Suchergebnisse

This book explores the impact of Chinese growth on Latin America since the early 2000s. Roughly twenty years ago, Chinese entrepreneurs headed to the Western Hemisphere in search of profits and commodities, specifically those that China lacked and that some Latin American countries held in abundance -- copper, iron ore, crude oil, soybeans, and fish meal. Focusing largely on Argentina, Brazil, Chile, Costa Rica, Mexico, and Peru, Carol Wise traces the evolution of political and economic ties between China and these countries and analyzes how success has varied by sector, project, and country. She also assesses the costs and benefits of Latin America's recent pivot toward Asia. Wise argues that while opportunities for closer economic integration with China are seemingly infinite, so are the risks, and contends that the best outcomes have stemmed from endeavors where the rule of law, regulatory oversight, and a clear strategy exist on the Latin American side.

RESUMO Como o único país de mercado emergente da América Latina que aderiu firmemente a uma taxa de câmbio fixa por mais de uma década, este artigo examina as compensações econômicas e políticas que a paridade peso-dólar acarretou. Em termos econômicos, o conselho da moeda promoveu claramente a estabilidade macroeconômica e a prudência fiscal. No entanto, a manutenção de um regime de moeda fixa no contexto de fluxos voláteis de capital também contribuiu para a constante valorização do peso ao longo do tempo. Essa tendência, juntamente com certos acordos políticos (lenta reforma do mercado de trabalho e transferências generosas do governo para as províncias) ocorridas no início do programa de reformas, dificultou bastante a produtividade e o dinamismo da economia argentina. A fraca posição competitiva do país foi exacerbada pela desvalorização brasileira de 1999, e a lição desde então tem sido o quão difícil é formar uma coalizão política para enfrentar as formidáveis tarefas microeconômicas agora em mãos.

As the one Latin American emerging market country that has steadfastly adhered to a fixed exchange rate for more than a decade, this article examines the economic and political trade-offs that peso-dollar parity has entailed. In economic terms, the currency board has clearly fostered macroeconomic stability and fiscal prudence. Yet, the maintenance of a fixed currency regime in the context of volatile capital flows has also contributed to the steady appreciation of the peso over time. This trend, along with certain political deals (slow labor market reform and generous government transfers to the provinces) struck at the outset of the reform program, has greatly hampered the productivity and dynamism of the economy. (Rev Econ Pol/DÜI)

This paper tackles the question of trade strategy and differential economic performance in Latin America, with a focus on the four countries—Argentina, Brazil, Chile, and Mexico—most important for the successful completion of a full Western Hemispheric integration scheme. The analysis distinguishes between a 'standard' market strategy that assigns the task of economic adjustment to market forces, and a 'competitive' strategy that more actively employs a range of public policies to facilitate adjustment and correct for instances of market failure. The choices of strategy are explored against the backdrop of international pressures, government business relations, and institutional reform within the state. Two main conclusions are drawn: first, the competitive strategy strongly correlates with more favorable macro- and microeconomic outcomes and, second, mediocre economic performance under a standard market strategy has undermined the spirit of collective action that will be necessary to forge ahead at the hemispheric level.

This essay reviews the following works:The Politics of Market Discipline in Latin America: Globalization and Democracy. By Daniela Campello. New York: Cambridge University Press, 2015. Pp. viii + 239. $29.99 paper. ISBN: 9781107649866.Private Wealth and Public Revenue in Latin America: Business Power and Tax Politics. By Tasha Fairfield. Cambridge: Cambridge University Press, 2015. Pp. viii + 333. $34.99 paper. ISBN: 9781107459090.Globalization and the Distribution of Wealth: The Latin American Experience, 1982–2008. By Arie M. Kacowicz. New York: Cambridge University Press, 2013. Pp. vii + 248. $29.99 paper. ISBN: 9781107499744.Globalization and Austerity Politics in Latin America. By Stephen B. Kaplan. New York: Cambridge University Press, 2013. Pp. xi + 331. $20.99 paper ISBN: 9781107670761.The International Monetary Fund and Latin America: The Argentine Puzzle in Context. By Claudia Kedar. Philadelphia: Temple University Press, 2013. Pp. ix + 251. $74.50 cloth. ISBN: 9781439909119.Designing Industrial Policy in Latin America: Business-State Relations and the New Developmentalism. By Ben Ross Schneider. New York: Palgrave Macmillan, 2015. Pp. vii + 101. $70.00 cloth. ISBN: 9781137524836.

Despite the widespread adoption of market reforms in Latin America over the past decade, there is still no consensus about the type of exchange rate regime that would best complement a liberal economic model. While there has been a distinct shift from fixed to floating rates since the Mexican peso crisis of 1994, the empirical evidence is ambivalent when it comes to measuring policy success under any one regime. In light of this empirical ambivalence, this introductory article argues that policy "success" or "failure" can depend as much on policymakers' tenacity and statecraft as on the technicalities of macroeconomic policymaking. (Rev Econ Pol/DÜI)