPRA_paper_15131.pdf
Strachman, Eduardo (2009): Implementing inflation targeting in Brazil: an institutional analysis.
en
oai:mpra.ub.uni-muenchen.de:18394
2019-09-27T09:00:39Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E31:4E3132
7375626A656374733D4F:4F35:4F3537
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18394/
Argentina-Canada from 1870: Explaining the dynamics of divergence
González, Germán
Viego, Valentina
O11 - Macroeconomic Analyses of Economic Development
N16 - Latin America ; Caribbean
N12 - U.S. ; Canada: 1913-
O57 - Comparative Studies of Countries
Argentina and Canada started their industrialization processes while exporting natural resources and importing capital goods. These two nations were sparsely populated but received significant inflows of European immigrants since the second half of the nineteenth century. Until the start of World War II, both economies experienced similar per-capita GDPs. However, the gap between both per-capita GDPs began to grow, widening throughout the century. We carry out an empirical study of the deep determinants of the divergence process between both economies. We confirm that while Canada was drawn into a successful path due
to the adjacency with a bigger and complementary economy, Argentina fell into a “staple trap”.
2009-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18394/1/MPRA_paper_18394.pdf
González, Germán and Viego, Valentina (2009): Argentina-Canada from 1870: Explaining the dynamics of divergence.
en
oai:mpra.ub.uni-muenchen.de:18792
2019-10-02T08:56:35Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E34:4E3436
7375626A656374733D4E:4E30:4E3030
7375626A656374733D4E:4E33:4E3336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18792/
Montoneros, FAP Y Peronismo de Base ante las políticas económicas de los gobiernos justicialistas de 1973-1976
Marongiu, Federico
N16 - Latin America ; Caribbean
N46 - Latin America ; Caribbean
N00 - General
N36 - Latin America ; Caribbean
This work wants to describe the different positions that adopted revolutionary organizations linked to Peronism when faced with the implementation of the economic policies by the peronist governements from 1973-1976. the analysis is focused mainly on the visions by Montoneros/ FAR, by Fuerzas Armadas Peronistas (FAP) and related organizations such as Peronismo de Base (PB) and Juventud de Trabajadores Peronistas (JTP). The work shows that there was not an homogeneous reaction to the economic policies through all the period and that there were huge transformations on opinions and reactions mainly due to the political evolution through the period.
2009-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18792/1/MPRA_paper_18792.pdf
Marongiu, Federico (2009): Montoneros, FAP Y Peronismo de Base ante las políticas económicas de los gobiernos justicialistas de 1973-1976.
es
oai:mpra.ub.uni-muenchen.de:18917
2019-10-05T05:08:13Z
7374617475733D756E707562
7375626A656374733D4E:4E31
7375626A656374733D4E:4E31:4E3136
7375626A656374733D42:4232:423232
7375626A656374733D43:4331
7375626A656374733D43:4333:433332
7375626A656374733D42:4232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18917/
Evidence of the role of the real exchange rate in the growth of the GDP in Argentina (1989-2007)
Saidón, Mariana
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
N16 - Latin America ; Caribbean
B22 - Macroeconomics
C1 - Econometric and Statistical Methods and Methodology: General
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
B2 - History of Economic Thought since 1925
This paper analyzes the impact of the real exchange rate on the behavior of the GDP in Argentina in the period that goes from 1989 to 2007. In this paper, an econometric model based on the Vector Error Correction method, which proves the (lack of) relevance of different predictions made by alternate schools of domestic macroeconomic thought is proposed.
The model links four non-stationary and cointegrated variables: the two mentioned variables are: the gross domestic product and the real exchange rate, and a liquid monetary aggregate (excluding time deposits) and the terms of trade.
The responses of GDP to real exchange rate shocks and the terms of trade showed a similar behavior towards both the generalized impulses and other impulses arising from a Cholesky decomposition: initially, a real exchange rate shock has a negative impact on the activity that gradually decreases, and after six months it becomes positive, when it begins to gradually recover strength. The terms of trade have a positive impact after the shock and that impact loses strength over the time until it becomes negative and, cumulatively, explosive.
Money- Supply shocks have a positive impact initially but there is no strong evidence regarding medium and long-term effects.
2009-03-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18917/2/MPRA_paper_18917.pdf
Saidón, Mariana (2009): Evidence of the role of the real exchange rate in the growth of the GDP in Argentina (1989-2007).
en
oai:mpra.ub.uni-muenchen.de:18956
2019-09-30T16:22:39Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4530:453032
7375626A656374733D4E:4E31:4E3136
7375626A656374733D45:4533:453331
7375626A656374733D45:4535
7375626A656374733D4E:4E34:4E3436
7375626A656374733D48:4836
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18956/
Alta inflación y planes de ajuste en Brasil durante el retorno a la democracia - 1985-1994
Marongiu, Federico
E62 - Fiscal Policy
E02 - Institutions and the Macroeconomy
N16 - Latin America ; Caribbean
E31 - Price Level ; Inflation ; Deflation
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
N46 - Latin America ; Caribbean
H6 - National Budget, Deficit, and Debt
As it also happened in many Latin American countries during the 60s and 70s, inflation became one of the main economic problems in the Brazilian economy. The acceleration of prices and hyperinflation coexisted not only with periods of economic expansion (1956-1979), but also with huge contractions of the economy (1980-1989), and even with periods of major economic reforms(1990-1993).
Inflation was perceived as a huge problem by Brazilian economic authorities from 1979 on. Since then, multiple adjustment programs were followed by the different governments with sharp distinctions between orthodox and heterodox programs. This work describes the main adjustment programs designed by economic authorities in the period 1985-1994.
2007-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18956/1/MPRA_paper_18956.pdf
Marongiu, Federico (2007): Alta inflación y planes de ajuste en Brasil durante el retorno a la democracia - 1985-1994.
es
oai:mpra.ub.uni-muenchen.de:18959
2019-10-01T17:46:34Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E34:4E3436
7375626A656374733D48:4830:483030
7375626A656374733D48:4836
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18959/
El rol de coerción y disciplinamiento del Fondo Monetario Internacional durante la crisis de la Argentina de 2001 y 2002.
Marongiu, Federico
N16 - Latin America ; Caribbean
N46 - Latin America ; Caribbean
H00 - General
H6 - National Budget, Deficit, and Debt
The IMF had a coercitive and disciplining role in different eras of Argentina`s economic history. This role became more evident when facing governements that were not so fond of implementing the reforms suggested by the international financial institution but that at the same time strongly needed financial help to overcome the main difficulties of the economy (Alfonsín: December 1983-July 1989; Duhalde: January 2002- May 2003).
Since the early nineties, multilateral financial organizations strengthened their influence on Argentina´s economic policy. The climax was during the 1999-2001 period with the deepening of the economic crisis that ended with the sharp devaluation at the beginning of 2002.
2008-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18959/1/MPRA_paper_18959.pdf
Marongiu, Federico (2008): El rol de coerción y disciplinamiento del Fondo Monetario Internacional durante la crisis de la Argentina de 2001 y 2002.
es
oai:mpra.ub.uni-muenchen.de:22042
2019-09-28T05:04:29Z
7374617475733D756E707562
7375626A656374733D4E:4E31
7375626A656374733D4E:4E31:4E3136
7375626A656374733D42:4232:423232
7375626A656374733D43:4331
7375626A656374733D43:4333:433332
7375626A656374733D42:4232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22042/
Evidence of the role of the real exchange rate in the growth of the GDP in Argentina (1989-2007)
Saidón, Mariana
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
N16 - Latin America ; Caribbean
B22 - Macroeconomics
C1 - Econometric and Statistical Methods and Methodology: General
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
B2 - History of Economic Thought since 1925
This paper analyzes the impact of the real exchange rate on the behavior of the GDP in Argentina in the period that goes from 1989 to 2007. In this paper, an econometric model based on the Vector Error Correction method, which proves the (lack of) relevance of different predictions made by alternate schools of domestic macroeconomic thought is proposed.
The model links four non-stationary and cointegrated variables: the two mentioned variables are: the gross domestic product and the real exchange rate, and a liquid monetary aggregate (excluding time deposits) and the terms of trade.
The responses of GDP to real exchange rate shocks and the terms of trade showed a similar behavior towards both the generalized impulses and other impulses arising from a Cholesky decomposition: initially, a real exchange rate shock has a negative impact on the activity that gradually decreases, and after six months it becomes positive, when it begins to gradually recover strength. The terms of trade have a positive impact after the shock and that impact loses strength over the time until it becomes negative and, cumulatively, explosive.
Money- Supply shocks have a positive impact initially but there is no strong evidence regarding medium and long-term effects.
2009-03-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22042/1/MPRA_paper_22042.pdf
Saidón, Mariana (2009): Evidence of the role of the real exchange rate in the growth of the GDP in Argentina (1989-2007).
en
oai:mpra.ub.uni-muenchen.de:24494
2019-09-26T21:46:56Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D48:4837:483735
7375626A656374733D4F:4F34
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24494/
Education Performance: Was It All Determined 100 Years Ago? Evidence From São Paulo, Brazil
de Carvalho Filho, Irineu
Colistete, Renato P.
N16 - Latin America ; Caribbean
H75 - State and Local Government: Health ; Education ; Welfare ; Public Pensions
O4 - Economic Growth and Aggregate Productivity
This paper deals with institutional persistence in long-term economic development. We investigate the historical record of education in one of the fastest growing and most unequal societies in the twentieth century – the state of São Paulo, Brazil. Based on historical data from an agricultural census and education statistics, we assess the role played by factors such as land concentration, immigration and type of economic activity in determining supply and demand of education during the early twentieth century, and to what degree these factors help explain current educational performance and income levels. We find a positive and enduring effect of the presence of foreign-born immigrants on the supply of public instruction, as well as a negative effect of land concentration. Immigrant farm-laborers established their own community schools, and pressured for public funding for those schools or for public schools. The effects of early adoption of public instruction can be detected more than one hundred years later in the form of better test scores and higher income per capita. These results are suggestive of an additional mechanism generating inequality across regions: the places that received immigration from countries with an established public education system benefited from an earlier adoption of the revolutionary idea of public education.
2010-08-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24494/1/MPRA_paper_24494.pdf
de Carvalho Filho, Irineu and Colistete, Renato P. (2010): Education Performance: Was It All Determined 100 Years Ago? Evidence From São Paulo, Brazil.
en
oai:mpra.ub.uni-muenchen.de:25036
2019-09-27T14:18:07Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D45:4530
7375626A656374733D4F:4F34:4F3437
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F34:4F3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25036/
Does Latin America lag behind due to shaper recessions and/or slower recoveries?
