The Chilean experience with price-based capital account regulations (i.e., deposits or reserve requirements on capital inflows) has been subject to extensive discussion in the recent literature. This paper presents evidence on the effectiveness of similar regulations in Colombia since September...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...

The pro-cyclical behavior inherent in the operation of financial markets is at the heart of the current financial crisis. Against the arguments upheld by orthodox economists, these markets do not stabilize by themselves nor tend to smooth the private spending behavior. This problem has been...

The decade of the seventies saw a sharp decline in the relative salaries of the tertiary educated and an increase in their rates of unemployment. It is predicted that in the immediate future one in every three new entrants to the labor markets of the major cities will have some post-secondary...

El documento resume los planteamientos de la Comisión Económica para América Latina -Cepal- en el debate actual sobre el papel del Estado, de las instituciones nacionales e internacionales y la necesidad de reformarlas. La primera sección presenta un diagnóstico de la situación...

The relation between the economy and equity has shown marked contrasts in Latin America over the past two decades. Increases in public spending have been reflected in advances in education, health and access to basic utilities. In contrast, the region has experienced weak labor market...

This paper argues that SDRs should become a more relevant instrument of international monetary cooperation. This requires transforming them into a pure reserve asset and the IMF into a fully SDR-funded institution. SDRs would then be issued counter-cyclically and treated as deposits of countries...

Latin America and the Caribbean is one of the regions in the world with the greatest ethnic, racial and cultural diversity. This diversity is a major asset that holds the key to achieving lasting economic and political stability and constructing a fair, cohesive and democratic society. However,...