Market Liberalism Growth and Economic Development in Latin America 1st Edition by Gerardo Angeles Castro, Ignacio Perrotini Hernandez, Humberto Rios Bolivar ISBN 0415573742 9780415573740

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ISBN 10: 0415573742  
ISBN 13: 9780415573740
Author: Gerardo Angeles Castro, Ignacio Perrotini Hernandez, Humberto Rios Bolivar

The principal themes pursued in this book emerge from the great transformation that the Latin American and the Caribbean economies experienced in the aftermath of both the foreign debt crisis of 1982 and the macroeconomic stabilisation policies that vividly and painfully produced the so-called “lost decade” of the 1980s. Latin America implemented an economic liberalisation process during the late 1980s and the 1990s. The main policy reforms involved in that course can be summarized as privatization of state owned firms, trade openness, deregulation of the foreign direct investment (FDI) regime and fiscal discipline. Latin American countries have also embarked in regional trade agreements, the most important ones being Mercosur and the North American Free trade Agreement (NAFTA). This book compares results from the experience of North-South and South-South moulds of integration. Thus, the impacts of these policies on growth, development, technological progress, poverty and inequality are analysed. Orthodox and heterodox economic policies and theories are discussed along with relevant empirical evidence with a view to assess, on the one hand, the relative merits of the various policy reforms applied by different countries in the region, and on the other, the experience of integration into the global economy. There are thirteen chapters in this collection linked in varying ways to the series of economic reforms introduced in the region in the last decades. The book will be of interest to academics, researchers, students and policymakers interested in the study of economic development in emerging economies and in particular in Latin America

Market Liberalism Growth and Economic Development in Latin America 1st Table of contents:

1.1 Introduction
1.2 What is Wrong with Orthodox Trade Theory?
1.3 Poverty and Income Inequality within Countries
1.4 International and Global Inequality
1.5 Trade Liberalisation and Trade Performance
1.6 Trade Liberalisation and Growth Performance
1.7 Trade Strategy for Development
References
Beyond the Washington Consensus The Quest for an Alternative Development Paradigm for Latin America
2.1 Introduction
2.2 The Washington Consensus Framework Revisited
2.3 Macroeconomic Performance Before and After the Structural Reform
2.3.1 Economic Growth
2.3.2 Inflation
2.3.3 Trade Liberalization and Trade Balance
2.4 Evolution of the Development Gap
2.5 Beyond the Washington Consensus: The Case for Industrial Policy
2.6 Final Remarks
Notes
References
Foreign Trade and Per Capita Income New Evidence for Latin America and the Caribbean
3.1 Introduction
3.2 Theoretical Aspects
3.3 Model Derivation
3.4 Empirical Application
3.4.1 Data
3.5 Results
3.6 Conclusions
Notes
References
Regional Integration and its Effects on Inward FDI in Developing Countries A Comparison Between North–South (Mexico) and South–South (Brazil) Integration
4.1 Introduction
4.2 Theoretical Considerations: Regional Integration Agreements and Possible Effects on Inward FDI
4.2.1 The Possible Static Effects
4.2.2 The Intra-Regional Effects
4.2.3 The Inter-Regional Effects
4.2.4 Possible Dynamic Effects
4.2.5 Possible Effects for Mexico
4.2.6 Possible Effects for Brazil
4.2.7 Other Possible Explanations for Increased Inward FDI
4.3 Empirical Evaluation of Inward FDI in Mexico and Brazil
4.3.1 Changes in Inward FDI in Mexico and Brazil
Changes in FDI Inflows and the FDI Stock
Changes in Inward FDI by Sector
Changes in Inward FDI by Home Country/Region
4.3.2 Possible Other Explanations for Increased Inward FDI
4.4 Conclusions
Notes
References
Trade Blocs as Determinants of Trade Flows in South American Countries An Augmented Gravity Approach
5.1 Introduction
5.2 Impact of the Regionalisation in the Level and Direction of the Trade Flows in the Mercosur and CAN Countries
5.2.1 The Mercosur Countries
5.2.2 The CAN Countries
5.3 Gravity Model
5.4 Empirical Research
5.4.1 Results
5.4.2 Why is the Coefficient of Distance Positive? Robustness and Specification Tests
5.5 Conclusions
Notes
References
Trade Reforms and Development Experience Case Studies in Latin America
Downhill or the long Agony of Argentinian Development
6.1 Introduction
6.2 From the Hegemonic Tie to the Commodity Boom
6.3 External Constraint, Inflation and Financialisation
6.4 The State, Foreign Capital and Spurious Competitiveness
6.5 Inequality and Reprimarisation
6.6 Concluding Remarks
Notes
References
The determinants of FDI in Chile A Gravity Model Approach
7.1 Introduction
7.2 FDI to Chile: Facts and Figures
7.3 Empirical Methodology
7.4 Data and Variables Description
7.5 Results
7.6 Conclusions
Notes
References
Assessment of the Distributive Impact of Trade Reforms in Uruguay1
8.1 Introduction
8.2 Trade Reform in Uruguay
8.3 Inequality and Poverty in Uruguay: The Stylised Facts
8.4 Methodology
8.4.1 Effects of National Trade Reform
Impact of Tariffs on Prices of Traded Goods
Impact of Prices of Traded Goods on the Price of Non-Traded Goods
Impact of Prices on Income
8.4.2 Effects of External Trade Reform
The Impact of Changes in International Prices on Domestic Prices
The Impact of Changes in Domestic Prices on Labour Income>
8.5 Estimation
8.5.1 Estimation of the Effects of National Trade Reform
Impact of Tariffs on Traded Goods
Impact of Tariffs on Non-Traded Goods
Wage–price Elasticities
Estimation of Total Effect
Poverty and Inequality Effects
8.5.2 Estimation of the Effects of External Trade Reform
Price Transmission
Selection Models Estimation
Global Price Variations: Simulations
8.6 Conclusions and Policy Implications
Appendix: Data
Notes
References
Part III Economic Liberalization, Development and Growth in Mexico
Economic Liberalisation and Income Distribution Theory and Evidence in Mexico
9.1 Introduction
9.2 Theoretical Debate and Complementary Arguments
9.2.1 Standard Theory
9.2.2 Contesting Arguments
The Skill-Enhancing Trade Hypothesis
The Rise of Services
Reduction of Rents in the Traded Sector
Temporary Adverse Effects
9.3 Individual Income Distribution
9.3.1 Returns to Education
9.3.2 Decomposition of Income by Economic Sectors
9.4 Econometric Analysis with Disaggregate Data (Labour Income)
9.4.1 Returns to Labour by Sectors
9.5 Additional Forms of Income Distribution (All Income Sources)
9.5.1 Household Inequality vs Individual Inequality
9.5.2 Gini Decomposition by Income Source
9.6 The Effects of Market Openness on Income Dispersion
9.7 Concluding Remarks
Notes
References
How Risk Factors Affect Growth in Mexico A Free-Market Liberalism Approach
10.1 Introduction
10.2 The Setting of the Economy
10.3 The Consumer’s Decision Problem
10.4 Wealth Dynamics
10.5 Consumption Dynamics
10.6 Simulation Exercise
10.7 Conclusions
References
Anti-Inflationary Policy and Financial Fragility A Microeconomic Analysis Case Study of Mexico, 1990–2004
11.1 Introduction
11.2 The Financial Fragility Hypothesis
11.3 Empirical Evidence, a Microeconomic Analysis
11.4 Conclusion
Notes
References
Technological Innovation and Sectoral Productivity in the Mexican Economy Regional Evidence
12.1 Introduction
12.2 Background
12.3 Theoretical Aspects
12.4 Econometric Model
12.5 Econometric Model Specification
12.6 Estimation and Model Results
12.7 Conclusions
Notes
References
The Robustness of Okun’s Law – Evidence from Mexico A quarterly validation, 1985.1–2006.41
13.1 Introduction
13.2 The Okun Models
13.3 Mexico: Output and Unemployment Data, 1985.1–2006.4
13.4 Analysis and Discussion
13.5 Conclusion

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