Perez Caldentey, Esteban
Pineda, Ramon
O11 - Macroeconomic Analyses of Economic Development
E0 - General
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
N16 - Latin America ; Caribbean
O40 - General
Since the 1950’s Latin America and the Caribbean have lost relative income share on a consistent basis in relation to the World and the developed countries on average. This paper presents a regional comparative statistical and econometric analysis for 1950-2007 for seven regions in the world, showing that for Latin America and the Caribbean convergence results mainly from weak expansions. Contractions have, as expected, a negative effect on the performance of Latin America and the Caribbean in historical perspective. At the same time in comparison to other regions, Latin America and the Caribbean recover quickly. Contrarily during expansions Latin America and the Caribbean tend to perform below the World and developing World regional average. Latin America and the Caribbean countries are, from a regional comparative perspective, ‘good’ at withstanding the negative effects of contractions and ‘bad’ at taking advantage of expansions to achieve convergence with the developed world. The paper argues that instead of viewing expansions through the lens of ‘crisis management,’ expansions should be seen and understood as an opportunity to grow and expand and promote greater levels of well-being, employment and equity in the region.
2010-09-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25036/1/MPRA_paper_25036.pdf
Perez Caldentey, Esteban and Pineda, Ramon (2010): Does Latin America lag behind due to shaper recessions and/or slower recoveries?
en
oai:mpra.ub.uni-muenchen.de:25105
2019-09-28T12:15:08Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25105/
Effects of schooling levels on economic growth: time-series evidence from Guatemala
Loening, Josef
Rao, B. Bhaskara
Singh, Rup
N16 - Latin America ; Caribbean
This paper examines the determinants of economic growth in Guatemala, with a particular focus on the schooling level. Results based on an error-correction methodology show a better educated labour force has a positive and significant impact on economic growth. Consistent with micro evidence for Guatemala, primary education is more important than secondary and tertiary education. These findings are robust while changing the conditioning variables, controlling for data issues and endogeneity. Due to social and political conflict, the average per capita growth rate in Guatemala has been low.
2010-08-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25105/1/MPRA_paper_25105.pdf
Loening, Josef and Rao, B. Bhaskara and Singh, Rup (2010): Effects of schooling levels on economic growth: time-series evidence from Guatemala.
en
oai:mpra.ub.uni-muenchen.de:26029
2019-09-28T09:24:29Z
7374617475733D756E707562
7375626A656374733D46:4634:463430
7375626A656374733D4F:4F34:4F3437
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26029/
Apertura y Productividad Total de los Factores: Análisis de la contemporaneidad en los quiebres estructurales para América Latina y el Caribe
Gonzalez, German Hector
Delbianco, Fernando Andres
F40 - General
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
O38 - Government Policy
N16 - Latin America ; Caribbean
We study the existence of structural break in TFP and in several indicators of openness for a sample of 20 Latin American and Caribbean economies for the period 1960-2005. For this purpose, it has been used the test of Zivot and Andrews (1992) on series of TFP computed from a development accounting exercise (Hsieh and Klenow, 2010) and alternative measures of openness with different characters: openness policies, openness as result, and measure of deviation (Wacziarg, 2001). The accumulation of cases, both potential and significant breaks in TFP are in line with the Oil Crisis of 1973/4 and 1979/80, and the Mexican Crisis of 1982. The cases of breaks on TFP during the consolidation process of openness in the region (1985-95) are not significant. Shocks in openness seem to have effects on the rate of growth of TFP
2010-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26029/1/MPRA_paper_26029.pdf
Gonzalez, German Hector and Delbianco, Fernando Andres (2010): Apertura y Productividad Total de los Factores: Análisis de la contemporaneidad en los quiebres estructurales para América Latina y el Caribe.
es
oai:mpra.ub.uni-muenchen.de:26164
2019-09-27T04:21:39Z
7374617475733D707562
7375626A656374733D45:4530
7375626A656374733D4E:4E31:4E3136
7375626A656374733D46:4630:463032
7375626A656374733D45:4532:453233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26164/
Europa en América: la modernidad y transformación urbana en Buenos Aires. Crítica y defensa.
Amado, Raúl Oscar
E0 - General
N16 - Latin America ; Caribbean
F02 - International Economic Order and Integration
E23 - Production
In this paper we study the state's role in the modernization and urban transformation in Buenos Aires in the period 1850-1910. This transformation was connected with the economic movements of the second half of the nineteenth century. It was a modernizing movement, a radical alteration of the production-trade system, composition and population distribution and transport system.
No "change" only the city of Buenos Aires. Transformed the campaign and its urban centers as the Atlantic orientation of the new state consolidated and eradicated and institutional instability and monetary policy. The "big village" became a big city, not only because the state wanted it that way.
This modernization was not an imitation architecture. It was the economic growth in a time of global crisis which led to the break that caused the admiration of the witnesses of the Centennial, and consolidated national unity could be seen realized the dream of the generation of '37: Enabling Europe in South America.
2010-10-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26164/1/MPRA_paper_26164.pdf
Amado, Raúl Oscar (2010): Europa en América: la modernidad y transformación urbana en Buenos Aires. Crítica y defensa. Published in: III Jornadas Nacionales de Investigación en Ciencias Sociales. “Reflexiones sobre el Bicentenario” – Facultad de Humanidades y Ciencias Sociales U.N.P.S.J.B. – Sede Comodoro Rivadavia – 13 al 15 de octubre de 2010 (14 October 2010)
es
oai:mpra.ub.uni-muenchen.de:26359
2019-09-27T06:21:27Z
7374617475733D756E707562
7375626A656374733D42:4231:423134
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26359/
The Exaggerate Socialism Of Raul’s Cuba
Gabriele, Alberto
B14 - Socialist ; Marxist
N16 - Latin America ; Caribbean
Cuba’s post-revolutionary economic history was penalized by the twin sets of distortions stemming from its former, artificial trade relations with the CMEA and from the very nature of the state socialist model, let alone the severe costs imposed by the US embargo. Conversely, Cuba’s centralized resource allocation system and the consistent priority accorded to the satisfaction of basic needs were instrumental in engineering a remarkable accumulation of human capital and an extraordinary development of public services, and serendipitously endowed the country with a lingering comparative advantage in some advanced, knowledge-based services sectors. However, the tension between Cuba’s exceptional human development achievements and the weakness of their material foundation cannot be maintained indefinitely. The intrinsic deficiencies of the central planning mechanism, the need for expanding the role of the market and of monetary-commercial relations, and the inescapability of respecting the law of value and the socialist principle of distribution according to work should be fully acknowledged and translated in a structural reform program. The ultimate goal of such a program should be that of definitely superseding the traditional state socialist model, leading to a transition towards a specifically Cuban form of market socialism.
2010-10-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26359/1/MPRA_paper_26359.pdf
Gabriele, Alberto (2010): The Exaggerate Socialism Of Raul’s Cuba.
en
oai:mpra.ub.uni-muenchen.de:26360
2019-09-28T22:06:17Z
7374617475733D756E707562
7375626A656374733D42:4231:423134
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26360/
Cuba: the surge of export-oriented services
Gabriele, Alberto
B14 - Socialist ; Marxist
N16 - Latin America ; Caribbean
Since the inception of the special period and the loss of its traditional export markets for sugar
and other goods, Cuba has turned towards services as new sources of foreign exchange.
Tourism has been reactivated and its performance has been broadly satisfactory, yet its long
term growth potential should not be overstated. Since the mid-2000s, a new sector -
professional services - has become the island's largest foreign exchange earner. Cuba's
comparative advantage in this sector is the product of decades of human capital investment in
social services. Yet, the sustainability of Cuba's present trade structure cannot be taken for
granted. In the future, export-oriented professional services, and the health cluster in
particular, might not only contribute to release the balance of payments constrain, but also
play a pivotal role in steering the evolution Cuba's economy towards a knowledge-based
development path. To this purpose, however, major changes in the area of industrial and
macroeconomic policies are required.
2010-11-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26360/1/MPRA_paper_26360.pdf
Gabriele, Alberto (2010): Cuba: the surge of export-oriented services.
en
oai:mpra.ub.uni-muenchen.de:30989
2019-09-30T17:08:05Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4630:463030
7375626A656374733D4E:4E31:4E3136
7375626A656374733D44:4434:443433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30989/
Foreign exchange market bid-ask spread and market power in an underdeveloped economy
Khemraj, Tarron
Pasha, Sukrishnalall
O11 - Macroeconomic Analyses of Economic Development
F00 - General
N16 - Latin America ; Caribbean
D43 - Oligopoly and Other Forms of Market Imperfection
This paper explores the influence of trader (or cambio) market power in determining the foreign exchange market bid-ask spread. It presents a theoretical model that incorporates the notion of oligopolistic market power into the foreign exchange market. The econometric results are consistent with the hypothesis of oligopolistic trader market power. Moreover, the results confirm the prediction of standard market microstructure theory that volatility exerts a positive effect on spread. We also uncovered a positive relationship between liquidity (the quantity of foreign exchange traded) and spread, a result which differs from the existing literature. We interpret this finding to mean that oligopolistic traders set the mark-up exchange rate above where the purely competitive rate would have been so as to generate a surplus of US$ that is then hoarded. The econometric exercise utilizes a unique data set of trading volumes and buying/selling exchange rates for each cambio from January 2000 to December 2007. It must be emphasized early that this data are not order flows. Our data measure realized trading volumes and prices.
2008-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30989/2/MPRA_paper_30989.pdf
Khemraj, Tarron and Pasha, Sukrishnalall (2008): Foreign exchange market bid-ask spread and market power in an underdeveloped economy.
en
oai:mpra.ub.uni-muenchen.de:33796
2019-09-26T19:45:27Z
7374617475733D707562
7375626A656374733D48:4838
7375626A656374733D4E:4E31:4E3136
7375626A656374733D41:4131
7375626A656374733D51:5130:513031
7375626A656374733D51:5131
7375626A656374733D51:5131:513133
7375626A656374733D4E:4E30
7375626A656374733D51:5130
7375626A656374733D4E:4E38:4E3836
7375626A656374733D48:4838:483830
7375626A656374733D41:4131:413134
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33796/
The paths of coffee: A brief economic history of coffee in Colombia
Estrada, Fernando
H8 - Miscellaneous Issues
N16 - Latin America ; Caribbean
A1 - General Economics
Q01 - Sustainable Development
Q1 - Agriculture
Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
N0 - General
Q0 - General
N86 - Latin America ; Caribbean
H80 - General
A14 - Sociology of Economics
This paper develops a brief history of coffee in Colombia identifying the processes of change in the geography and populations. From the eighteenth to the twentieth century, coffee cultivation represented the basis of household income. Changes in rural and urban culture of the nineteenth century were influenced by the coffee trade, likewise the fundamental transformations of the Colombian economy during the first half of the twentieth century. The Colombian economy and the idiosyncrasy of its people still depend on coffee, especially in rural areas and the Andean ranges.
