Suchergebnisse

Purpose: This study aims to verify changes in the debt structure of companies in the main Latin American countries. Approach/Methodology/Design: A difference-in-differences test is applied in a sample of 520 publicly-traded and closed companies, whose data are collected in the previous (2003-2007) and subsequent (2008-2012) periods of the crisis. Findings: The results include the replacement of bank debts by private and public non-bank debts, reduction of maturity of debts and relevance of better level of governance or regulatory environment of countries in guaranteeing the rights of creditors in this process. Practical Implications: These results are in line with the countercyclical fiscal policy adopted by these countries, guaranteeing them greater credibility in international markets. Social Implications: This study also suggest questions for future research. Each Latin American country faces many problems that are motivated by diverse events - political, for example - that impact the economy. That task involves the broadening of this methodology to incorporate internal shocks as well as global crisis. Originality/Value: One of the principal contributions of this study is the finding that companies in the main Latin American countries replace their banking credit by utilizing non-banks, just as done by the developed countries. Understanding better this effect of the global financial crisis may lead to helpful permanent macroeconomic and microeconomic measures. ; peer-reviewed

The fundamental transformation that inter-American relations have undergone since the proclamation of the Alliance for Progress provides an opportunity, and perhaps a necessity, to reconsider the kind of ties that the United States wants to have with the countries of Latin America and the Caribbean. It requires a re-evaluation of the traditional views of the United States about military, economic and political interests in the hemisphere. We maintain that the main effort of its policy towards the Latin American and Caribbean countries should be to ensure their active cooperation to help solve some of the central problems in foreign affairs, which will not be regional, but mainly global. ; La transformación fundamental que han sufrido las relaciones interamericanas desde la proclamación de la Alianza para el Progreso proporciona una oportunidad, y tal vez una necesidad, para reconsiderar el tipo de lazos que los EE. UU. quiere tener con los países de América Latina y el Caribe. Se requiere una reevaluación de los tradicionales puntos de vista de los Estados Unidos acerca de los intereses militares, económicos y políticos en el hemisferio. Sostenemos que el principal esfuerzo de su política hacia los países latinoamericanos y caribeños debería ser asegurar su activa cooperación para ayudar a resolver algunos de los problemas centrales en asuntos exteriores, que ya no serán de carácter regional, sino principalmente globales.

Chapter 2 of the authors' book entitled "Latin America's emergence: towards a US response," 1979.

Few recent intellectual currents have been so self-consciously controversial as the New Economic History. It has been a rare meeting patronized by historians or economists that has not featured a discussion of the merits and defects of applying theoretical and quantitative constructs to historical problems. This occasion is obviously no exception. Yet milestones must be respected, and on this thirtieth anniversary, a review of the profitability, if not the viability, of the new techniques being applied to economic history seems very much in order.