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This article explores the role of the Spanish legal ecology in maintaining social cohesion, bolstering the popular legitimacy of the imperial project, and setting the boundaries of economic development. Drawing the connections between Hapsburg and Bourbon governance through two (inconclusive) legal cases, the first lasting throughout the Spanish War of Succession (1700-1713), and the second occurring during the Seven Years’ War (1756-1763). The ambiguity of missing appeals and references to previous legal actions corresponds to the reality for Africans and their descendants in the Spanish Indies for whom there was rarely a clear endpoint in their dealings with the courts. The first case follows two sisters, Maria Josefa Copete and Lorenza Elena, as they defend their freedom against their half-brother. In the second case Nicolás Quintana, an African slave, fights to avoid being sent to the gold mines and separated from his family. [ABSTRACT FROM AUTHOR]

In 1990, the participation of China in the global imports of Latin America (LAC) was incipient, while by 2019, China had become the second largest supplier of the region. This paper uses a sample of 14 LAC countries, estimates the effects of imports from China on each LAC country's economic growth, and verifies if these effects are evidenced in these countries' non-exporting or exporting sectors. This study proposes a Seemingly-Unrelated-Regressions (SUR) system for each sector. Results show that before China entered into World Trade Organization (WTO), LAC imports from China positively affected the economic growth of some LAC countries. However, beneficiary countries increased after China's adhesion to WTO. Imports from China drive the economic growth of the non-exporting sectors of Argentina, Costa Rica, Ecuador, and El Salvador, the exporting sector of the Dominican Republic, and both sectors of Brazil, Chile, Colombia, Peru, Uruguay, and Venezuela. Except for the Dominican Republic, the countries whose export sectors benefit from China's imports are primary exporting countries. Adverse or null effects are estimated for the rest of the countries. [ABSTRACT FROM AUTHOR]

This paper investigates the cumulative production of knowledge about the development of Latin America, in general, and Argentina, in particular, from the case of Economic Development, in the period 1958-1975. The author proposes, through a conceptual theoretical analysis, that the accumulation of knowledge is evidenced by gradually posing new analysis variables and questions. Between 1958 and 1959, a central problem was the transformation of an agrarian productive structure into an industrial one. Between 1961 and 1969, the above is assumed, and includes social and political aspects of Latin American underdevelopment. Between 1970 and 1975, the magazine publishes discussions on dependency and on some specific experiences of underdevelopment, condensing problematizations and findings from the two previous periods. [ABSTRACT FROM AUTHOR]

This article analyzes the behavior of the Economic Fitness indicator as a measure of the international competitiveness of Latin American economies, as well as an indicator of their relationship with per capita income gaps and the Human Development Index (HDI). Positive correlations were found between per capita income gaps and the stagnation of the international competitiveness of Latin American economies, as well as between human development levels and the productive structure, suggesting a causal relationship between human development and competitiveness. This paper also finds that the Economic Fitness indicator fluctuates significantly when estimated using exports in domestic value-added, suggesting that the original estimate may over- or underestimate competitiveness. [ABSTRACT FROM AUTHOR]

The objectives of the paper are to identify the types of State that propose the main economic approaches that were designed after the perfect competition model, and to make approximations to the size of the identified States. The analysis method is composed of two steps: selection of the key functions that are required for the implementation of economic processes, and definition of the degree of State intervention in these functions. The results indicate that the minimum States are diverse and that the planning States are different. Of the approaches that base the coordination of economic processes in the market, the ultra-minimal versions of the State are those designed by the perfect competition model and Pareto welfare economics, while the most extensive exposures are those drawn by development economics and Latin American structuralism with the welfare State and the developmental State, respectively. [ABSTRACT FROM AUTHOR]