2011-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33796/1/MPRA_paper_33796.pdf
Estrada, Fernando (2011): The paths of coffee: A brief economic history of coffee in Colombia. Published in: Credencial Historia, Banco de la Republica , Vol. 261, No. IV (September 2011): pp. 1-16.
en
oai:mpra.ub.uni-muenchen.de:35627
2019-09-27T00:40:46Z
7374617475733D756E707562
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4F:4F31:4F3137
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4E:4E39:4E3936
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/35627/
¿Puede ser considerado el auge antioqueño de la segunda mitad del siglo XIX un modelo de desarrollo económico local?
Mejía Cubillos, Javier
N01 - Development of the Discipline: Historiographical; Sources and Methods
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
N16 - Latin America ; Caribbean
O10 - General
N96 - Latin America ; Caribbean
This paper describes the main features of the economy of Antioquia during the second half of the 19th century. It tries to identify if it followed a local economic development model. In addition to a novel reinterpretation of the economic takeoff of Antioquia, based on recent sources collected, the paper represents a major contribution in the theory of local development, since, through a axiomatization process, it is proved that many of the considerations of the local development approach, usually considered acceptable in the context of post-industrial societies, are, indeed, correct in pre-industrial societies also. After conducting this as a conceptual framework and describing the characteristics of Antioquia pattern of economic development, trying to identify elements that could resemble it to an archetypal model of local development, the document concludes with some reflections on the case of study.
2011-12-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/35627/1/MPRA_paper_35627.pdf
Mejía Cubillos, Javier (2011): ¿Puede ser considerado el auge antioqueño de la segunda mitad del siglo XIX un modelo de desarrollo económico local?
es
oai:mpra.ub.uni-muenchen.de:38646
2019-09-29T03:20:56Z
7374617475733D707562
7375626A656374733D45:4533:453332
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4C:4C38:4C3833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38646/
Investigating the business cycle properties of tourist flows to Barbados
Mayers, Sherry-Ann
Jackman, Mahalia
E32 - Business Fluctuations ; Cycles
N16 - Latin America ; Caribbean
L83 - Sports ; Gambling ; Restaurants ; Recreation ; Tourism
This paper evaluates whether the tourism cycles of Barbados can be regarded as a direct consequence of business cycles of the UK, US, Canada and Barbados. The cyclical components of the series are extracted using the structural time series framework by Harvey, 1989, and the interrelations between the variables are evaluated using innovation accounting. The variance decompositions suggests that shocks to the source country business cycle series can explain up to 25 percent of the future variation of the Barbadian tourism cycle. Shocks to the Barbadian business cycle only seem to significantly affect the Canadian tourist cycle. This implies that for tourist arrivals from the US and UK are more influenced by economic developments in their respective home countries, rather than those of Barbados. Finally, Granger-causality tests indicate that past values of the source country business cycles can help better predict present values tourist arrivals to Barbados, while past values of the Barbadian cycle only Granger-cause the Canadian tourist cycle. An interesting observation is that there appears to be some delay in the reaction of the tourism cycle to the business cycles. Thus, policy makers should take advantage of the delay between the two cycles, and adopt some form of countercyclical policy to soften the impact of negative income shocks in the UK, US or Canada on the Barbadian economy.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38646/1/MPRA_paper_38646.pdf
Mayers, Sherry-Ann and Jackman, Mahalia (2011): Investigating the business cycle properties of tourist flows to Barbados. Published in: Journal of Public Sector Policy Analysis , Vol. Vol 5, (2011)
en
oai:mpra.ub.uni-muenchen.de:38880
2019-09-29T12:19:58Z
7374617475733D707562
7375626A656374733D45:4533:453332
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4C:4C38:4C3833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38880/
Investigating the business cycle properties of tourist flows to Barbados
Mayers, Sherry-Ann
Jackman, Mahalia
E32 - Business Fluctuations ; Cycles
N16 - Latin America ; Caribbean
L83 - Sports ; Gambling ; Restaurants ; Recreation ; Tourism
This paper evaluates whether the tourism cycles of Barbados can be regarded as a direct consequence of business cycles of the UK, US, Canada and Barbados. The cyclical components of the series are extracted using the structural time series framework by Harvey, 1989, and the interrelations between the variables are evaluated using innovation accounting. The variance decompositions suggests that shocks to the source country business cycle series can explain up to 25 percent of the future variation of the Barbadian tourism cycle. Shocks to the Barbadian business cycle only seem to significantly affect the Canadian tourist cycle. This implies that for tourist arrivals from the US and UK are more influenced by economic developments in their respective home countries, rather than those of Barbados. Finally, Granger-causality tests indicate that past values of the source country business cycles can help better predict present values tourist arrivals to Barbados, while past values of the Barbadian cycle only Granger-cause the Canadian tourist cycle. An interesting observation is that there appears to be some delay in the reaction of the tourism cycle to the business cycles. Thus, policy makers should take advantage of the delay between the two cycles, and adopt some form of countercyclical policy to soften the impact of negative income shocks in the UK, US or Canada on the Barbadian economy.
2011-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38880/1/MPRA_paper_38880.pdf
Mayers, Sherry-Ann and Jackman, Mahalia (2011): Investigating the business cycle properties of tourist flows to Barbados. Published in: Journal of Public Sector Policy Analysis , Vol. Vol 5, (2011)
en
oai:mpra.ub.uni-muenchen.de:40041
2019-10-02T16:52:27Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4F:4F34:4F3437
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40041/
Crecimiento económico de largo plazo en Antioquia, Colombia: Estimación del PIB. 1800-1913
Mejía Cubillos, Javier
O41 - One, Two, and Multisector Growth Models
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
N16 - Latin America ; Caribbean
This paper provides the first detailed quantitative analysis of the economic activity of Antioquia for the nineteenth century and early twentieth. From the existing data for the Colombian economy, it is reconstructed one of the first series of regional GDP in Latin America for the period. We find that Antioquia, in the early nineteenth century, enjoyed of higher per capita incomes than the average of Colombia. Moreover, we found periods of economic boom between 1800 and 1840, 1860 and 1880, and 1905 and 1913, the latter being more pronounced. Thus, the paper answers the long discussion about the economic takeoff of Antioquia. It is provided insights into the economic growth of Antioquia without need for institutional or cultural arguments.
2012-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40041/1/MPRA_paper_40041.pdf
Mejía Cubillos, Javier (2012): Crecimiento económico de largo plazo en Antioquia, Colombia: Estimación del PIB. 1800-1913.
es
oai:mpra.ub.uni-muenchen.de:47416
2019-10-01T02:47:52Z
7374617475733D756E707562
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453538
7375626A656374733D46:4630:463032
7375626A656374733D46:4631:463135
7375626A656374733D46:4633:463333
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E32:4E3235
7375626A656374733D4E:4E32:4E3236
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47416/
Central banking in a regional economic setting: Possible contributions to integration.
Heinrich, Gregor
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E58 - Central Banks and Their Policies
F02 - International Economic Order and Integration
F15 - Economic Integration
F33 - International Monetary Arrangements and Institutions
N16 - Latin America ; Caribbean
N25 - Asia including Middle East
N26 - Latin America ; Caribbean
Central banks can play an important role in facilitating and promoting regional
economic and monetary integration. Examples are the European monetary union and a
more recent initiative by a group of Asian central banks to boost liquidity in local bond
markets in Asia through the “Asian Bond Fund 2”. This paper highlights the role of
central banks in these efforts and points to issues that could be of relevance for the
ongoing integration process in the Caribbean. It argues that the creation of a single
currency area was based on a lengthy process, that economic integration came before
monetary union, and that it required a strong degree of political determination;
furthermore, integration is also assisted by the building of institutions and ongoing
cooperation and dialogue among relevant authorities.
2007-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47416/1/GH_Barbados_article.pdf
Heinrich, Gregor (2007): Central banking in a regional economic setting: Possible contributions to integration.
en
oai:mpra.ub.uni-muenchen.de:47420
2019-10-01T17:34:20Z
7374617475733D756E707562
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453538
7375626A656374733D47:4733:473332
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E32:4E3236
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47420/
Operational risk, payments, payment systems, and implementation of Basel II in Latin America : recent developments.
Heinrich, Gregor
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E58 - Central Banks and Their Policies
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
N16 - Latin America ; Caribbean
N26 - Latin America ; Caribbean
This is the English version of the annotaded presentation given at XI Encuentro Latinoamericano de Usuarios SWIFT (SWIFT users conference), ELUS 2006, “Creciendo en Competitividad”, Santiago de Chile, 3-5 July 2006.
Given the importance of financial intermediation for the economy and the need to have a functioning infrastructure in order to allow for a speedy and safe transmission of information between all players, all states have created special entities that will supervise or oversee the proper functioning of institutions, systems and networks.
The text explains first the standard-setting committees, the BCBS and the CPSS. It then highlights some recent developments in the region: the extraordinary increase in the volume and value of transactions over the last years has not only had positive aspects, but, from an operational point of view, is possibly also the source of more risk. This leads to some thoughts on operational risks and steps to mitigate, including "Basel II" and other documents from the Basel Committee that promote a better awareness and management of operational risk.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47420/1/Developments%20in%20Other%20Regions.pdf
Heinrich, Gregor (2006): Operational risk, payments, payment systems, and implementation of Basel II in Latin America : recent developments.
en
oai:mpra.ub.uni-muenchen.de:50191
2019-10-21T05:09:34Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F34:4F3433
7375626A656374733D4F:4F34:4F3437
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/50191/
Convergence Clubs determined by Economic History in Latin America
Barrientos Quiroga, Paola Andrea
N16 - Latin America ; Caribbean
O43 - Institutions and Growth
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
The concept of club convergence has been widely used in empirical analysis to group countries in clubs with similar development paths. However, there is no unified agreement on how to identify the clubs in the first place. In this paper, I argue that economic history can guide us to identify clubs. The argument is that economic history helps us understand when, where, and how institutions are formed
and since institutions determine the way scarce resources are used by their chosen policies, it allows us to understand economic growth. Even though Latin America is
typically considered a club itself, due to common characteristics, such as language, geography, religion and history, it still exhibits differences across countries. I study a period of more than 100 years, from 1900 to 2007,where first, I identify two main common external shocks to the region: the Great Depression in the 1930s and the
oil price shock in 1974. Second, I classify countries in clubs according, first, to their natural resources endowments, and then, after each shock, to their policy-response to the shocks. Lastly, I test convergence within each club. I find significant and positive convergence speed within each of the clubs, implying that this way of
finding clubs should not be ruled out.
