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

By Werner Baer; Melissa H. Birch | Go to book overview
4.
It is also quite well documented. See Edwards and Edwards ( 1987), Foxley ( 1983), Dahse ( 1980), or de la Cuadra and Valdez ( 1990).
5.
Free banking has had a long and unsuccessful history in Latin America, generally floundering on resultant inflation. Cerda ( 1992) has provided an interesting history of the Mexican effort at the turn of the century.
6.
A related and important change occurred in 1980 with the privatization of Chile's pension system, which strengthened the capital market and provided the basis for wider ownership patterns.
7.
Ponzi financing is a scheme whereby an ever-expanding group of new investors is constantly recruited and their funds are used to pay older investors absurdly high returns.
8.
There has also been an effort to consolidate the banking sector. Between 1982 and 1989, 93 institutions were intervened in by the Central Bank, but only 7 were successfully rehabilitated and subsequently sold or merged. At present, 202 liquidations are still in process. This has reduced total bank employment from 146,140 in 1980 to 123,574 in 1991 ( Argentina, various years).
9.
The country experiences suggest some interesting paradoxes. State ownership in Mexico may have increased the likely success of privatization, just as the earlier privatization and liberalization in Chile and Argentina led to the de facto nationalization of their banking system.
10.
The materials in this section are from various articles in Wall Street Journal, including Solis ( 1992), the issue of May 15, 1992 (p. A10), and the issue of March 16, 1992.
11.
The ratification of NAFTA could have profound effects on the financial services industry in Mexico. It would increase the limits on foreign ownership, give U.S. and Canadian financial firms greater access to the Mexican market, and encourage Mexican entry into the U.S. market, especially since Mexico has fewer restrictions on its banks in certain areas (e.g., interstate banking).
12.
The argument is elaborated in the treatment of the "dollar bloc" in Jameson ( 1990).
13.
One of the positive contributions may be that the private banking sector has greater access to the technological developments in the international financial sector in which markets have become linked and computerization has improved the speed and accuracy of financial operations. The Inverlat ownership purchase by the Bank of Nova Scotia is an example.

REFERENCES

Argentina, Banco Central de la Republica. Boletin Estadistico (various years).

Aspe Pedro "La Banca: Un Instrumento de Impulso a la Produccion," Revista Comercio Exterior, October 1991, pp. 992-997.

Balino Tomas. "The Argentine Banking Crisis of 1980." IMF Working Paper, November 1987.

Barham John. "Survey of Argentina." The Financial Times, May 14, 1992, pp. 31-36.

-132-

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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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