Since the 1980s, inequality has been rising in Europe, North America and parts of Asia. How does our understanding of global inequality dynamics change if coverage is extended to the rest of the developing world? To rebalance the perspective on global inequality trends, this paper surveys data and literature on recent inequality trends in Latin America, Asia, Africa and the Middle East. It finds that in these regions there are more countries with falling than rising inequality over the past 20 years, as measured by Ginis of income or consumption inequality. At the global level, therefore, there are signs of inequality convergence, as inequality has been falling in countries with high inequality in the 1990s (particularly Latin America), and rising in historically low-inequality countries. We discuss the political and economic drivers of inequality decline in countries with a steady fall in the Gini. This suggests some common trends across the globe, including the role of democratisation, the rise of new social movements, and the expansion of education and social safety nets and favourable commodity prices, in reducing income disparities. This paper calls for more country-level comparisons of inequality trends, to highlight the multiplicity of paths in this latest phase of globalisation. [ABSTRACT FROM AUTHOR]

Performance Audits are among the competences of many Supreme Audit Institutions (sais), both in developed and developing countries. However, the level of real implementation of this technique in Latin America is underexplored. This paper aims to contribute to the analysis of the implementation of performance audits in Latin-American countries. This paper analyzed the situation of performance auditing in Latin America through a comparative study based on the evidence obtained from the websites of the sais and on a questionnaire sent to them. Results show a common rhetoric with respect to the importance of this technique but variations in practice. These variations can be explained by three reasons: rhetorical implementation, lack of fit between this technique and the problems facing Latin American countries and different levels of political and economic development. Access to information is quite difficult, fears to answer the questionnaire and lack of accessibility to the reports makes having a full picture a daunting task. Latin American sais should reevaluate the type of performance audit that suits their aims and adapt rather than adopt the tools developed in countries with different problems in public management. This paper offers a broad view of performance audit in Latin America. It reflects the effort of international organization and the limitations that performance audits confront in certain settings. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to analyze the performance and the relationship between competitiveness, real gross domestic product (GDP) growth and human development in 20 countries of the Latin America and Caribbean region during the 2006-2015 period. The main argument to uphold here is that – from the perspective of virtuous circle – countries with better conditions of competitiveness are those with better economic performance and with better conditions for human development.Design/methodology/approach Time series data were organized at three levels: individual countries, groups of nations and Latin America and Caribbean as a whole. Indicators used were: index of competitiveness, rates of change in real GDP and Human Development Index. Cluster analysis tests were performed: data ranges were determined and quintiles were established. Countries were ranked in five categories and comparative position matrices were determined for each variable. Linear correlations between indexes were calculated. Linear correlation coefficients were determined in terms of groups of countries and considering Latin America and Caribbean as a whole.Findings Findings revealed that decreasing conditions in competitiveness and economic growth indicators are the representative situation since 2009. The most competitive country in the region is Chile, and the weakest is Venezuela. Nevertheless, all Latin American and Caribbean countries analyzed seem to have made progress in terms of human, economic and social development. Regarding correlations, Dominican Republic showed an inverse relationship between competitiveness and economic growth, while Jamaica and Venezuela showed inverse relationships between competitiveness and human development. At the individual country level, no statistically significant relationship between economic growth and human development was detected.Research limitations/implications Findings highlight the necessity of future research that result in a deeper understanding of the transmission mechanisms between economic and social performance in Latin American and Caribbean countries. Particular reasons at the micro level that explain improvements or deteriorations in competitiveness and human development must also be analyzed. Based on the degrees of freedom, time series could have included more years, but a lack of information was found for some countries. It would also be necessary to observe each particular case considering the type of economy, production characteristics and export/import composition.Practical implications Results complement the existing literature by exploring competitiveness and its relationship with economic and social variables in developing countries. The authors also believe that this paper is relevant for macroeconomic and social policy debates involving competitiveness and human well-being in this region of the world.Originality/value This paper supports an important argument: human well-being and national development must be the ultimate goal of competitiveness. Traditional literature focuses on levels and determinants of competitiveness in developed countries, but it usually does not take into account social and human aspects of the process in developing countries. Little attention has been paid to analyze the relationship between competitiveness and socioeconomic variables in developing countries. Methods and findings of this paper complement the existing literature by studying the relationships among competitiveness, real GDP growth and human development in Latin American and Caribbean countries, using correlation analysis. [ABSTRACT FROM AUTHOR]