2013-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/50191/1/MPRA_paper_50191.pdf
Barrientos Quiroga, Paola Andrea (2013): Convergence Clubs determined by Economic History in Latin America.
en
oai:mpra.ub.uni-muenchen.de:51282
2019-09-27T10:02:15Z
7374617475733D696E7072657373
7375626A656374733D45:4533
7375626A656374733D45:4533:453331
7375626A656374733D46:4633
7375626A656374733D46:4633:463330
7375626A656374733D47:4730:473031
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E32:4E3236
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51282/
Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis*
Reinhart, Carmen
E3 - Prices, Business Fluctuations, and Cycles
E31 - Price Level ; Inflation ; Deflation
F3 - International Finance
F30 - General
G01 - Financial Crises
N16 - Latin America ; Caribbean
N26 - Latin America ; Caribbean
This paper focuses on some of the macroeconomic risks that lie ahead for Latin America. The discussion is informed by my work on crises and capital flows and their macroeconomic consequences. The trends and initial conditions that allowed the region to weather the global economic storm of 2008-2009 are discussed, as is the subsequent reversal of some of those benign trends. I review the historical patterns connecting large capital inflow surges, or “capital flow bonanzas,” with the likelihood of a variety of crises—banking, currency, external default and inflation. For Latin America, in particular, large capital flow bonanzas have seldom ended well. The implications for inflation of importing (via less than fully flexible exchange rates) the expansionary policy of the “North” are discussed.
2013-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51282/1/MPRA_paper_51282.pdf
Reinhart, Carmen (2013): Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis*. Forthcoming in: Ernesto Zedillo (ed.) Latin America: Taking Off or Still Falling Behind. (2013)
en
oai:mpra.ub.uni-muenchen.de:51352
2024-03-29T01:51:35Z
7374617475733D696E7072657373
7375626A656374733D45:4533
7375626A656374733D45:4533:453331
7375626A656374733D46:4633
7375626A656374733D46:4633:463330
7375626A656374733D47:4730:473031
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E32:4E3236
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51352/
Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis*
Reinhart, Carmen
E3 - Prices, Business Fluctuations, and Cycles
E31 - Price Level ; Inflation ; Deflation
F3 - International Finance
F30 - General
G01 - Financial Crises
N16 - Latin America ; Caribbean
N26 - Latin America ; Caribbean
This paper focuses on some of the macroeconomic risks that lie ahead for Latin America. The discussion is informed by my work on crises and capital flows and their macroeconomic consequences. The trends and initial conditions that allowed the region to weather the global economic storm of 2008-2009 are discussed, as is the subsequent reversal of some of those benign trends. I review the historical patterns connecting large capital inflow surges, or “capital flow bonanzas,” with the likelihood of a variety of crises—banking, currency, external default and inflation. For Latin America, in particular, large capital flow bonanzas have seldom ended well. The implications for inflation of importing (via less than fully flexible exchange rates) the expansionary policy of the “North” are discussed.
2013-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51352/1/MPRA_paper_51282.pdf
application/pdf
en
https://mpra.ub.uni-muenchen.de/51352/8/MPRA_paper_51352.pdf
Reinhart, Carmen (2013): Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis*. Forthcoming in: Ernesto Zedillo (ed.) Latin America: Taking Off or Still Falling Behind. (2013)
en
oai:mpra.ub.uni-muenchen.de:52394
2019-09-28T06:55:02Z
7374617475733D756E707562
7375626A656374733D43:4338:433832
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E39:4E3936
7375626A656374733D52:5231:523131
7375626A656374733D52:5231:523132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52394/
Fuentes y métodos para la reconstrucción de PIBs regionales en Colombia. Siglos XIX y XX
Mejía Cubillos, Javier
C82 - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data ; Data Access
N16 - Latin America ; Caribbean
N96 - Latin America ; Caribbean
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R12 - Size and Spatial Distributions of Regional Economic Activity
This paper summarizes and analyzes the main sources and methods used in the reconstruction of regional GDPs in Colombia for the 19th and 20th centuries. In addition, it is offered a general perspective of the field's evolution in the coming years.
2013-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52394/1/MPRA_paper_52394.pdf
Mejía Cubillos, Javier (2013): Fuentes y métodos para la reconstrucción de PIBs regionales en Colombia. Siglos XIX y XX.
es
oai:mpra.ub.uni-muenchen.de:53391
2019-09-27T06:27:29Z
7374617475733D756E707562
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453632
7375626A656374733D46:4636:463633
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/53391/
El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México
Carrasco, Carlos A.
E52 - Monetary Policy
E62 - Fiscal Policy
F63 - Economic Development
N16 - Latin America ; Caribbean
In this paper we study the theoretical model and its application as economic policy of the New Consensus Macroeconomics in Mexico. We focus in fiscal and monetary policy in the last 30 years. We critically revise empirical economic literature on the effects of the process of adjustment and reforms in Mexican economy after the burst of the debt crisis. Finally, we analyse the explanatory hypothesis about the low growth of Mexican economy related to the weakness of property right protection. Our main conclusion states that, given the preferences of price stability imposed by the central bank and the disdain of fiscal policy in areas such as public investment, agents do not invest due to the deterioration of expectations of future growth of the Mexican economy and low expected returns to investment.
2013-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/53391/1/MPRA_paper_53391.pdf
Carrasco, Carlos A. (2013): El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México.
es
oai:mpra.ub.uni-muenchen.de:57573
2019-09-26T10:06:53Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F34:4F3437
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/57573/
An unfinished business: Economic liberalization and structural change in Mexico
Padilla-Pérez, Ramón
Villarreal, Francisco G.
N16 - Latin America ; Caribbean
O11 - Macroeconomic Analyses of Economic Development
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
Mexico, as other Latin American countries, undertook far-reaching economic reforms in the 1980s and 1990s in a wide array of areas: trade and industrial policy, foreign investment and capital account, privatization of public enterprises and deregulation of economic activities, among others. As a result of the new economic model, the Mexican economy experienced outstanding export growth, successful insertion into international dynamic markets and shift towards medium and high-technology industries. Yet productivity growth has been insufficient, leading to low and volatile economic growth. This paper examines the dynamics of productivity growth and in particular analyzes whether inter- and intra-industry dynamics can account for sluggish productivity growth. It makes use of a shift-share analysis, taking advantage of a recently published industry-level database developed by the Mexican National Statistics Office as part of the LA-KLEMS project. The paper shows that Mexico has experienced an unfinished structural change, where productivity growth within sectors has been insufficient to close the gap with its main trading partner, the United States. Moreover, despite a significant reallocation of hours worked across industries, its aggregate impact has been hampered by the fact that flows have been from industrial sectors with high labor productivity growth towards sectors with lower, or contracting, productivity growth.
2014-07-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/57573/1/MPRA_paper_57573.pdf
Padilla-Pérez, Ramón and Villarreal, Francisco G. (2014): An unfinished business: Economic liberalization and structural change in Mexico.
en
oai:mpra.ub.uni-muenchen.de:62947
2019-09-30T07:23:09Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F34:4F3437
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/62947/
Unfinished structural change and sectoral heterogeneity: the case of Mexico
Padilla-Pérez, Ramón
Villarreal, Francisco G.
N16 - Latin America ; Caribbean
O11 - Macroeconomic Analyses of Economic Development
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
Mexico, as other Latin American countries, undertook far-reaching economic reforms in the 1980s and 1990s in a wide array of areas. As a result, the Mexican economy experienced outstanding export growth, successful insertion into global markets and a shift towards medium and high-technology industries. Yet productivity growth was insufficient, leading to low and volatile economic growth. This paper examines the dynamics of productivity growth and in particular inter- and intra-industry dynamics, making use of a shift-share analysis and the rich detail available in a novel industry data set. The paper shows that Mexico has experienced an unfinished structural change, in which spells of intra sectoral productivity expansion have been hampered by severe losses during crises, resulting in insufficient productivity growth over the period 1990-2012 to close the gap with its main trading partner, the United States. Moreover, despite a significant reallocation of hours worked across industries, its aggregate impact has been hindered by the prevalence of flows from industrial sectors with high labor productivity growth towards those with lower or contracting productivity growth.
2015-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/62947/1/MPRA_paper_62947.pdf
Padilla-Pérez, Ramón and Villarreal, Francisco G. (2015): Unfinished structural change and sectoral heterogeneity: the case of Mexico.
en
oai:mpra.ub.uni-muenchen.de:67560
2019-09-28T21:19:14Z
7374617475733D756E707562
7375626A656374733D45:4532:453232
7375626A656374733D45:4532:453233
7375626A656374733D45:4533:453332
7375626A656374733D4E:4E31:4E3136
7375626A656374733D50:5031:503136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67560/
Value, periphery and crisis: Argentina 1910-2011
Maito, Esteban Ezequiel
E22 - Investment ; Capital ; Intangible Capital ; Capacity
E23 - Production
E32 - Business Fluctuations ; Cycles
N16 - Latin America ; Caribbean
P16 - Political Economy
In this paper we present a long-term study on the process of accumulation in Argentina over the past century. Explanations of the Argentine historical development are hegemonized by both the neoclassical, politically identified with the conservatives, and the Keynesian school, the latter related with Peronism and other particular ideologies. However, we will develop an alternative explanation deeply focused in Marxist political economy, empirical research and the country economic and political history over the past century.
In the first section we will introduce some theoretical aspects aiming to a deeper acknowledge of some particularities in peripheral countries and their relation to Marxist political economy.
In the second section, we establish a concrete analysis of the accumulation process in historical perspective.
In the third section, we present the long run results of our estimates for Argentina in the period 1910-2011.
2015-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67560/1/MPRA_paper_67560.pdf
Maito, Esteban Ezequiel (2015): Value, periphery and crisis: Argentina 1910-2011.
en
oai:mpra.ub.uni-muenchen.de:67621
2019-10-06T00:56:46Z
7374617475733D756E707562
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E36:4E3636
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67621/
(Mis)measuring Argentina’s Progress: Industrial Output, 1870s-1913
Francis, Joseph A.
