Privatization in Latin America: New Roles for the Public and Private Sectors

By Werner Baer; Melissa H. Birch | Go to book overview

NOTES
1.
Estimates from Salomon Brothers as reported in "Convergence and Community: The Americas in 1993" (Report of the Inter-American Dialog, 1992).
2.
Gold, p. 10. Estimates of the magnitude of FDI vary among sources because of different accounting conventions. Data for the most recent years tend to show the greatest variation.
3.
Financial Times, July 18, 1992, citing the United Nations World Investment Report ( 1992).
4.
Financial Times, July 18, 1992, p. 9.
5.
Reported in the Financial Times, February 2, 1993, p. 4.
6.
World Bank ( 1993).
7.
Unlike FDI, these funds can instantly be pulled out of the market electronically.
8.
This section is based on an earlier paper on foreign direct investment ( Birch, 1991).
9.
This periodization is taken from Wilkins ( 1974), and this section relies heavily on that research.
10.
Data in this paragraph for the 1960s comes from U.S. Department of Commerce annual publication, International Direct Investment ( 1984), while more recent data are from the sources identified in Table 1.
11.
It is interesting to note that the weakening of the public sector, and especially public enterprises, can be traced to these same policies. See, for example, Baer and Vilella (Chapter 1 in this volume).
12.
World Bank ( 1985), p. 126.
13.
The amount of discount off face value redemption and the types of investment that would qualify for participation varied among the various national debt/equity swap programs.
14.
United States ( 1986).
15.
" Washington consensus" refers to the widely accepted policy stance of the U.S. government and the international lending agencies based in Washington, D.C. with regard to the appropriate micro- and macroeconomic policies necessary for "successful" economic reform in Latin America and other developing countries. In general, these policies have included privatization, deregulation, and a privileged role for private capital, both foreign and domestic. See Williamson ( 1990) for details.
16.
For an overview of privatization programs and completed sales see the special supplement on Latin American Finance in Financial Times, April 6, 1992. For a more scholarly treatment of privatization in Latin America, see Glade ( 1991).
17.
Wall Street Journal, October 9, 1985, p. 36.
18.
According to Gerchunoff ( 1991), the goals of the Argentine privatization program were (1) to improve the quality of public utility services, (2) to increase private financing of investments, (3) to limit the power of unions and big business, (4) to reduce the foreign debt by converting it to equity in privatized firms, thus reducing pressure on the balance of payments, and (5) to obtain additional liquidity for the public sector.
19.
Financial Times, April 6, 1992, p. v.
20.
Petrecolla, Porto, and Gerchunoff ( 1992), p. 37.
21.
For details of the Brazilian privatization program, see Baer and Villela (Chapter 1 in this volume) and Programa Nacional de Desestatizacao ( May 1992), the BNDES' publication outlining the program.

-113-

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Privatization in Latin America: New Roles for the Public and Private Sectors
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Figures and Tables vii
  • Preface xi
  • Notes xiii
  • 1 - Privatization and the Changing Role Of The State in Brazil 1
  • References 18
  • 2 - Privatization and the Role of the State In Post-Isi Mexico 21
  • Notes 41
  • 3 - The Regulation of Newly Privatized Firms: an Illustration from Argentina 45
  • References 68
  • 4 - Privatization: the Role of Domestic Business Elites 71
  • Notes 91
  • 5 - Foreign Direct Investment in Latin America During the 1990s 95
  • Conclusion 112
  • Notes 113
  • References 114
  • 6 - The Financial Sector in Latin American Restructuring 117
  • Notes 131
  • Notes 132
  • 7 - Privatization with Share Diffusion: Popular Capitalism in Chile, 1985-1988 135
  • Conclusion 153
  • Appendix 155
  • Acknowledgements 158
  • Notes 159
  • Refferences 160
  • 8 - Liquid Equity Markets as an Engine For Long-Term Growth in Latin America 163
  • Notes 177
  • Notes 180
  • 9 - Privatization in Spain 183
  • References 200
  • Selected Bibliography 201
  • Index 207
  • About the Contributors 213
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