This paper discusses the topic of deforestation in Latin America and the Caribbean and the use of incentives as support for private forestry investments. The paper develops the idea of using targeted and cost-effective incentives that must take into account cultural and social factors. In...

This paper raises fundamental questions about how banks in Latin America ought to be supervised. The concentration of wealth holders in Latin America and the equity markets' resulting illiquidity permit investors who control banks to subvert the intent of capital requirements, even when the bank...

This paper argues that the experiences with banking crises in Latin America have been different from those in the industrial world because of the peculiarities of Latin American financial systems. Hence, applying the lessons derived from crisis resolution in the industrial world is not...

This paper complements previous studies by arguing that the low private savings ratio in Latin America can be associated with the limited confidence of households and businesses in domestic financial institutions. Previous studies have established a relationship between private savings and...

The value of equity market transactions in emerging economies soared from about 2 percent of the world total in 1986 to 12 percent in 1996. This boom was accompanied by an explosion of international capital flows, especially flows into developing country stock markets. Moreover, while equity...

Financial liberalization and integration have generated disappointing results. They were supposed to set up a win-win situation: capital would flow from capital-abundant, low-return, aging industrial countries to capital-scarce, high-return, young emerging countries. Growth in receiving...

The experience of a large number of countries since the mid-1970s has demonstrated the limited potential for activist monetary and fiscal policies to influence real macroeconomic performance on a sustained basis. Given the central role of the financial sector in pricing and allocating capital...

The employment impact of innovation in the heterogeneous universe of services was studied using data from the 2004-2009 Uruguayan service innovation surveys. The empirical evidence shows that the impact of product innovation on employment is positive, while process innovation appears to have no...

The aim of this paper is to analyze the relationship between innovation and employment, in terms of both its quantity and quality, in Uruguay. The effect of product and process innovation on employment growth and on employment composition in terms of skills was studied, using data from...