N01 - Development of the Discipline: Historiographical; Sources and Methods
N16 - Latin America ; Caribbean
N66 - Latin America ; Caribbean
Evidence of dramatic industrialisation has been used to support the optimistic, staple theory-inspired account of Argentina’s late nineteenth century, which is central to the dominant (neo)liberal narrative of the country’s history. This narrative is here challenged by a discussion of the available evidence of industrial output in Argentina from the 1870s to the eve of the First World War. Issue is taken, in particular, with Roberto Cortés Conde’s widely used industrial output index, which has suggested an 8-9 per cent annual industrial growth rate during this period. It is argued that he has overestimated the growth rate by relying upon dubious data taken from Argentina’s inland revenue service. Rather than reflecting increased production, the rapid growth of Cortés Conde’s index is actually due to increased taxation. Alternative indicators suggest a significantly lower annual growth rate of around 5 per cent, although even this should only be considered indicative, given the lack of data. This is illustrated by the case of textile production.
2015-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67621/1/MPRA_paper_67621.pdf
Francis, Joseph A. (2015): (Mis)measuring Argentina’s Progress: Industrial Output, 1870s-1913.
en
oai:mpra.ub.uni-muenchen.de:68275
2019-09-27T08:56:04Z
7374617475733D696E7072657373
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F35:4F3534
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68275/
La economía argentina y su conflicto distributivo estructural (1930-2015)
Gerchunoff, Pablo
Rapetti, Martin
N16 - Latin America ; Caribbean
O11 - Macroeconomic Analyses of Economic Development
O54 - Latin America ; Caribbean
We provide an interpretation of the macroeconomic performance of Argentina between 1930 and 2015, in which distributive conflict plays a central role. Following a tradition in the Argentine social sciences, we see a structural inconsistency between the income aspirations rooted in society and the productive capacity of the economy. We give this inconsistency a precise definition: as a gap between two equilibrium levels of the real exchange rate (RER). The macroeconomic equilibrium RER is the one that allows the economy to simultaneously attain full employment and balance of payments sustainability. The social equilibrium RER occurs when fully employed workers obtain the real wage that they bargain/claim. These two levels of RER may not coincide. There is a structural distributive conflict when the macroeconomic equilibrium RER is significantly higher than social equilibrium RER. We build a model to provide a stylized characterization of Argentina's economy and precise definitions of the two levels of RER. We then use the model to characterize macroeconomic policy and performance during the 1930-2015 period.
2015
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68275/1/MPRA_paper_68275.pdf
Gerchunoff, Pablo and Rapetti, Martin (2015): La economía argentina y su conflicto distributivo estructural (1930-2015). Forthcoming in: El Trimestre Económico , Vol. 330, (2016)
es
oai:mpra.ub.uni-muenchen.de:69829
2019-09-28T21:34:46Z
7374617475733D756E707562
7375626A656374733D43:4332:433236
7375626A656374733D4A:4A33:4A3331
7375626A656374733D4E:4E31:4E3136
7375626A656374733D52:5231:523132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69829/
Historical trades, skills and agglomeration economies
Ehrl, Philipp
Monteiro Monasterio, Leonardo
C26 - Instrumental Variables (IV) Estimation
J31 - Wage Level and Structure ; Wage Differentials
N16 - Latin America ; Caribbean
R12 - Size and Spatial Distributions of Regional Economic Activity
We exploit differences in the spatial distribution of industrial and liberal occupations in the years 1872 and 1920 to instrument for today's concentration of interpersonal and analytical skills in Brazil. The data suggest that the local supply of knowledge and manufacturing provided by these historical trades favored a growth path that has shaped the occupational structure until the present day, whereby the existence of a large local consumer market was a necessary condition for this development. By means of these instruments, we present causal evidence that the regional concentration of interpersonal and analytical skills generates positive wage externalities. Particularly university graduates and workers without formal education benefit most from these agglomeration economies.
2016-04-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69829/1/MPRA_paper_69829.pdf
Ehrl, Philipp and Monteiro Monasterio, Leonardo (2016): Historical trades, skills and agglomeration economies.
en
oai:mpra.ub.uni-muenchen.de:72697
2019-09-27T15:59:14Z
7374617475733D756E707562
7375626A656374733D4C:4C33:4C3338
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F32
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/72697/
Crescimento Econômico Brasileiro e seus Obstáculos – 1930-2015: uma análise histórico-estrutural
Strachman, Eduardo
L38 - Public Policy
N16 - Latin America ; Caribbean
O2 - Development Planning and Policy
In a period of harsh political-economic crisis, in Brazil, and in which several interpretations of their causes emerge, this paper tries to explain these turbulences considering their deeper long run roots and developments, presenting a retrospective of the associated and subordinated evolution essential to the conduction of many of the main events which the Brazilian economy encountered, in the time range analyzed. This range is divided in shorter periods which we consider clear, in terms of some inflexions that explain, in a general and fundamental framework – emphasizing the behavior of the primary, secondary and tertiary macro-sectors – the evolution and important changes of the national economy. We begin explaining the period 1930-60, of high economic and industrial growth without any major interruption. In the third section, we analyze the period 1961-80, also of high growth, but with a mild inflexion in the beginning of the 1960’s, followed by the so-called Brazilian miracle and the II PND. In the fourth section, we present the evolution of the Brazilian economy and industry, from 1981 to 1992, under the scourge of the external debt crisis and, in the last years of this period, under the hardships generated by the Collor Plan. Finally, the last section shows the almost continuous anti-industrial trend that emerge and remain in Brazil, since the 1990’s, stirred up or at least not disturbed by the two political parties which ruled the nation in this period (PSDB, 1993-2002, and PT, 2003-2015).
2016-07-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/72697/1/MPRA_paper_72697.pdf
Strachman, Eduardo (2016): Crescimento Econômico Brasileiro e seus Obstáculos – 1930-2015: uma análise histórico-estrutural.
pt
oai:mpra.ub.uni-muenchen.de:73181
2019-09-26T14:08:15Z
7374617475733D756E707562
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463432
7375626A656374733D46:4635
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/73181/
Changing Rules of the Game of Global Finance: Glimpses from a Sovereign Debt Restructuring Episode
Arora, Mohit
F34 - International Lending and Debt Problems
F42 - International Policy Coordination and Transmission
F5 - International Relations, National Security, and International Political Economy
N16 - Latin America ; Caribbean
Sovereign debt restructuring refers to debt workout procedures for sovereigns which involve reduction in the nominal value of the old debt instruments when the debt burden of a country becomes unsustainable. Debt restructuring is required in any debtor-creditor relationship since any financial contract has to take the possibility of default into account. As far as corporations are concerned, the idea that the debt burden of the corporations may become unsustainable and in which case it may require restructuring is not new. Corporations in the US have access to legal remedies if they want to restructure their debts or go for liquidation. But when it comes to sovereigns, the international financial architecture lacks any mechanism to take care of the “debt overhang” of sovereigns.
Literature in this area has tried to model the incentives which would lead the sovereign debtor towards repayment. The two main incentives are direct punishments (such as trade embargoes) and reputation concerns (fear of loss of access to international capital markets). The basic assumption in all these models is that creditors only have limited powers to enforce repayments since the sovereign debtor cannot be ordered to repay by the courts of the creditors‟ country of origin because of the sovereign immunity laws. The focus of this paper is on the recently concluded Argentine debt restructuring where the sovereign debtor was forced to make repayments to the “vulture funds” after an order for repayment was passed by the US courts, thus making the assumption of non-enforceability of sovereign debt untenable. This is a real threat because 70% of the sovereign bond documentation is under the US law at present and many debt restructuring exercises are on in countries around the globe.
The paper also looks at two different sovereign debt crisis resolution episodes from history – the first one is the Barings‟ Crisis of 1890 when Britain was the centre of international finance and the other episode is from the inter-war period when USA had overtaken Britain. The attempt is to see if history has some lessons to offer for an orderly debt workout.
2016-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/73181/1/MPRA_paper_73181.pdf
Arora, Mohit (2016): Changing Rules of the Game of Global Finance: Glimpses from a Sovereign Debt Restructuring Episode.
en
oai:mpra.ub.uni-muenchen.de:77803
2019-09-26T18:35:11Z
7374617475733D756E707562
7375626A656374733D44:4436:443633
7375626A656374733D48:4835:483533
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E33:4E3336
7375626A656374733D50:5035:503532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/77803/
The evolution of inequality in Latin America in the 21st century: Patterns, drivers and causal hypotheses
Bogliacino, Francesco
Rojas Lozano, Daniel
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
H53 - Government Expenditures and Welfare Programs
N16 - Latin America ; Caribbean
N36 - Latin America ; Caribbean
P52 - Comparative Studies of Particular Economies
In this article, we show the evolution of inequality for the largest economies of the Latin American region in the 21st century, with separate consideration of income and wealth. We analyse the drivers of the changes in inequality and possible underlying causes, including the role of the new wave of leftist governments.
2017-03-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/77803/1/MPRA_paper_77803.pdf
Bogliacino, Francesco and Rojas Lozano, Daniel (2017): The evolution of inequality in Latin America in the 21st century: Patterns, drivers and causal hypotheses.
en
oai:mpra.ub.uni-muenchen.de:79898
2019-09-29T00:19:56Z
7374617475733D756E707562
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E36:4E3636
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79898/
(Mis)measuring Argentina’s Progress: Industrial Output, 1870s-1913
Francis, Joseph A.
N01 - Development of the Discipline: Historiographical; Sources and Methods
N16 - Latin America ; Caribbean
N66 - Latin America ; Caribbean
Evidence of dramatic industrialisation has been used to support the optimistic, staple theory-inspired narrative of Argentina’s late nineteenth century. This narrative is challenged here by an analysis of the available evidence of industrial output in Argentina from the 1870s to the eve of the First World War. Issue is taken, in particular, with Roberto Cortés Conde’s widely used industrial output index, which suggests an 8-9 per cent annual industrial growth rate during this period. It is argued that Cortés Conde has overestimated growth by relying upon misleading data taken from Argentina’s inland revenue service. Rather than reflecting increased production, the rapid growth of Cortés Conde’s index is actually due to increased taxation. Alternative indicators show a lower annual growth rate of 5 per cent, although this is necessarily an approximation, given the lack of data. The cases of textiles and beef products illustrate why the lack of data makes it easy to overestimate industrial growth during this period, as there tends to be more data for dynamic activities than for those that stagnated. The paper concludes with a discussion of wider implications for the study of economic history.
