Globalización y Crisis Financieras en América Latina

Frenkel, Roberto

doi:10.1590/0101-31572004-0671

Cited by 7 publications

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From Old to New Developmentalism in Latin America

Bresser-Pereira

2011

Oxford Handbooks Online

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Abstract. The failure of the Washington Consensus and of macroeconomic policies based on high interest rates and non-competitive exchange rates to generate economic growth prompted Latin America to formulate national development strategies. New developmentalism is an alternative strategy not only to conventional orthodoxy but also to old-style Latin American national developmentalism. While national developmentalism was based on the tendency of the terms of trade to deteriorate and, adopting a microeconomic approach, proposed economic planning and industrialization, national-developmentalism assumes that industrialization has been achieved, although in different degrees by each country, and argues that, in order to assure fast growth rates and catching up, the tendency that must be neutralized is that of the exchange rate to overvaluation. Contrary to the claims of conventional economics, a capable state remains the key instrument to ensure economic development, and industrial policy continues to be necessary; but what distinguishes the new approach is principally growth with domestic savings instead of with foreign savings, a macroeconomic policy based on moderate interest rates and a competitive exchange rate instead of the high interest rates and the overvalued currencies prescribed by conventional orthodoxy. Key words: national strategy structuralism developmentalism orthodoxy JEL classification: O10 -011 -O54From the 1930s or, at least, from the 1950s, Latin American countries adopted a successful national development strategy, namely, national developmentalism, based on development economics and in the Latin-American structuralist economic theory. In the late 1980s, after ten years of foreign debt crisis combined with high rates of inflation, this strategy required redefinition. It was replaced by the Washington Consensus or conventional orthodoxy -an imported strategy based on the deregulation of markets, growth with foreign savings, high interest rates and overvalued exchange rates. Ten years later, after

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From Old to New Developmentalism in Latin America

Bresser-Pereira

2011

Oxford Handbooks Online

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Influence of GM Soy Expansion on the Argentinian Food and Nutrition Security

Zanasi

Rota

Severi

et al. 2015

Proceedings in Food System Dynamics

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Spreads de la deuda privada y riesgo sistemático en México

Ríos

Herrera

2009

CyA

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ESTE ARTÍCULO OFRECE EVIDENCIA EMPÍRICA DEL COMPORTAMIENTO DEL SPREAD O PRIMA DE RIESGO DE LA DEUDA DE EMPRESAS MEXICANAS COMO CONSECUENCIA DEL RIESGO SISTEMÁTICO EN MÉXICO, CAPTURADO POR LA DINÁMICA DE VARIABLES MACROECONÓMICAS LOCALES. SE PROPONE UNA METODOLOGÍA ALTERNATIVA PARA CALCULAR ESAS PRIMAS, LA CUAL DEPENDE ÚNICAMENTE DE INFORMACIÓN DISPONIBLE PARA TODA EMPRESA. LOS RESULTADOS DE LA ESTIMACIÓN ECONOMÉTRICA DEL MODELO DINÁMICO ESPECIFICADO, MUESTRAN QUE TODOS LOS FACTORES DE RIESGO PROPUESTOS, YA SEA EN SUS VALORES CONTEMPORÁNEOS O REZAGADOS, SON IMPORTANTES PARA EXPLICAR EL COMPORTAMIENTO DE LAS PRIMAS DE RIESGO DE LA DEUDA DE LAS EMISORAS BAJO ESTUDIO. DICHAS PRIMAS ESTÁN DETERMINADAS PRINCIPALMENTE POR LA EVOLUCIÓN DE LAS IMPORTACIONES Y DEL TIPO DE CAMBIO QUE IMPACTAN AL 100% Y 96.43% DE LAS EMISORAS ANALIZADAS, RESPECTIVAMENTE. LOS FACTORES DE RIESGO DE MENOR IMPORTANCIA SON EL COMPORTAMIENTO DE LAS EXPORTACIONES Y DE LOS PRECIOS DEL PETRÓLEO QUE IMPACTAN, RESPECTIVAMENTE, AL 89.29% Y 78.57% DE LA MUESTRA.

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Globalización y Crisis Financieras en América Latina

Cited by 7 publications

References 0 publications

From Old to New Developmentalism in Latin America

From Old to New Developmentalism in Latin America

Influence of GM Soy Expansion on the Argentinian Food and Nutrition Security

Spreads de la deuda privada y riesgo sistemático en México

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