The Cyclical Phenomenon of Resource Nationalism in Latin America

2020 ◽  
Author(s):  
Francisco J. Monaldi
Keyword(s):  
Latin America ◽  
Oil And Gas ◽  
Dominant Role ◽  
Commodity Prices ◽  
Private Investment ◽  
Structural Factors ◽  
State Control ◽  
High Resource ◽  
Resource Nationalism ◽  
Private Investors

Latin America has seen recurrent episodes of resource nationalism, particularly in oil and gas, characterized by increased state control over the industry and investment expropriation. These episodes tend to occur in cycles induced by structural forces, in particular high resource prices and the end of successful investment cycles, increasing production and reserves. State-owned enterprises tend to play a dominant role in the region, which is magnified during the resource nationalism episodes. During such episodes, governments increase taxes and renege on contracts with private investors. Ideology and institutions can limit or exacerbate the intensity of these events in each country, but the cycle is largely driven by the structural factors. The reverse occurs with resource price busts and when a new investment cycle is needed, countries liberalize the oil sector and the state retreats. Between 2002 and 2012, the production boost produced by the liberalizations of the 1990s, combined with the oil price boom, led to a powerful wave of resource nationalism, including contract renegotiations and nationalizations, in Argentina, Bolivia, Ecuador, and Venezuela. Even in Brazil, the country with the most successful and stable oil policy in the region, state-control increased. In contrast, after 2014, a new liberalization period has been prompted throughout the region by the decline in commodity prices, the financial weakness of state-owned companies, and the need for a new private investment cycle. Understanding the dynamics behind resource nationalism in the region is crucial for designing institutional frameworks that limit the cycles and induce long term resource policies that foster the development of the abundant resource endowments in the region.

scholarly journals JUSTIFICATION OF RISK MANAGEMENT IN VIRTUAL SECURITIES TRANSACTIONS

2018 ◽  
pp. 20-22
Author(s):  
M. V. Sokolovsky ◽  
I. V. Tselikhina
Keyword(s):  
Risk Management ◽  
Financial Stability ◽  
Virtual Work ◽  
Stock Exchange ◽  
Private Investment ◽  
Securities Market ◽  
Present Stage ◽  
Private Investors ◽  
Financial Losses

The article explores the specific risks that accompany online securities transactions. Private investors are focused on speculative operations, long-term investments are unpopular. This increases the risk and forms the need for risk management. The article attempts to analyze the risk management system of virtual work of Internet brokers on the stock exchange. The emphasis has been shifted specifically to private investment, since this block is one of the most promising for the development of the securities market at the present stage. The purpose of risk management in the system of Internet trading in securities is positioned in the article, primarily as a reduction of financial losses, and then ensuring the financial stability and reliability of the system for the client.

Introduction to this special section: Latin America

2021 ◽  
Vol 40 (12) ◽  
pp. 874-874
Author(s):  
Antonio J. Velásquez ◽  
Wagner Moreira Lupinacci ◽  
Carlos Eduardo Molinares
Keyword(s):  
Latin America ◽  
Gulf Of Mexico ◽  
Significant Role ◽  
Oil And Gas ◽  
Special Section ◽  
Energy Transition ◽  
Development Projects ◽  
Oil And Gas Exploration ◽  
Technology Applications ◽  
The Caribbean

Recent oil and gas exploration and development projects in Latin America, particularly in offshore basins, have increased the hydrocarbon resources of the region considerably. Geophysical technologies have played a significant role in the growth observed across the region, and those technologies will be crucial in the development of smart energy transition alternatives. That is what inspired this special section, which showcases a variety of technology applications, project scopes, scales, depths of investigation, and techniques, representing the diverse solutions required to tackle subsurface challenges in three major growth geographies: the Brazilian presalt, the Caribbean offshore, and the Gulf of Mexico.

Trade will not drive Latin America recovery this year

2021 ◽  
Keyword(s):  
Latin America ◽  
Regional Integration ◽  
Hospitality Industry ◽  
Commodity Prices ◽  
The Other ◽  
Economic Recovery ◽  
Value Chains ◽  
Economic Nationalism ◽  
Content Type ◽  
Digital Skills

Significance These include a reorganisation of global value chains, an increase in intraregional trade in the other regions and a resurgence of economic nationalism. The report urges increased regional integration as the key to a sustainable and inclusive post-pandemic economic recovery. Impacts Despite higher commodity prices, LAC’s exports are unlikely to recover their pre-pandemic level before 2022. Digital skills will become increasingly more important for LAC’s growth and how its benefits are distributed. The pandemic’s impact on tourism and the hospitality industry suggests a disproportionate effect on women’s employment.