2015-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79898/1/MPRA_paper_79898.pdf
Francis, Joseph A. (2015): (Mis)measuring Argentina’s Progress: Industrial Output, 1870s-1913.
en
oai:mpra.ub.uni-muenchen.de:82838
2019-09-28T10:00:55Z
7374617475733D707562
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453531
7375626A656374733D45:4535:453538
7375626A656374733D46:4630:463032
7375626A656374733D46:4631:463135
7375626A656374733D46:4633:463333
7375626A656374733D46:4633:463336
7375626A656374733D46:4634:463435
7375626A656374733D4E:4E31:4E3135
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E31:4E3137
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/82838/
Towards Regional Monetary Unions through Blockchain Networks
Hegadekatti, Kartik
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E51 - Money Supply ; Credit ; Money Multipliers
E58 - Central Banks and Their Policies
F02 - International Economic Order and Integration
F15 - Economic Integration
F33 - International Monetary Arrangements and Institutions
F36 - Financial Aspects of Economic Integration
F45 - Macroeconomic Issues of Monetary Unions
N15 - Asia including Middle East
N16 - Latin America ; Caribbean
N17 - Africa ; Oceania
The concept of political and economic integration has not progressed beyond the concept of a Nation-state. The primary reason is the trust deficit among citizens in a supra-national entity. We can use Blockchain systems-which are trustless networks-to resolve this issue. We can float a Regional Cryptocurrency (RCC) which can bring about a successful Regional Monetary Unions (RMU) amongst a group of nations in a transparent manner.
This paper deals with the idea of realizing a monetary union through Blockchain networks. Firstly I describe the basics of cryptocurrencies and RSBCs. Then we shall evaluate how RMUs have failed due trust deficit among citizens of members of RMU. We then analyse as to how Blockchain networks can be a solution to these problems. The paper concludes by summarizing the difficulties and solutions regarding successful formation of Regional Monetary Unions.
2017-04-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/82838/1/MPRA_paper_82838.pdf
Hegadekatti, Kartik (2017): Towards Regional Monetary Unions through Blockchain Networks. Published in: Comparative Political Economy: Monetary Policy eJournal , Vol. 05, No. 49 (27 April 2017)
en
oai:mpra.ub.uni-muenchen.de:88859
2019-09-26T09:45:11Z
7374617475733D707562
7375626A656374733D45:4535:453532
7375626A656374733D46:4636
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E31:4E3133
7375626A656374733D4E:4E31:4E3135
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E32
7375626A656374733D4E:4E37
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88859/
Global silver: Bullion or Specie? Supply and demand in the making of the early modern global economy
Irigoin, Alejandra
E52 - Monetary Policy
F6 - Economic Impacts of Globalization
N10 - General, International, or Comparative
N13 - Europe: Pre-1913
N15 - Asia including Middle East
N16 - Latin America ; Caribbean
N2 - Financial Markets and Institutions
N7 - Transport, Trade, Energy, Technology, and Other Services
In the early modern period the world economy gravitated around the expansion of long distance commerce. Together with navigation improvements silver was the prime commodity which moved the sails of such trade. The disparate availability of, and the particular demand for silver across the globe determined the participation of producers, consumers and intermediaries in a growing global economy. American endowments of silver are a known feature of this process; however, the fact that the supply of silver was in the form of specie is a less known aspect of the integration of the global economy. This chapter surveys the production and export of silver specie out of Spanish America, its intermediation by Europeans and the re-export to Asia. It describes how the sheer volume produced and the quality and consistency of the coin provided familiarity with, and reliability to the Spanish American peso which made it current in most world markets. By the 18th century it has become a currency standard for the international economy which grew together with the production and coinage of silver. Implications varied according to the institutional settings to deal with specie and foreign exchange in each intervening economy. Generalized warfare in late 18th century Europe brought down governance in Spanish America and coinage fragmented along with the political fragmentation of the empire. The emergence of new sovereign republics and the end of minting as known meant the cessation of the silver standard that had contributed to the early modern globalization.
A word of caution (and a disclaimer): readers should not expect to find hard quantitative evidence on the monetary regime as the institutional setting produced no consistent statistical information of note. Instead, the essay offers an analytical narrative of the pre-modern world monetary system without central banks.
2018-09-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88859/1/MPRA_paper_88859.pdf
Irigoin, Alejandra (2018): Global silver: Bullion or Specie? Supply and demand in the making of the early modern global economy. Published in: LSE Economic History Dept Working Papers Series , Vol. 2018, No. 285 (1 September 2018)
en
oai:mpra.ub.uni-muenchen.de:93647
2019-10-15T16:28:53Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D45:4533:453339
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453531
7375626A656374733D45:4535:453532
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453539
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/93647/
The long-run relationship between money and prices in Mexico: 1969-2010.
Gomez-Ruano, Gerardo
E31 - Price Level ; Inflation ; Deflation
E39 - Other
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E51 - Money Supply ; Credit ; Money Multipliers
E52 - Monetary Policy
E58 - Central Banks and Their Policies
E59 - Other
N16 - Latin America ; Caribbean
This paper performs a spectral analysis (univariate and bivariate) of monthly series of growth in money (a narrow and a broad aggregate) and in prices for Mexico. This analysis allows the identification of the most important frequencies for each series, as well as of some measures of association between the series, at different frequencies. In particular, zero frequency measures, typically used for identifying the long-run relationship between money and prices, are obtained. In addition to the analysis of the entire series (1969-2010), a rolling sample analysis for the zero frequency is also carried out to allow for changes in the long-run relationships.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/93647/1/MPRA_paper_93647.pdf
Gomez-Ruano, Gerardo (2014): The long-run relationship between money and prices in Mexico: 1969-2010.
en
oai:mpra.ub.uni-muenchen.de:105013
2021-01-25T09:48:27Z
7374617475733D756E707562
7375626A656374733D47:4731:473138
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/105013/
La Caja Nacional de Ahorros y las cajas financieras estatales en Chile, c. 1920-1950
González-Correa, Ignacio
G18 - Government Policy and Regulation
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N16 - Latin America ; Caribbean
This work examines the links between the Caja Nacional de Ahorros (National Savings Bank) and other state-owned banks such as the Caja de Crédito Hipotecario (National Mortgage Bank) and the Caja de Crédito Agrario (Agricultural Credit Bank) between the end of the nineteenth-century and the first half of the twentieth-century. The permanent financial links, the operative cooperation and the shared Board of Directors among the "cajas" explain the success and permanence in the market of the three state-owned firms. In addition, this work shows the relevance of the Caja Nacional de Ahorros in the Chilean savings market: in 1922 more than 50 percent of the people in Santiago and more than 25 percent of the country's population had a savings account of the National Savings Bank, that is, practically all the families in the country had a savings account in this institution. The wide presence of offices of the Caja Nacional de Ahorros in cities and towns where no private bank had branches and its system of field visits allowed it to capture many customers, especially the working class, who were willing to save in the formal financial system. Finally, the history of close relationships among these companies is one of the main factors that explain why these institutions were merged in 1953 to form the Banco del Estado de Chile.
2020-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/105013/1/MPRA_paper_105013.pdf
González-Correa, Ignacio (2020): La Caja Nacional de Ahorros y las cajas financieras estatales en Chile, c. 1920-1950.
es
oai:mpra.ub.uni-muenchen.de:105592
2021-01-27T09:25:00Z
7374617475733D756E707562
7375626A656374733D47:4731:473138
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/105592/
La Caja Nacional de Ahorros y las cajas financieras estatales en Chile, c. 1920-1950
González-Correa, Ignacio
G18 - Government Policy and Regulation
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N16 - Latin America ; Caribbean
This work examines the links between the Caja Nacional de Ahorros (National Savings Bank) and other state-owned banks such as the Caja de Crédito Hipotecario (National Mortgage Bank) and the Caja de Crédito Agrario (Agricultural Credit Bank) between the end of the nineteenth-century and the first half of the twentieth-century. The permanent financial links, the operative cooperation and the shared Board of Directors among the "cajas" explain the success and permanence in the market of the three state-owned firms. In addition, this work shows the relevance of the Caja Nacional de Ahorros in the Chilean savings market: in 1922 more than 50 percent of the people in Santiago and more than 25 percent of the country's population had a savings account of the National Savings Bank, that is, practically all the families in the country had a savings account in this institution. The wide presence of offices of the Caja Nacional de Ahorros in cities and towns where no private bank had branches and its system of field visits allowed it to capture many customers, especially the working class, who were willing to save in the formal financial system. Finally, the history of close relationships among these companies is one of the main factors that explain why these institutions were merged in 1953 to form the Banco del Estado de Chile.
2020-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/105592/8/MPRA_paper_105592.pdf
González-Correa, Ignacio (2020): La Caja Nacional de Ahorros y las cajas financieras estatales en Chile, c. 1920-1950.
es
oai:mpra.ub.uni-muenchen.de:112782
2022-04-20T13:17:47Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3135
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F31:4F3132
7375626A656374733D51:5135:513536
7375626A656374733D5A:5A31:5A3130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/112782/
Within-Group Heterogeneity in a Multi-Ethnic Society
Artiles, Miriam
J15 - Economics of Minorities, Races, Indigenous Peoples, and Immigrants ; Non-labor Discrimination
N16 - Latin America ; Caribbean
O10 - General
O12 - Microeconomic Analyses of Economic Development
Q56 - Environment and Development ; Environment and Trade ; Sustainability ; Environmental Accounts and Accounting ; Environmental Equity ; Population Growth
Z10 - General
Is ethnic diversity good or bad for economic development? Most empirical studies find corrosive effects. In this paper, I show that ethnic diversity need not spell poor development outcomes–a history of within-group heterogeneity can turn ethnic diversity into an advantage for long-run development. I collect new data from a natural experiment regarding Peru's colonial history: the forced resettlement of native populations in the 16th century. This intervention forced together various ethnic groups into new jurisdictions. In those jurisdictions where colonial officials concentrated individuals with a history of within-group heterogeneity, who, prior to colonization, worked in complementary climates of the Andes, ethnic diversity results in systematically lower costs and may even become advantageous. Neither precolonial groups' political complexity nor their degree of economic development explain this result. The transmission of prosocial behavior is one likely channel. I also find evidence consistent with a positive role of economic complementarities between ethnic groups.