The objective of this paper is to discuss the conditions of production and circulation of the book to understand the success and impact of Dependency and development in Latin America. Firstly, we highlight in which sense this book belongs to a broader intellectual tradition, i.e., the interpretative essays on Brazilian reality. Secondly, we investigate the transnational institutional trajectories of its authors that enable them to develop the comparative analytical perspective of the book. Finally, we reconstruct the publishing history of the book. [ABSTRACT FROM AUTHOR]

• A reinterpretation of the nexus between export diversification and economic growth. • We analyze the quality of export diversification in terms of structural change. • We amended the balance-of-payments-constrained growth model to fit our purpose. • We find heterogeneous results for three samples of developing countries. A consensus on the virtues of an economic development strategy based on export diversification has emerged from the recent economic literature. The purpose of this paper is to revisit that relationship by questioning the sustainability of such a strategy. Drawing on a balance of payments constrained growth model, we compare the re-composition of productive capacities that follows export diversification with the evolution of countries' external constraints. Based on econometric estimates of panel data, the lessons of the model allow us to analyze and compare, over the period 1995–2015, export diversification in three samples of developing countries, namely: Latin America, Sub-Saharan Africa and Developing Asia. [ABSTRACT FROM AUTHOR]

In the past decade, Chinese involvement in Latin American infrastructure development has increased dramatically. The influx of Chinese investment along with Chinese construction workers, engineers, and equipment has led scholars and observers to question whether there a distinct model of Chinese infrastructure development. Does China take an integrated approach in Latin America — financing, designing, and executing projects — or does it operate as any other foreign country or company? We develop the concept of infrastructure dominance to answer these questions. Using data on over 400 of the most important public infrastructure projects, we find that China's involvement in projects varies based on the existing institutional constraints of the host country. Where countries have strong institutions, Chinese companies play a role similar to that of other foreign entities involved in infrastructure development. In Latin American countries with weak infrastructure institutions, however, China plays a very different role — it tends to dominate projects. Thus, this paper highlights the adaptability of the Chinese approach and the importance of domestic institutions for shaping the nature of infrastructure development. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between ground rent, production and knowledge in Ecuador's neo-structuralist, state-led project to transform the productive matrix. Based upon insights from the Marxian approach to the critique of political economy, we interrogate how neo-structuralism has conceptualised the relationship between 'natural resource income' and 'knowledge-based' economic development. The paper argues that a rent-theoretical perspective, which takes seriously the regional unfolding of uneven geographical development in Latin America, can highlight the limits of a national development plan conceived according to the logic of Schumpeterian efficiency. In doing so, the paper identifies the contradictory relationship between natural resource exports, state-led 'knowledge'-based development and capital accumulation. On this basis the paper offers a historically and empirically informed critical analysis of selective import substitution industrialisation and vanguard science and technology strategies designed to transition Ecuador away from primary resource dependence. [ABSTRACT FROM AUTHOR]

This paper offers an empirical analysis of how US unconventional monetary policy has affected Latin American countries. First, we estimate the effects of US monetary policy announcements on sovereign bond interest rates, exchange rates, and stock market indices for a set of emerging countries, including five Latin American economies. We found that QE announcements in 2008/2009 and the tapering talk in 2013 generated sizable sovereign yield and exchange rate fluctuations. We further find, just in a few cases, some excessive response of asset prices in Latin American countries. In the second part of the paper, we estimate a simple model that measures the influence of country-specific macroeconomic fundamentals on the transmission of US financial disturbances. An estimated model including the inflation rate, the CDS spread, the ratio of official reserves and market capitalization explains some of the observed cross-country heterogeneity of spillovers from US monetary policy announcements. Under this model, a greater impact from the normalization of US monetary policy can be expected in Latin America relative to other emerging economies. [ABSTRACT FROM AUTHOR]

This brief article seeks to introduce the reader to this special number on industrialization in contemporary Latin America. It does so considering three issues. First, the importance of industrialization in sustaining high rates of economic growth leading to high levels of income per capita. Second, the long-standing debate in global historiography regarding the successes and failures of industrial policy: markets vs. states. Lastly, Latin America's industrial trajectory through the lenses of four historiographical tendencies, and the ways in which each of the four original papers relate to the extant literature, and contribute to enhancing our understanding of one of the most important economic transformations in the history of the region. [ABSTRACT FROM AUTHOR]

