Recent financial crises and contagion call into question the wisdom of capital account liberalization. There is consensus that something is terribly wrong in the way international financial markets work for developing countries and that fixing is urgent. But what is wrong? Most views in...

(Disponible en idioma inglés únicamente) En este trabajo se toma en cuenta las reformas actuales o propuestas del sistema financiero internacional, a la luz de la experiencia latinoamericana reciente. La mayoría de las propuestas se basan en uno de tres diagnósticos: flujos excesivos de...

Our review of the main proposals on international financial architecture currently under consideration gives reasons for concern that excessive emphasis on improving stability by impeding capital flows will have a deleterious development impact. Sustainable development requires initiatives...

This paper addresses the adequacy of post-reform growth in Latin America in the 1990s on the basis of international comparison and other relevant standards. It analytically explores and empirically tests a number of hypotheses to explain the perceived dissatisfaction with growth performance.

(Disponible en idioma inglés únicamente) Las últimas crisis financieras y contagios recientes hacen cuestionar lo acertado de la apertura de la cuenta de capital. Existe el consenso de que hay algo pésimamente malo con la manera en que funcionan los mercados financieros en el caso de los...

The debate on the effectiveness of foreign aid has intensified in recent years as aid has come under increasing budgetary pressures in donor countries. Whatever the merits of the opposing arguments, the fundamental issue arises of whether conventionally-used measures of aid such as ODA, which...

(Disponible en idioma inglés únicamente) La discusión sobre la eficacia de la asistencia externa se ha intensificado en los últimos años, en la medida en que la asistencia ha venido experimentando cada vez más presiones presupuestarias en los países donantes. Independientemente de los...

This paper examines the implications of a North-South trade accord where investments in the Southern partner nation exhibit country risk. Our analysis demonstrates that North-South trade accords can serve as credibility-enhancing mechanisms that induce additional foreign capital inflows into...

This paper examines the growth experiences of Argentina, Brazil, Chile, Paraguay and Uruguay (Southern Cone countries). The analysis sheds light on the strengths and weaknesses of long-run growth of these countries by identifying similarities and differences with other countries and assesses...

In order to analyze how satisfactory the growth process in Latin America has been over the past 40 years it is important to make relevant comparisons with other experiences. To tackle this issue, the authors focus on the per capita economic growth rate and its contributing factors, comparing the...