2022-04-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/112782/1/MPRA_paper_112782.pdf
Artiles, Miriam (2022): Within-Group Heterogeneity in a Multi-Ethnic Society.
en
oai:mpra.ub.uni-muenchen.de:113272
2022-06-06T07:22:42Z
7374617475733D756E707562
7375626A656374733D42:4235:423531
7375626A656374733D43:4333:433332
7375626A656374733D45:4533:453332
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/113272/
Ciclos económicos, inversión y rentabilidad del capital en Colombia: un análisis de series de tiempo
Duque Garcia, Carlos Alberto
B51 - Socialist ; Marxian ; Sraffian
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
E32 - Business Fluctuations ; Cycles
N16 - Latin America ; Caribbean
The objective of this paper is to identify the average cycles of the Colombian economy between 1967-2019 and to evaluate, through a time series analysis, investment, average rate of profit and mass of profits as their determinants. Our analytical framework is based on Marx's economic theory where the profitability of capital determines investment and, consequently, the dynamics of output. From the cyclical deviations of real GDP, estimated with the Hodrick-Prescott filter, six cycles with an average duration of 8.3 years were identified. Employing a Vector Autoregressive (VAR) model, and Granger causality tests, evidence was found in favor of Marx's hypothesis: both the rate of profit and the mass of profits determine investment while this, in turn, is co-determined by the business cycle. On the contrary, no evidence was found that investment determines either the rate of profit or the mass of profits. Thus, for the Colombian economy, the dynamics of the profitability of capital is the key to the business cycle.
2022-06-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/113272/9/MPRA_paper_113272.pdf
Duque Garcia, Carlos Alberto (2022): Ciclos económicos, inversión y rentabilidad del capital en Colombia: un análisis de series de tiempo.
es
oai:mpra.ub.uni-muenchen.de:114296
2022-08-28T11:43:31Z
7374617475733D707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F32:4F3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/114296/
La política económica neoclásica en América Latina: génesis y consecuencias de cuatro décadas perdidas en el desarrollo latinoamericano, 1980-2020
Sánchez-Masi, Luis
N16 - Latin America ; Caribbean
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
The aim of this article is to examine the effectiveness of economic policies based on neoclassical principles which have been implemented in most of Latin American countries since the eighties. Since then, the region has been losing relative importance in the world. The lag in the last “four lost decades” es quite general and compelling. Rather than eliminating the asymmetric relationship between developed and underdeveloped
countries, the historical evidence suggests it is perpetuated by the neoclassical economic policy. In Latin America the neoclassical principles such as free market and international free trade have tended to preserve the same productive structure, thus promoting an erratic development, which depends on the demand and prices of primary products. Until now, no underdeveloped country has reached the first world by applying economic
policies based on neoclassical principles. The Asian countries which performed that transition applied policies and strategies opposed to neoclassical principles. Raul Prebisch’s analyses about the inconsistency of neoclassical economic policy with Latin American reality are today as valid as seven decades ago. However, for the great majority of Latin American economists is simply inconceivable that basic principles of neoclassical theory may produce adverse effects on underdeveloped countries. Latin America must rethink the economic policy and strategy for attaining its development.
2022-07-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/114296/1/MPRA_paper_114296.pdf
Sánchez-Masi, Luis (2022): La política económica neoclásica en América Latina: génesis y consecuencias de cuatro décadas perdidas en el desarrollo latinoamericano, 1980-2020. Published in: Desafíos: Economía Y Empresa No. 1 (1 July 2022): pp. 17-40.
es
oai:mpra.ub.uni-muenchen.de:117211
2023-05-05T06:37:16Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F34:4F3433
7375626A656374733D4F:4F35:4F3534
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/117211/
Political Conflict and Economic Growth in Post-Independence Venezuela
Kronick, Dorothy
Rodriguez, Francisco
N16 - Latin America ; Caribbean
O43 - Institutions and Growth
O54 - Latin America ; Caribbean
Venezuela has suffered three economic catastrophes since independence: one each in the nineteenth, twentieth, and twenty-first centuries. Prominent explanations for this trilogy point to the interaction of class conflict and resource dependence. We turn attention to intra-class conflict, arguing that the most destructive policy choices stemmed not from the rich defending themselves against the masses but rather from pitched battles among elites. Others posit that Venezuelan political institutions failed to sustain growth because they were insufficiently inclusive; we suggest in addition that they inadequately mediated intra-elite conflict.
2023-02-23
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/117211/1/EconomicHistory.pdf
Kronick, Dorothy and Rodriguez, Francisco (2023): Political Conflict and Economic Growth in Post-Independence Venezuela.
en
oai:mpra.ub.uni-muenchen.de:117407
2023-05-23T06:12:19Z
7374617475733D756E707562
7375626A656374733D45:4532:453236
7375626A656374733D46:4632:463232
7375626A656374733D46:4632:463234
7375626A656374733D46:4633:463335
7375626A656374733D46:4635:463532
7375626A656374733D46:4635:463534
7375626A656374733D46:4636:463633
7375626A656374733D49:4933:493331
7375626A656374733D4A:4A34:4A3436
7375626A656374733D4A:4A36:4A3631
7375626A656374733D4C:4C33:4C3331
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E31:4E3137
7375626A656374733D4E:4E33:4E3337
7375626A656374733D4E:4E34:4E3437
7375626A656374733D4F:4F31:4F3137
7375626A656374733D4F:4F33:4F3335
7375626A656374733D4F:4F35:4F3535
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/117407/
Le Brésil, soutient-il le développement en Afrique de l'Ouest ? L'exemple du Nigeria, du Ghana et du Sénégal
Kohnert, Dirk
E26 - Informal Economy ; Underground Economy
F22 - International Migration
F24 - Remittances
F35 - Foreign Aid
F52 - National Security ; Economic Nationalism
F54 - Colonialism ; Imperialism ; Postcolonialism
F63 - Economic Development
I31 - General Welfare, Well-Being
J46 - Informal Labor Markets
J61 - Geographic Labor Mobility ; Immigrant Workers
L31 - Nonprofit Institutions ; NGOs ; Social Entrepreneurship
N16 - Latin America ; Caribbean
N17 - Africa ; Oceania
N37 - Africa ; Oceania
N47 - Africa ; Oceania
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
O35 - Social Innovation
O55 - Africa
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
Brazil’s foreign and trade relations with Sub-Sahara Africa (SSA) date back to the Portuguese slave trade. Of the 9.5 million people captured in Africa and brought to the New World between the 16th and 19th centuries, nearly 4 million landed in Rio de Janeiro, i.e. ten times more than all those sent to the United States. Still today, about 51 % of the population see themselves as black or mixed. Racial inequality remains deeply engrained in many respects, notably concerning persistent inequality. Nonetheless, oppression and marginalization of black Brazilians have been largely ignored in modern Brazilian-African relations. Instead, a pronounced nationalism suffused Brazil’s political life. It guided Brazil’s foreign and trade relations and defined how Brazilians interpreted the opportunities of African independence movements. Only Brazil’s President Lula da Silva acknowledged the common historical roots during his first time as president from 2003 to 2011. In fact, his election was driven by the overwhelming support of Afro-Brazilians. Trade relations in the first half of the 20th century were largely limited to South Africa, which accounted for 90 % of Brazil’s African trade. Brasilia’s foreign and trade policy since the 1960s focussed on Nigeria, an important oil supplier, and the five Portuguese-speaking former Portuguese African colonies (PALOP) and the Lusophone Commonwealth (CPLP), founded in 1996. Up to date, Brazilian’s trade relations in West Africa, apart from Nigeria (34 % of Brazil’s African trade) remained fairly modest. Nevertheless, Ghana and Senegal played a decisive role in shaping Brazil-African relations in the early stages of African independence since the 1960s. Because Brazil has meanwhile considerable energy and commodity resources of its own, its approach concerning African trade is less commodity driven than the Chinese or European, but orientated at resource diversification, sustainable development and cooperation to develop these resources, e.g. bioethanol plants in Ghana and other African countries. Therefore, African governments see a greater sense of mutual partnership and reciprocity in their relationship with Brazil. However, corrupt political African elites themselves urged the Brazilian government and companies often into informal political and business norms, with controversial and corrupt investment in commodity extraction, infrastructure and land-grabbing. Apart from that, Brazil tried to create a niche for Brazilian management services, knowledge and technology transfer, suited supposedly exceptionally well for tropical markets.
2023-05-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/117407/1/0-Kohnert-2023.Brazil.foreign%20relations%20in%20West-Africa.FRENCH.pdf
Kohnert, Dirk (2023): Le Brésil, soutient-il le développement en Afrique de l'Ouest ? L'exemple du Nigeria, du Ghana et du Sénégal.
fr
oai:mpra.ub.uni-muenchen.de:117414
2023-05-24T06:03:08Z
7374617475733D756E707562
7375626A656374733D45:4532:453236
7375626A656374733D46:4632:463232
7375626A656374733D46:4632:463234
7375626A656374733D46:4633:463335
7375626A656374733D46:4635:463532
7375626A656374733D46:4635:463534
7375626A656374733D46:4636:463633
7375626A656374733D49:4933:493331
7375626A656374733D4A:4A34:4A3436
7375626A656374733D4A:4A36:4A3631
7375626A656374733D4C:4C33:4C3331
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E31:4E3137
7375626A656374733D4E:4E33:4E3337
7375626A656374733D4E:4E34:4E3437
7375626A656374733D4F:4F31:4F3137
7375626A656374733D4F:4F33:4F3335
7375626A656374733D4F:4F35:4F3535
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/117414/
Le Brésil, soutient-il le développement en Afrique de l'Ouest ? L'exemple du Nigeria, du Ghana et du Sénégal
Kohnert, Dirk
E26 - Informal Economy ; Underground Economy
F22 - International Migration
F24 - Remittances
F35 - Foreign Aid
F52 - National Security ; Economic Nationalism
F54 - Colonialism ; Imperialism ; Postcolonialism
F63 - Economic Development
I31 - General Welfare, Well-Being
J46 - Informal Labor Markets
J61 - Geographic Labor Mobility ; Immigrant Workers
L31 - Nonprofit Institutions ; NGOs ; Social Entrepreneurship
N16 - Latin America ; Caribbean
N17 - Africa ; Oceania
N37 - Africa ; Oceania
N47 - Africa ; Oceania
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
O35 - Social Innovation
O55 - Africa
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
Brazil’s foreign and trade relations with Sub-Sahara Africa (SSA) date back to the Portuguese slave trade. Of the 9.5 million people captured in Africa and brought to the New World between the 16th and 19th centuries, nearly 4 million landed in Rio de Janeiro, i.e. ten times more than all those sent to the United States. Still today, about 51 % of the population see themselves as black or mixed. Racial inequality remains deeply engrained in many respects, notably concerning persistent inequality. Nonetheless, oppression and marginalization of black Brazilians have been largely ignored in modern Brazilian-African relations. Instead, a pronounced nationalism suffused Brazil’s political life. It guided Brazil’s foreign and trade relations and defined how Brazilians interpreted the opportunities of African independence movements. Only Brazil’s President Lula da Silva acknowledged the common historical roots during his first time as president from 2003 to 2011. In fact, his election was driven by the overwhelming support of Afro-Brazilians. Trade relations in the first half of the 20th century were largely limited to South Africa, which accounted for 90 % of Brazil’s African trade. Brasilia’s foreign and trade policy since the 1960s focussed on Nigeria, an important oil supplier, and the five Portuguese-speaking former Portuguese African colonies (PALOP) and the Lusophone Commonwealth (CPLP), founded in 1996. Up to date, Brazilian’s trade relations in West Africa, apart from Nigeria (34 % of Brazil’s African trade) remained fairly modest. Nevertheless, Ghana and Senegal played a decisive role in shaping Brazil-African relations in the early stages of African independence since the 1960s. Because Brazil has meanwhile considerable energy and commodity resources of its own, its approach concerning African trade is less commodity driven than the Chinese or European, but orientated at resource diversification, sustainable development and cooperation to develop these resources, e.g. bioethanol plants in Ghana and other African countries. Therefore, African governments see a greater sense of mutual partnership and reciprocity in their relationship with Brazil. However, corrupt political African elites themselves urged the Brazilian government and companies often into informal political and business norms, with controversial and corrupt investment in commodity extraction, infrastructure and land-grabbing. Apart from that, Brazil tried to create a niche for Brazilian management services, knowledge and technology transfer, suited supposedly exceptionally well for tropical markets.