This paper analyzes the convergence hypothesis and the impact of social policy on the economic growth of the six largest countries in Latin America between 1980 and 2010. Results suggest that social public policies have positively influenced growth in these economies. Particularly, there are non-observed variables (fixed effects) that positively affect the economic growth in Venezuela and Chile; however, there are other non-observed variables that may be negatively affecting growth in Brazil and Mexico. Regarding the convergence hypothesis, results reveal that the speed of convergence diminishes as real income rises, implying that these countries might be converging to their stable states. [ABSTRACT FROM AUTHOR]

Appropriate port regulation and competitive forces tend to be related to higher levels of operational and economic performance of ports. From a policy-making perspective, pursuing efficiency and securing competition in ports to reach a level playing field is a two-step process requiring (1) ex-ante regulations to set the rules that maximize the competition for the market, especially when the policy objective is to attract private operations to ports on competitive concession processes and (2) ex-post competition policy to monitor and preserve competition in the market. This paper studies port regulation in Latin America and the Caribbean (LAC) from a competition perspective, analyzing both ex-ante and ex-post policies implemented in the region. The analysis reveals that the competitive environment in LAC is low, giving room for possible anticompetitive practices in the LAC port sector. Since the end of the 1990s, approximately 80% of container terminals in the region were granted to only five companies. Chile and Mexico have been found to be the best practices in the region, with better conditions assuring robust competition in the market. The main policy implication from this analysis is the need for a stronger involvement of antitrust agencies throughout the port concession processes. [ABSTRACT FROM AUTHOR]

Summary What accounts for variation in human development levels across similar communities? Why, for example, have some equally poor, indigenous, highland communities in Guatemala made advances in health and education while others have stagnated or regressed? This paper argues that, contrary to an emerging recognition of the role of “ordinary citizens” in peacebuilding or crime reduction, human development requires the complementarity of non-state leaders and government resources. Results are demonstrated through a quantitative analysis of all of Guatemala’s 334 municipalities, combined with a qualitative analysis, including over 250 key informant interviews and focus group participants from four paired communities throughout the Western Highlands, which effectively traces the implementation of a widely acclaimed government anti-hunger program. This paper underscores the variability in local governance present across short distances in Guatemala, with dramatic influence on local development outcomes. In most communities, the role of traditional leaders and other non-state actors is increasingly crowded out by political conflicts exacerbated by growing, and shifting political party and religious affiliations. In these instances, development governance has broken down and development resources are distributed along locally derived lines of patronage versus need. Elsewhere, however, where state actors have identified and incorporated the legitimacy, informal authority, and networks of traditional leaders at the village level, the implementation of the anti-hunger program is visibly more effective. The role of local, informal leaders is pivotal in legitimizing the program, mobilizing citizen participation, and overseeing more equitable distribution of key resources. The paper concludes with an exploration of what explains variation in the quality of local governance across space and its implications for development practice. [ABSTRACT FROM AUTHOR]

The paper discusses the dynamics of capital accumulation in Latin America economies. The hypothesis is that in these economies the role of the State is comparatively broader than in the economies of the centers of the capitalism by structural reasons. The argument is mainly based on Marx and Kalecki, besides historical elements of Latin America economies, particularly the Brazilian economy. Then the paper explores the dynamics consequences of this nature at the national levels, concluding that this condition gives a higher degree of instability. [ABSTRACT FROM AUTHOR]

The main purpose of this paper is to assess the impact of financial market development on Foreign Direct Investment (FDI) in Latin American countries. Financial market development and FDI are two important sources of efficient economic resource allocation in the region. We use banking sector and stock market indicators to capture financial market development. By giving greater consideration to the short-run and long-run effects of financial market development on FDI, this paper presents empirical results from a time series model of 14 Latin American countries. We find financial market development link is both short-run and long-run phenomena in majority of countries. Furthermore, our result of the causality test shows that link between FDI and banking sector development is uni-directional and the link between FDI and stock market development is bi-directional. [ABSTRACT FROM AUTHOR]

