Export Pioneers in Latin America analyzes a series of case studies of successful new export activities throughout the region to learn how pioneers jump-start a virtuous process leading to economic transformation. The cases of blueberries in Argentina, avocados in Mexico, and aircraft in Brazil...

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...

This paper considers ongoing and proposed reforms of the international financial system in light of Latin America's recent experience of volatility and a regional recession largely resulting from financial contagion. The authors begin by surveying three diagnoses of Latin America's financial...

This paper discusses a variety of proposals intended to reform global financial architecture and reduce vulnerability. The authors examine Theories of Too Much, which associate volatility with moral hazard and excessive lending, and Theories of Too Little, which alternatively assert that capital...

This paper questions the conventional contrast between flows of "bad cholesterol", represented by short-term debt, and flows of "good cholesterol", represented by longer-term foreign direct investment. The findings suggest that high levels of FDI are not, in fact, a sign of economic good health....

Recent financial crises and contagion puts 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...

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...

It has been common to attribute financial crises to short-term capital inflows, while foreign direct investment (FDI) is seen as a safer form of finance. The relationship between crises and the composition of capital flows is particularly relevant at present because the flow of capital to Latin...

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...