Determinants of Corporate Social Responsibility Disclosure in Latin American Companies

2017 ◽  
pp. 165-184 ◽  
Author(s):  
Arturo Haro-de-Rosario ◽  
María del Mar Gálvez-Rodríguez ◽  
María del Carmen Caba-Pérez
Keyword(s):  
Latin America ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Voluntary Disclosure ◽  
Global Economy ◽  
Oil And Gas ◽  
Major Influence ◽  
Oil Reserves ◽  
Corporate Social ◽  
Oil And Gas Companies

The oil and gas sector exerts a major influence on the global economy. However, its negative impact on the environment and society has provoked increasing concerns about its activities and consumption of natural resources. Therefore, and in view of the fact that Latin America has the world's largest conventional oil reserves, the aim of this paper is to analyse the voluntary disclosure of information on the corporate social responsibility (CSR) of oil and gas companies operating in Latin America, and to study the factors that may influence the provision of this information. The results obtained show that although companies in this sector are becoming more aware of the impact of their activity, greater efforts need to be made with respect to CSR. We find that the largest, most profitable oil and gas companies tend to publish the most complete CSR reports.

17. Failed Democratization

2009 ◽  
Author(s):  
M. Steven Fish ◽  
Jason Wittenberg
Keyword(s):  
Oil And Gas ◽  
Chief Executive ◽  
Executive Power ◽  
Structural Factors ◽  
Key Factors ◽  
Muslim Population ◽  
Political Actors ◽  
History Of ◽  
And Gender ◽  
Established Democracies

This chapter examines key factors that lead to failed democratization. It first describes five categories of countries: established democracies, established autocracies, robust democratizers, tenuous democratizers, and failed democratizers. Using the Freedom House Index, it explains why some democratizers slid backwards while others did not. In particular, it looks at the conditions that undermine democracy and political actors, such as the chief executive, that contribute to democratization’s derailment. The chapter identifies several major structural factors that influence whether democratization succeeds fully, succeeds partially, or fails. These include poverty, a late history of national independence, a large Muslim population, economic reliance on oil and gas, and gender inequality. The chapter concludes by considering ways of reducing the hazards of democratic reversal and preventing relapses into authoritarianism, such as strengthening legislatures and curtailing executive power.

18. A Decade of Democratic Decline and Stagnation

2018 ◽  
pp. 267-282
Author(s):  
M. Steven Fish ◽  
Jason Wittenberg ◽  
Laura Jakli
Keyword(s):  
Oil And Gas ◽  
Chief Executive ◽  
Executive Power ◽  
Structural Factors ◽  
Key Factors ◽  
Muslim Population ◽  
Political Actors ◽  
History Of ◽  
And Gender ◽  
Established Democracies

This chapter examines key factors that lead to failed democratization. It first describes five categories of countries: established democracies, established autocracies, robust democratizers, tenuous democratizers, and failed democratizers. Using the Freedom House Index, it explains why some democratizers slid backwards while others did not. In particular, it looks at the conditions that undermine democracy and political actors, such as the chief executive, that contribute to democratization’s derailment. The chapter identifies several major structural factors that influence whether democratization succeeds fully, succeeds partially, or fails. These include poverty, a late history of national independence, a large Muslim population, economic reliance on oil and gas, and gender inequality. The chapter concludes by considering ways of reducing the hazards of democratic reversal and preventing relapses into authoritarianism, such as strengthening legislatures and curtailing executive power.

14 International Projects—Sector Focus

2019 ◽  
Author(s):  
Davies Aled ◽  
Orme James
Keyword(s):  
Renewable Energy ◽  
Nuclear Power ◽  
Social Impact ◽  
Oil And Gas ◽  
Power Markets ◽  
Risk Allocation ◽  
Market Risks ◽  
Sales Contracts ◽  
Resource Nationalism ◽  
International Projects

This chapter discusses the key features of project financing in the following sectors: oil and gas mining, conventional power, renewable energy, and nuclear power. The chapter is organized as follows. Section A on oil and gas covers project structuring, sales contracts, key risks in an oil and gas project, and financial considerations. Section B on mining covers environmental and social impact, completion risk, reserve estimates and market risks, resource nationalism and political risk, terms of a mining financing; and steaming agreements, royalty agreements, and other alternative finance options. Section C on conventional power covers the IPP model, an overview of power markets, IPP risk allocation and contractual structure, key risks in an independent power project, and financing considerations. Sections D and E cover renewable energy and nuclear power projects, respectively. Section F focuses on the development and financing of public infrastructure and public private partnership (PPP) projects.

Debt, Macro Policy and State Intervention: The Next Phase for Latin America

1985 ◽  
Vol 27 (4) ◽  
pp. 155-172 ◽  
Author(s):  
William R. Cline
Keyword(s):  
Latin America ◽  
Commodity Prices ◽  
State Intervention ◽  
Proximate Cause ◽  
Oil Exports ◽  
External Position ◽  
Per Capita ◽  
Severe Recession ◽  
External Sector ◽  
External Balances

In 1982-83 Latin America experienced a depression which rivaled that of the 1930s. Real Gross Domestic Product (GDP) declined by 1% in 1982 and by 3.3% in 1983. Per capita income fell 10% below 1980 levels. The proximate cause of this depression was the crisis produced by external debt.By 1984 several countries in the region began to show signs of recovery from the severe recession and external-sector crisis. Economic growth rebounded to 2%, and the larger countries achieved impressive improvements in external balances. Brazil's total exports grew sharply, as did Mexico's non-oil exports. In 1985 growth has surged ahead in Brazil and Mexico although falling commodity prices have placed new strains on the smaller countries (and weaker oil prices, as well as erosion in domestic policy, have undermined Mexico's external position).

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