In the universe of literature on franchises, several studies have examined the impact of franchising on economic growth, tending to focus on growth rather than development, although the empirical research has already concluded that franchising does have an influence on economic growth. Likewise, some articles have underscored the importance and influence of franchising on development, but have failed to provide empirical proof of its true sway. With that in mind, this paper provides empirical evidence demonstrating the relationship between franchising and development. [ABSTRACT FROM AUTHOR]

Policymakers in Latin America need to internalize the economic challenges associated with the recent expansion of higher education in the region, which has been carried out at a rapid pace and with weak quality assurance mechanisms. To achieve a more promising future than past generations, current college graduates need more than just any degree. We argue that only high-quality programs designed to effectively equip students with the skills to succeed in the modern labor market will alleviate the intergenerational transmission of inequality in the region. This paper seeks to shed light on this critical issue. [ABSTRACT FROM AUTHOR]

This paper presents the explaining factors of the presence of the middle income trap (and slow economic growth trap). It also incorporates the criteria to measure whether any economy falls within those categories. Additionally, it evaluate a sample of 18 Latin American economies and the regional average between 1870 and 2014 under different methodologies for incorporated these in the tipology. It is concluded that most of the economies of the region and the whole are in the middle income trap or slow economic growth conditions and that the probability of reaching the status of high-income economy would be very reduced. [ABSTRACT FROM AUTHOR]

This paper revives Fernando Fajnzylber's methodology, used to characterize Latin America's development pattern from the nineteen-sixties to the nineteen-eighties, leading him to describe it as a non-equitable growth pattern, which he termed the empty box. This time around, we analyze the last thirty years, aiming to reveal how the development pattern in the region has fundamentally changed, if it has changed at all, and find evidence as to whether the empty box, pursuant to its original definition, persists or not. Implicitly, the task is to propose a critical analysis of Latin American economic development in line with a classic structuralist work, as Fajnyzylber's research is. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to understand the relationship in developing countries between fiscal consolidation and public investment – a flexible part of the budget that is easier to cut during consolidation effort, but with potentially negative growth effects. Analyzing in detail the case of Peru, the paper explores alternative fiscal rules and frameworks that might help create fiscal space for infrastructure investment. Design/methodology/approach – The paper analyses trends in public and total infrastructure investment in six large Latin American economies, in the light of fiscal developments since the early 1980s. In particular, the paper explores the association between fiscal consolidations (improvements in the structural fiscal balance) and public infrastructure investment rates. In the second part, the paper analyzes recent changes in the fiscal framework of Peru and shows how they were conductive in creating additional fiscal space. Findings – The authors argue that post-crisis fiscal frameworks, notably fiscal rules that are increasingly popular in the region, should not only consolidate the recent progress towards debt sustainability, but also create the fiscal space to close these infrastructure gaps. These points are illustrated in a detailed account of recent developments in the fiscal framework and public investment in the Peruvian case. Originality/value – The paper contributes new evidence to the literature on fiscal consolidation and the composition of government expenditures. While the literature based on evidence from the 1990s has argued that fiscal consolidation plans in Latin America have almost always led to a significant reduction in public infrastructure investment, the paper finds less clear cut evidence when extending the analysis backwards (1980s) and forwards (2000s). The example of the case of Peru is used to explore fiscal institutions and rules that might be useful for other developing countries that face important infrastructure gaps. [ABSTRACT FROM AUTHOR]

This paper analyzes the determinants of participation in the labor supply in a sample of ten Latin American countries. To this end, a VAR model is estimated with the variables economic growth, wages, unemployment and participation rate. A first section discusses the evolution and determining variables of participation rates in the Latin American countries, under the light of recent theories. This is followed by a review of recent literature on participation in Latin American countries. Next, impulse response functions are analyzed which permits to appreciate the role of economic growth, the real wage and the unemployment rate on participation. Further analysis is carried to appreciate the role of governance in the labor market. The paper ends with a discussion of the social policies related to labor markets. [ABSTRACT FROM AUTHOR]

