The Economics of Contemporary Latin America

by Armendariz, Larrain

ISBN: 9780262337885 | Copyright 2017

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Contents (pg. vii)
Preface (pg. xiii)
Acronyms (pg. xvii)
I Historical Origins of the Contemporary Latin American Economy (pg. 1)
1 Geography and the Colonial Legacy (pg. 3)
1.1 Geography (pg. 5)
1.2 Legal Origins (pg. 9)
1.3 Factor Endowments (pg. 15)
1.4 Institutional Legacy (pg. 20)
1.5 Ethnolinguistic Fragmentation and Culture (pg. 28)
1.6 Concluding Remarks (pg. 29)
Summary (pg. 32)
Review Questions (pg. 33)
Further Reading (pg. 33)
2 Export-Led Growth and the Origins of Protectionism (pg. 35)
2.1 Independence: Economic Consequences (pg. 38)
2.2 Diversity across Regions under Export-Led Growth (pg. 43)
2.3 Stellar Performers: Divergent Trends (pg. 45)
2.4 Two Special Cases: Brazil and Cuba (pg. 48)
2.5 Nineteenth-Century Export-Led Growth in Contrast with Modern Days (pg. 51)
2.6 Concluding Remarks (pg. 53)
Summary (pg. 55)
Review Questions (pg. 56)
Further Reading (pg. 57)
3 Import Substitution Industrialization (pg. 59)
3.1 Historical Background (pg. 60)
3.2 Import Substitution Industrialization Policies (pg. 66)
3.3 ISI Performance Indicators (pg. 71)
3.4 Toward a New Consensus (pg. 79)
3.5 Concluding Remarks (pg. 82)
Summary (pg. 83)
Review Questions (pg. 85)
Further Reading (pg. 85)
4 Debt Crises and the Lost Decade (pg. 87)
4.1 Background (pg. 88)
4.2 The 1930s Debt Crisis (pg. 89)
4.3 The 1980s Debt Crisis (pg. 91)
4.4 Another Wave of Crises (pg. 96)
4.5 Latin America through the Twenty-First-Century Financial Crises (pg. 101)
4.6 Concluding Remarks (pg. 104)
Summary (pg. 105)
Review Questions (pg. 106)
Further Reading (pg. 107)
II The Social and Political Context (pg. 109)
5 Poverty and Income Inequality (pg. 111)
5.1 Poverty and Inequality: Recent Trends and Diversity (pg. 113)
5.2 Poverty: Definition and Consequences (pg. 117)
5.3 Measurement (pg. 119)
5.4 Main Determinants of Poverty (pg. 122)
5.5 Labor Markets and Poverty (pg. 131)
5.6 Emergency Job Creation against Poverty (pg. 133)
5.7 Income Inequalities: Measurement and Recent Trends (pg. 134)
5.8 Conditional Cash Transfers (pg. 136)
5.9 Concluding Remarks (pg. 141)
Summary (pg. 143)
Review Questions (pg. 144)
Further Reading (pg. 145)
6 The Political Economy of Latin American Development (pg. 147)
6.1 Populism: Historical Background (pg. 148)
6.2 Macroeconomic Populism (pg. 150)
6.3 Reforms and the Downfall of Macroeconomic Populism (pg. 154)
6.4 The Rebirth of Populism in the Twenty-First Century (pg. 159)
6.5 Regulatory Capture (pg. 165)
6.6 State-Owned Enterprises (pg. 167)
6.7 Concluding Remarks (pg. 168)
Summary (pg. 170)
Review Questions (pg. 170)
Further Reading (pg. 171)
III The Macroeconomics of Latin America in the Twenty-First Century (pg. 173)
7 Fiscal Policy for Development (pg. 175)
7.1 The Growth of the Public Sector Prior to the Crisis of the 1980s (pg. 176)
7.2 Forceful Public Sector Contraction (pg. 180)
7.3 Redefining the Economic Role of the State (pg. 183)
7.4 Redistributive Effects of Fiscal Policy (pg. 184)
7.5 Institutional Changes in Fiscal Policy (pg. 191)
7.6 Concluding Remarks (pg. 195)
Summary (pg. 201)
Review Questions (pg. 201)
Further Reading (pg. 202)
8 The Fight against Inflation (pg. 203)
8.1 Main Roots of Inflation (pg. 204)
8.2 Costs of Inflation (pg. 208)
8.3 Orthodox and Heterodox Stabilization Policies (pg. 208)
8.4 Central Bank Autonomy (pg. 212)
8.5 Fiscal Institutions and Fiscal Prudence (pg. 215)
8.6 Inflation and Exchange Rates (pg. 216)
8.7 Twenty-First-Century Capital Inflows (pg. 217)
8.8 Concluding Remarks (pg. 219)
Summary (pg. 221)
Review Questions (pg. 222)
Further Reading (pg. 222)
9 Pegging, Sliding, and Floating: Managing Exchange Rates (pg. 223)
9.1 Characterization of Different Exchange Rate Regimes (pg. 224)
9.2 Latin America’s Rich Experience with Exchange Rate Regimes (pg. 227)
9.3 Toward a Consensus on Floating Exchange Rates (pg. 229)
9.4 Avoiding Twenty-First-Century Currency Crises (pg. 235)
9.5 Concluding Remarks (pg. 238)
Summary (pg. 239)
Review Questions (pg. 240)
Further Reading (pg. 241)
IV The Underpinnings of Growth and Development in Twenty-First-Century Latin America (pg. 243)
10 Trade and Financial Liberalization (pg. 245)
10.1 The Unilateral Trade Liberalization Wave (pg. 246)
10.2 Bilateral Trade Agreements and Trade Blocs (pg. 252)
10.3 The Pacific Alliance and Trans-Pacific Partnership (pg. 263)
10.4 Financial Liberalization (pg. 266)
10.5 Concluding Remarks (pg. 272)
Summary (pg. 274)
Review Questions (pg. 275)
Further Reading (pg. 276)
11 Labor Markets, Informality, and Labor Protection Systems (pg. 277)
11.1 Background (pg. 278)
11.2 Labor Market Deregulation and Deunionization (pg. 283)
11.3 A Labor Market Turning Point (pg. 287)
11.4 The Informal Sector and Job Quality (pg. 296)
11.5 Age Structure and Women in the Labor Force (pg. 302)
11.6 Concluding Remarks (pg. 303)
Summary (pg. 306)
Review Questions (pg. 307)
Further Reading (pg. 307)
12 Growth and Development in Latin America (pg. 309)
12.1 Development in Latin America: A Tale of Frustrated Expectations (pg. 310)
12.2 Growth and Development: A Quest for Answers (pg. 313)
12.3 Structural Factors (pg. 317)
12.4 Economic Policies and Institutions (pg. 323)
12.5 Productivity and Innovation (pg. 339)
12.6 Concluding Remarks (pg. 342)
Summary (pg. 347)
Review Questions (pg. 348)
Further Reading (pg. 349)
Notes (pg. 351)
References (pg. 371)
Index (pg. 405)

Beatriz Armendariz

Beatriz Armendáriz is Senior Lecturer in the Department of Economics at University College London and Research Affiliate at Harvard University. She is coauthor of The Economics of Microfinance (MIT Press).


Felipe B. Larrain

Felipe Larraín B. is Professor of Economics at the Catholic University of Chile and Director of the Latin American Center of Economics and Social Policies (CLAPES UC). He is coauthor of Macroeconomics in the Global Economy and was Finance Minister of Chile from 2010 to 2014.


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