Capital Markets, Growth, and Economic Policy in Latin America

Capital Markets, Growth, and Economic Policy in Latin America

Capital Markets, Growth, and Economic Policy in Latin America

Capital Markets, Growth, and Economic Policy in Latin America

Synopsis

Looking at how Latin American countries have coped with the 1994 Mexican crisis and the debt crisis of the 1980s, this book reveals the full extent of what has come to be known as the "tequila effect." Written by distinguished economists and financiers from Latin America, the Caribbean, and the United States, Sthe volume also examines the social, political, and economic issues associated with ever-expanding trade and globalization. The opening chapters consider the impact of the Mexican crisis on Argentina, Colombia, and Venezuela and provide an interesting account of the events leading up to the crisis. The following section examines issues of economic growth by considering the need for a new growth strategy, comparing the Latin American and Asian economies, and looking at the Cuban economy from a trading partner's perspective. The final section takes an in-depth look at the complex issues of neoliberalist versus neopopulist thinking in shaping Latin America's economic policies.

Excerpt

Since the end of World War II, the importance of trade, capital movements, and monetary transactions, relative to global output, has increased by leaps and bounds. the cohesiveness and interdependence of the world economy has been advancing pari passu with the sustained improvements of the means of communication, transportation, and information technology in all its diverse facets. To these material causal agents of globalization one must add the influence exerted by other intangible forces of great importance, such as politico ideological and purely economic ones.

At present, domestic or endogenous processes of modernization, growth, and development are inextricably linked with exogenous institutions and events of a transnational nature. Never were the words of Alfred Marshall--when referring to international trade as an engine of growth--more true than today.

However, globalization, or its concrete manifestation as a dense and complex system of international economic and financial interrelations, carries with it many subsidiary or secondary effects which we are only beginning to explore.

Topics in a large variety of interfacing areas in diverse fields, such as the international economy, money and finance, and the role of corresponding international and domestic institutions, will be at the forefront of the research agenda in both pure economics and political economy for years to come.

This present volume aspires to be among the initial contributions to an interdisciplinary area of momentous import to the welfare of individual nations, and regions, as well as to the course of the world economy itself. the chapters in this book were selected following two criteria. Some address general themes and issues of wider interest and application, while others circumscribe to the concrete conditions and characteristics of specific cases. We hope to have attained a good balance between the two. One that while keeping an eye on systemic and recurrent points will also not lose sight of actual events and real outcomes.

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