The international financial crisis of 2008-09 exposed the strengths and weaknesses of the current paradigm of development in Latina America, a paradigm based on liberalized capital accounts and significantly improved macroeconomic conditions. This paper presents lessons derived from the crisis, not only for the region it self, but also for other developing countries that might seek economic growth in the context of greater integration to the international capital markets. Some of the lessons are not new but have been reinforced by the crisis, such as Latin America's imperative need for export diversification (not only in products but in partners). Other lessons break with longstanding myths about the region, such as its inability to undertake counter-cyclical policies -at least on the monetary side. Yet other lessons reflect new developments in the current growth paradigm, such as a renewed assessment of (1) the relative roles of foreign and domestic banks in shielding the financial system against external shocks and (2) the potential costs of adopting blanket international financial regulations that do not account for a country's degree of development. Taken together, the lessons in this paper bring a new sense of optimism for growth in Latin America. [ABSTRACT FROM AUTHOR]

The aim of this paper is to provide a basis for rethinking the approach of development in Latin America through the changes linked to the crisis of industrial capitalism and the ongoing transition toward a "cognitive capitalism". The analysis is organised in three parts. The first one sketches the structural crisis of the industrialist paradigm inherited from development theories during the period 1950-1980. The second part stresses the constraints and challenges implied by the new shape of international division of labour based on cognitive principles and on the strengthening of intellectual property rights' systems. Finally, the third part tries to identify certain features of a post-industrial development strategy for Latin American countries. [ABSTRACT FROM AUTHOR]

This paper discusses some of the challenges related to integration and cooperation in Latin America: the 2030 Agenda for Sustainable Development, a clear platform that involves every country in the region, as well as various actors, and trade negotiations in the twenty-first century, in particular, mega-regional agreements whose scopes are limited to a few countries. Latin America is currently exploring the possibilities of convergence and cooperation in a context of diverse geopolitical interests. This will require adopting a flexible and inclusive approach. The experiences of Asia and Africa in this arena will undoubtedly be relevant. Achieving convergence will be crucial to fostering cooperation and coordinating policies to respond to the challenges of globalization. The region will also have to find new resources and models for national and international funding. [ABSTRACT FROM AUTHOR]

Abstract: This paper investigates whether emerging market countries can implement monetary policies to cope with financial crises as advanced countries did during the recent global crisis—injecting significant amounts of money into the financial system without facing major short-run adverse macroeconomic repercussions. Using panel data techniques, the paper analyzes episodes of financial turmoil in 16 Latin American countries during 1995–2007. The results show that developing and emerging market countries should be cautious because injecting money on a large scale into the financial system may fuel further macroeconomic instability, increasing the chances of simultaneous currency crises. [Copyright &y& Elsevier]

This paper undertakes a critical analysis of the strategies for fighting social exclusion currently applied in Latin America, with regard to science and technology (S&T) policy and the local production of technologies oriented to social inclusion. It considers two of the most significant countries (Brazil and Argentina) in terms of: economic growth, increase in R&D investments, and poverty-reduction programs during the last decade. However, this scenario contrasts with the persisting inequality in income distribution, as well as with persisting structural shortcomings. After a review of the economic growth and S&T policy trends (and the unresolved problem of structural exclusion) the paper examines the inadequacy of local S&T agendas concerning population needs and the problems involved in the performance of currently available technologies for social inclusion. The paper ends with an analytical-normative section related to strategic aspects of potential solutions to development and ex/inclusion issues. [ABSTRACT FROM AUTHOR]

This paper analyzes the origins of economic development theory by focusing on the work of Raúl Prebisch. When Prebisch put forward his theoretical framework, he was faced with the challenges of creating a foundation for development policies in the context of the Cold War. Moreover, Prebisch was immersed in a determined mentalité; he was part of a social network and institutional setting that transformed his ideas into an influential theory. The objective is to highlight that economic theories do not rely on natural laws, and rather result from a historical and social context and that economists are not passive, isolated theoreticians; they are socialized and directly impact the issues on which they theorize. To strengthen the argument, archival research on the Prebisch Papers at the UN Archives as well as interviews from the UN Oral History Project are included. [ABSTRACT FROM PUBLISHER]