2023-05-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/117414/1/Kohnert-2023.Brazil.foreign%20relations%20in%20West-Africa.FRENCH.pdf
Kohnert, Dirk (2023): Le Brésil, soutient-il le développement en Afrique de l'Ouest ? L'exemple du Nigeria, du Ghana et du Sénégal.
fr
oai:mpra.ub.uni-muenchen.de:117449
2023-05-30T13:49:17Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3135
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F31:4F3132
7375626A656374733D5A:5A31:5A3130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/117449/
Within-Group Heterogeneity in a Multi-Ethnic Society
Artiles, Miriam
J15 - Economics of Minorities, Races, Indigenous Peoples, and Immigrants ; Non-labor Discrimination
N16 - Latin America ; Caribbean
O10 - General
O12 - Microeconomic Analyses of Economic Development
Z10 - General
Is ethnic diversity good or bad for economic development? Most studies find corrosive effects. I document that ethnic diversity need not spell poor development outcomes—a history of within-group heterogeneity can turn ethnic diversity into an advantage for development. I collect data from a natural experiment of Peru’s history: the forced resettlement of native populations in the 16th century. This intervention forced together various ethnic groups into new jurisdictions. Where colonial officials concentrated populations with a history of within-group heterogeneity, who settled in complementary climates of the Andes before colonization, ethnic diversity results in lower costs and may even become advantageous.
2023-05-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/117449/1/martiles_peru_div_v3_web.pdf
Artiles, Miriam (2023): Within-Group Heterogeneity in a Multi-Ethnic Society.
en
oai:mpra.ub.uni-muenchen.de:118910
2023-10-27T10:34:36Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D45:4536:453633
7375626A656374733D45:4536:453635
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/118910/
Planes de estabilización: Evidencia de América Latina
Rapetti, Martin
Palazzo, Gabriel
Waldman, Joaquin
E31 - Price Level ; Inflation ; Deflation
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E65 - Studies of Particular Policy Episodes
N16 - Latin America ; Caribbean
Chronic inflation has affected Latin America for decades, leading to numerous stabilization attempts. In this article, we develop a novel database with 46 stabilization plans in 13 Latin American countries between 1970-2020, which we classified into three categories: failures, transitory stabilizations, and successful stabilizations. We study which factors have contributed to the plans’ success in lowering inflation. We find that: 1) plans have failed too often; 2) successful plans stabilize the nominal exchange rate (NER); 3) the NER operates as an anchor, decelerating faster than prices; 4) the NER is the instrumental anchor most used; 5) the NER acts as a de facto anchor even when it is not the instrumental anchor; 6) the pre-existence of multiple exchange markets has not prevented stabilization; 7) successful stabilizations begin with higher current account balances; 8) successful stabilizations begin with more robust fiscal accounts; 9) successful stabilizations are preceded by adjustments in external and fiscal accounts; 10) countries correct relative prices before launching a plan; 11) successful stabilizations keep fiscal accounts balanced after the announcement; 12) there are exogenous shocks that can contribute to the failure of a plan; 13) stabilization allows to grow again; 14) the current account balance worsens after the stabilization; 15) transitory stabilizations are interrupted by NER jumps; and 16) many stabilizations end in exchange, financial and sovereign debt crises. The NER plays a key role in stabilization processes in two ways: through its direct impact on tradable prices and through its indirect impact on wage setting and other non-tradable prices. The NER stabilization critically depends on the macroeconomic fundamentals. If the fiscal deficit is high, the NER will eventually depreciate, and the inflation rate will rise. The same will occur if the current account shows a high deficit. The election of the NER as an instrumental anchor depends on the economic situation at the time of the stabilization plan launch. Exchange rate anchors are less frequent when a country has low international reserves and external imbalances. Using the NER as an instrumental anchor implies risks since it accentuates the real appreciation that occurs in any stabilization.
2023-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/118910/1/MPRA_paper_118910.pdf
Rapetti, Martin and Palazzo, Gabriel and Waldman, Joaquin (2023): Planes de estabilización: Evidencia de América Latina.
es
oai:mpra.ub.uni-muenchen.de:119179
2023-11-18T16:26:30Z
7374617475733D756E707562
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4E:4E34:4E3436
7375626A656374733D4E:4E35:4E3536
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/119179/
Defesa do café em tempos de guerra: A segunda valorização e o decreto de "defesa nacional" de 1917
Barros, Gustavo
N16 - Latin America ; Caribbean
N46 - Latin America ; Caribbean
N56 - Latin America ; Caribbean
The second coffee valorization was atypical among other valorization operations of the First Republic. The context in which it was undertaken, marked by the First World War and its repercussions on international trade and financial markets, forced the support of coffee prices to be financed with internal resources, which were generated by means of paper-money emissions. This circumstance displaced tensions to the internal political field, with its implications for the conflicts and negotiations associated to the program. This article aims at examining the second valorization from this perspective, focusing on the parliamentary clashes and bargains surrounding the "national defense" decree of 1917, which authorized the emissions and thus generated the resources for the defense of coffee. The second valorization was more contentious than usually portrayed by the literature, and was subject to resistance to the use of paper-money for this purpose and, specially, to disputes over the allocation of resources from emission, as well as to regional bargains which would reverberate on the government policy for the steel and coal sectors in the following decade.
2023-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/119179/1/MPRA_paper_119179.pdf
Barros, Gustavo (2023): Defesa do café em tempos de guerra: A segunda valorização e o decreto de "defesa nacional" de 1917.
pt
oai:mpra.ub.uni-muenchen.de:119220
2023-11-23T07:38:15Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D45:4536:453633
7375626A656374733D45:4536:453635
7375626A656374733D4E:4E31:4E3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/119220/
Planes de estabilización: Evidencia de América Latina
Palazzo, Gabriel
Rapetti, Martin
Waldman, Joaquin
E31 - Price Level ; Inflation ; Deflation
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E65 - Studies of Particular Policy Episodes
N16 - Latin America ; Caribbean
Chronic inflation has affected Latin America for decades, leading to numerous stabilization attempts. In this article, we develop a novel database with 46 stabilization plans in 13 Latin American countries between 1970-2020, which we classified into three categories: failures, transitory stabilizations, and successful stabilizations. We study which factors have contributed to the plans’ success in lowering inflation. We find that: 1) plans have failed too often; 2) successful plans stabilize the nominal exchange rate (NER); 3) the NER operates as an anchor, decelerating faster than prices; 4) the NER is the instrumental anchor most used; 5) the NER acts as a de facto anchor even when it is not the instrumental anchor; 6) the pre-existence of multiple exchange markets has not prevented stabilization; 7) successful stabilizations begin with higher current account balances; 8) successful stabilizations begin with more robust fiscal accounts; 9) successful stabilizations are preceded by adjustments in external and fiscal accounts; 10) countries correct relative prices before launching a plan; 11) successful stabilizations keep fiscal accounts balanced after the announcement; 12) there are exogenous shocks that can contribute to the failure of a plan; 13) stabilization allows to grow again; 14) the current account balance worsens after the stabilization; 15) transitory stabilizations are interrupted by NER jumps; and 16) many stabilizations end in exchange, financial and sovereign debt crises. The NER plays a key role in stabilization processes in two ways: through its direct impact on tradable prices and through its indirect impact on wage setting and other non-tradable prices. The NER stabilization critically depends on the macroeconomic fundamentals. If the fiscal deficit is high, the NER will eventually depreciate, and the inflation rate will rise. The same will occur if the current account shows a high deficit. The election of the NER as an instrumental anchor depends on the economic situation at the time of the stabilization plan launch. Exchange rate anchors are less frequent when a country has low international reserves and external imbalances. Using the NER as an instrumental anchor implies risks since it accentuates the real appreciation that occurs in any stabilization.
2023-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/119220/1/MPRA_paper_118910.pdf
Palazzo, Gabriel and Rapetti, Martin and Waldman, Joaquin (2023): Planes de estabilización: Evidencia de América Latina.
es
oai:mpra.ub.uni-muenchen.de:119895
2024-01-21T10:48:35Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D45:4536:453631
7375626A656374733D46:4633:463331
7375626A656374733D47:4732:473238
7375626A656374733D48:4836:483633
7375626A656374733D4E:4E31:4E3136
7375626A656374733D4F:4F33:4F3338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/119895/
Políticas para la gestión de activos y pasivos soberanos: Una propuesta para el Tesoro del Perú
Jiménez Sotelo, Renzo
E43 - Interest Rates: Determination, Term Structure, and Effects
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
F31 - Foreign Exchange
G28 - Government Policy and Regulation
H63 - Debt ; Debt Management ; Sovereign Debt
N16 - Latin America ; Caribbean
O38 - Government Policy
This essay discusses policies for decision-making related to sovereign debt and treasury operations, based on a partially dollarized economy like Peru. The methodology used is deductive argumentation. To do this, using organizational theory, international norms and standards, and best practices from other countries as a framework of reference, the situation of financial information and the guidelines or policy orientations that were used until recently are examined. Next, the new criteria and tactics proposed are explained and twelve of the most used theories to explain movements in interest rates and exchange rates are examined. Finally, in response to the evidence that supports, or does not, each theory examined and to the particular nature of the State, the final considerations to take into account to approve and apply a policy framework such as the proposed one are discussed.
2012-12-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/119895/1/MPRA_paper_119895.pdf
Jiménez Sotelo, Renzo (2012): Políticas para la gestión de activos y pasivos soberanos: Una propuesta para el Tesoro del Perú.
es