For many decades, trade policy in Latin America and the Caribbean (LAC) had involved very high levels of protection and of government intervention. The active pursuit of import substitution policies reduced the openness and efficiency of the regions economies. It also increased their external...

Gains in terms of trade in recent years have been a source of prosperity in Africa, Latin America, and the Middle East. This article discusses in detail the behavior and the impact of terms of trade changes. The evidence shows clearly that GDI and GDP have been directly influenced by this...

This paper explores the reasons behind the recent transformation and upturn of the Mexican economy. the changes are the result of the authorities' determination to stick with a difficult reform program since the early 1980s, supported by multilateral financial institutions, creditor countries,...

The high debt burden continues to hamper the growth prospects of many developing countries and is increasing their vulnerability. Bilateral official aid has declined sharply and financing by multilateral organizations is low. Developing countries have experienced net negative resource transfers,...

Financial wealth over the last decades has become the clearest sign of economic advancement and well-being. The collapse of financial markets in the last 2 years has been a cataclysmic event. The loss of financial wealth has been enormous, and the consequences for the economies of the world are...

Over the last quarter century or so, the volume of world trade grew at an average rate of 6 per cent. This increase in trade has not been homogenous among regions. Asia has been engaged in a major and admirable transformation. Latin America has pursued integration efforts for long, but with...