During the early sixties the term 'marginalisation' began to be used in Latin America in the social sciences to refer to the heterogeneous and inequitable effects of the processes of industrialisation and development. The term began to be used in the front-line between two paradigms in conflict, allowing for two different forms of interpretation: the notion of social or cultural marginalisation developed within modernisation theory, and the notion of economic marginalisation developed by dependence theory. This paper aims to review the characteristics that the concept of marginalisation acquired within each of these conceptual frameworks, focusing on works by Gino Germani, José Nun and Miguel Murmis. Last of all, the paper outlines the main arguments included in the contemporary form of the concept and its potential applicability to current circumstances in Latin America. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to analyse the relationship between infrastructure and total factor productivity (TFP) in the four major Latin American economies: Argentina, Brazil, Chile, and Mexico. Design/methodology/approach – The authors hypothesise that an increase in infrastructure has an indirect effect on output by raising productivity. To assess this theory, the traditional Johansen methodology was used for testing the cointegration between TFP and physical measures of infrastructure stock, such as energy, roads, and telephones. The Lütkepohl, Saikkonen and Trenkler Test, which considers a possible level shift in the series and has better small sample properties, was applied to the same data set and the two tests were compared. Findings – The results do not support a robust long-term relationship between the series; the authors do not find strong evidence that cuts in infrastructure investment in some Latin American countries were the main reason for the fall in TFP during the 1970s and 1980s. Originality/value – The present paper addresses the empirical relationship between infrastructure and economic growth for Argentina, Brazil, Chile, and Mexico between 1950 and 2000, using new time series econometric methods finding new evidences on this relationship. [ABSTRACT FROM AUTHOR]

Summary: This paper assesses the importance of agriculture poverty reduction, largely through its impact on overall economic growth, drawing on evidence from Latin America and other developing regions. The econometric evidence strongly suggests that the sector contributes to growth more than its share of GDP, certainly in Latin America but also elsewhere. Cross-country studies show that, on average in the developing world, agriculture tends to have an impact on both national growth and poverty reduction that is greater than its simple share of national GDP. The results reinforce the argument against taxing agriculture relative to other sectors and that in assigning government expenditures to public goods one should take into account the historical relationship between agricultural growth and the subsequent non-agricultural growth. The paper also considers approaches to stimulate the rural economy. [ABSTRACT FROM AUTHOR]

Abstract: The paper develops a Comprehensive Neo-Schumpeterian theory of development allowing synthesizing the market-driven, the state-driven and the more recent knowledge-based approaches. The theoretical part of this paper identifies (i) freedom and social welfare, (ii) knowledge and innovations, and (iii) future-oriented economic structures as mutual interconnected and reinforcing objective classes of development. In the empirical part we reveal characteristic patterns and structural bottlenecks in the future-orientation of Latin American economies. While in some countries knowledge is the main bottleneck for future-oriented development, other countries suffer from inefficient economic structures or the exclusion of large parts of the population from economic life. [Copyright &y& Elsevier]

Public debt, government current account saving and primary surplus: analysis of sustainability. On this paper, we propose a change in the primary surplus' target by the government current account saving. That concept excludes public investment from primary surplus. However, of that change has raised a question about if government current account saving represents a sustainable fiscal policy. Thus, this paper analyses if the change in the primary surplus' target by the government current account saving implies a meaning modification on the debt-to-GDP ratio path. The empirical analysis, which is based on Brazilian monthly data for the period 1999-2005, suggests that the change in fiscal target does not mean a lack of sustainability. [ABSTRACT FROM AUTHOR]

Latin America has been dominated by growth expansions that, more often than not, have ended in crises and protracted periods of stagnation. This has led to poor growth performance during most of the past century. This paper reviews Latin American growth experiences and discusses some particular areas that help to explain why sustainable growth has been so elusive in the region. In particular, it discusses the role of openness and intraregional trade, the role of institutions, macroeconomic stability and inequality, all factors that are central to resume and maintain growth. The paper also discusses more general issues related to growth, such as the importance of protecting property rights and having an adequate structure of rewards to effort, which includes equal opportunities. Finally, a brief overview on current macroeconomic developments is presented. [ABSTRACT FROM AUTHOR]

This paper gives a panoramic view of the state of the art of sustainability impact assessment (SIA) of trade policy in Latin American countries. Whereas in developed countries, such as the USA, Canada and the European Union, SIA is quite consolidated, in Latin America the practice is in its infancy, and it has mainly been driven by non-governmental and international organisations. Its value is indisputable, particularly in terms of the insights into the trade-development relationship, the opportunities for defining relevant monitoring processes, and the participation process it encompasses. The paper argues for the prompt implementation of specific, and region-ally relevant, SIA processes in Latin America. [ABSTRACT FROM AUTHOR]

