Trade Liberalisation and the Trade‐Off Between Growth and the Balance of Payments in Latin America

2007 ◽  
Vol 21 (4) ◽  
pp. 469-490 ◽  
Author(s):  
Penélope Pacheco‐López ◽  
A. P. Thirlwall
Keyword(s):  
Latin America ◽  
Balance Of Payments ◽  
Trade Liberalisation ◽  
Trade Off

Latin America and the World Economy: Some Observations on External Indebtedness and the International Monetary System

1978 ◽  
Vol 20 (3) ◽  
pp. 321-339
Author(s):  
Aldo Ferrer
Keyword(s):  
Latin America ◽  
Latin American ◽  
World Economy ◽  
International Monetary System ◽  
Import Substitution ◽  
External Debt ◽  
Economic Recession ◽  
Balance Of Payments ◽  
Adjustment Process ◽  
The World

Since 1973 most of the Latin American countries have experienced deterioration in their balance of payments due to the economic recession in the industrial countries and the oil price increases. The consequent adjustment process has called for stricter regulation of domestic demand and new advances in import substitution. Adjustment was less painful due to access to private financing in the international capital markets which, however, produced a sharp increase in the external debt.This article does not propose to review the recent patterns of external payments, already extensively analyzed in the periodic reports of the UN Economic Commission for Latin America, the International Monetary Fund, and in other studies. Rather, it will attempt to emphasize some long-term changes in the world economy and in Latin America that influence the international participation of the region. It is in this context that the adjustment process of the balance of payments and the external debt should be evaluated.

Targets, Tradeoffs, and Economic Policy: A Generalized Phillips Curve

1973 ◽  
Vol 1 (2) ◽  
pp. 67-83
Author(s):  
Shl Omo Maital
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Structural Change ◽  
Phillips Curve ◽  
Empirical Method ◽  
Balance Of Payments ◽  
Trade Off ◽  
Trade Offs ◽  
Short Run ◽  
Proper Design

Frank Bechling recently wrote that “the concentration on the trade-off between unemployment and inflation and the neglect of trade-offs between unemployment and other variables (balance of payments, economic growth, structural change, and income distribution) may lead to a suboptimal choice between inflation and unemployment.” Starting from this proposition, this paper uses a simple yet believable model to construct simulated short-run transformation curves for major economic objectives. One of these curves is the familiar Phillips curve relation between inflation and unemployment. Proper design of policy demands knowledge of subjective preferences, as well as objective tradeoffs, among economic goals. A tentative empirical method for investigating preferences is set out, along with some initial findings.

scholarly journals Evaluating the macroeconomic ımpacts of IMF programmes in Latin America, 1975-2004: a GEE analysis

2011 ◽  
Vol 11 (2) ◽  
pp. 190-202
Author(s):  
Ilhan Ozturk
Keyword(s):  
Latin America ◽  
Panel Data ◽  
Current Account ◽  
Budget Deficit ◽  
Balance Of Payments ◽  
Per Capita Gdp ◽  
Positive Effects ◽  
Macroeconomic Impacts ◽  
Macroeconomic Effects ◽  
Per Capita

Using panel data for 21 Latin Americancountries over the period 1975–2004, this paper analyzes macroeconomic effects of IMF programmes by using GEE methodology. In line with the results of previous studies, it is shown that these programmes have positive effects on the balance of payments, current account and investment. However, they negatively affect budget deficit, per capita GDP, FDI, inflation and consumption.

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