The paper carries out an analysis of long-run development paths in Latin America in the period 1970–2010. We focus on three main dimensions—openness, industrial structure and innovation—and analyze how changes in these factors, and the specific combination of them adopted by each country, have affected its income per capita growth. We apply Johansen cointegration approach to time series data for 18 Latin American countries. The analysis leads to two main results. First, we show that Latin American countries have followed different growth trajectories depending on the combination of policies they have adopted to catch up. Secondly, we find a clear correspondence between policy strategies, on the one hand, and growth performance, on the other. Countries that have managed to combine imitation and innovation policy have experienced a higher rate of growth than those economies that have only made efforts to improve their imitation capability. [ABSTRACT FROM AUTHOR]

Several countries in the Latin American and Caribbean Region are experiencing a spectacular economic growth. As a consequence, reliable statistics are increasingly needed. In order to ensure the credibility of official statistics governance has to be enhanced. This process has already started in the Region, and is being developed along several lines. First a Code of Good Practices in Statistics for the ECLAC Region, following the Fundamental Principles of United Nations and very much in the line of the European Code has been implemented and adopted and, in some countries, embodied into national Codes. As a consequence a number of countries in the Region are now in the process of updating their legislation on official statistics and adapting it to the principles of this Code. Another line of development is a plan for assessing the compliance of the current practices in the countries with the principles of the Code, and to that end a series of peer reviews, as well as some monitoring on the accomplishment of improvement actions, are being undertaken. This paper intends to present an overview of the current situation, outlining the improvements already achieved and the main difficulties encountered in the process, and commenting on some challenges still pending. [ABSTRACT FROM AUTHOR]

Summary Linkage to dynamic markets is a key factor in understanding why different rural territories in Latin America perform differently. This paper combines two conceptual frameworks (from the new economic geography and economic sociology) for an in-depth analysis of the mechanisms that operate in this linkage and to identify key factors that allow for inclusive economic development. This analysis considers three rural territories that exemplify market linkages frequently observed in Latin America, where, although high transaction costs and limited access to financial capital prevail, other types of capital (social, cultural, and human capital) available to rural dwellers can be mobilized. [ABSTRACT FROM AUTHOR]

Summary This article is the introduction to a volume containing findings from a program conducted over five years in 11 Latin America countries, to answer three questions: (1) Are there rural territories that have experienced simultaneous economic growth, poverty reduction, and improved distribution of income?; (2) What factors determine these territorial dynamics?, and; (3) What can be done to stimulate and promote this kind of territorial dynamics? The article outlines the analytical and policy issues and the methodology, summarizes the remaining 10 papers in the collection, and presents a conceptual framework that itself is one of the results of the program. [ABSTRACT FROM AUTHOR]

This paper analyzes the hypothesis of regional convergence in Latin America through a non-linear growth model for the time period 1950-2010. The methodology combines three approaches: the threshold autoregressive model (tar), panel data unit root tests and calculating critical values with a bootstrapping simulation. The results of the tests applied to the per capita gross domestic product (gdp) of two groups of countries in Latin America (the wealthiest and then all nations in the region) suggest that the linear model is superior to the non-linear model and show no evidence of partial or absolute convergence. We did not identify a group of countries in the region with higher per capita income that would behave as a leading economy. Our results cast doubt on other studies conducted with linear tests that did find conditional convergence in some countries in the region. [ABSTRACT FROM AUTHOR]

The paper discusses the similarities and differences between neo-developmentalism and neo-extractivism. The evaluation compares Brazil with nine other Latin American countries and is based on a framework that considers both economic policies and their outcomes. On the policy side, it looks at income, monetary, international trade, industrial and mineral resource policies; on the outcome side, it observes the composition of both exports and the Gross Domestic Product. In the end, we argue that neo-developmentalism and neo-extractivism are actually variations of the same development route and may face similar challenges in the long term. [ABSTRACT FROM AUTHOR]