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This paper used a new source of information (ESRU-EMOVI NL) to estimate, for the first time, the lower limit of unequal opportunities in a federal state in Mexico. Using the former criterion concerning unequal opportunities, a lower threshold indicated 35% inequality in economic resources in the state. As at the national level, the main contributors to unequal opportunities in the state are unequal economic resources by origin and parental education. However, in contrast to what has been observed, for the country as a whole, inequalities associated with people's skin tone account for 5% of observed unequal opportunities. [ABSTRACT FROM AUTHOR]

In this paper, we develop the idea of the Sraffian Supermultiplier, presenting it as an alternative to traditional neoclassical thought about economic growth and economic policy. Thus, a brief introduction is made about the importance of economic growth for classical economists, followed by the development of Harrod's model and the different solutions that have raised for sorting the problem of instability. Finally, we present the supermultiplier model of Serrano together with international empirical evidence that supports it and some proposals of economic policy are made. [ABSTRACT FROM AUTHOR]

The paper shows that the liberalization processes and the expansion of the financial sector have changed profoundly the economic, social, and political life of the world economy. New phenomena have arisen, such as the supremacy of the monetary authorities over the fiscal ones and the transformation of national governments into creditors of the central banks. These changes have generated negative consequences, like financial instability, an increase in the number of crises, low growth, and distributive inequality. The article clarifies the need to modify relevant aspects of economic policy. It argues that attributing the role of leaders to the monetary authorities in the coordination of economic policies harms growth and distributive equity. The work claims that discretion should be returned to fiscal policy and that public intervention should guide the evolution of the productive structure. To restore discretion to fiscal policy, the quality of public policies and the levels of trust between the different institutions of national economic policy and between financial market operators and government authorities must be improved. [ABSTRACT FROM AUTHOR]

This paper criticizes the supply-side economic policy promoted by the UK government under Prime Minister Liz Truss. According to the conventional interpretation, the stagnation and productivity crisis in the UK economy is due to the excessive tax burden on large corporations and the tax burden on the richest 1%. If these tax liabilities were reduced, it would increase the profitability of investment, demand and the rate of growth. This would translate into better incomes and higher levels of employment. This story is based on the Laffer curve and associated with the "trickle down" hypothesis, falsified by empirical evidence. Tax reductions for the richest people worsen the distribution of income, and do not raise income or employment. The cause and effect is from profits to investment and growth; not from spending to profits and growth. [ABSTRACT FROM AUTHOR]

Este artículo analiza y conceptualiza el modelo de acumulación de Cambiemos. A partir de un pormenorizado estudio de las principales políticas públicas implementadas durante el período 2015-2019, se concluye que el gobierno de Macri realizó, por etapas, un avance ponderado y gradualmente oscilante de las políticas económicas neoliberales. En una primera etapa, enfatizó en las medidas de desregulación y apertura comercial y financiera. En una segunda etapa, priorizó las medidas de ajuste fiscal y potenció la política monetaria contractiva. Sin embargo, en ambas etapas el macrismo avanzó de un modo ambivalente y con diferentes intensidades graduales. Desde la teoría laclauiana de la hegemonía, se sostiene que las diferentes velocidades y grados de profundidad de este neoliberalismo atemperado estuvieron condicionados discursivamente por las tradiciones sedimentadas, las restricciones económicas, institucionales y geopolíticas y la correlación de fuerzas sociales. This paper analyses and conceptualizes the accumulation model of Cambiemos. Based on a detailed study of the main public policies implemented during the 2015-2019 period, it concludes that Macri's government carried out, in stages, a weighted and gradually oscillating advance of neoliberal economic policies. In the first stage, it emphasized commercial and financial deregulation and aperture measures. In the second stage, it prioritized fiscal adjustment and intensified constraint monetary policy. However, in both cases the macrism advanced with ambivalences and different gradual intensities. From the laclauian theory of hegemony, it affirms that the different speeds and degrees of depth of this tempered neoliberalism were discursively conditioned by sedimented traditions, economic, institutional and geopolitical restrictions and the correlation of social forces. [ABSTRACT FROM AUTHOR]

The aim of this paper is to propose the rate of productive capacity utilization as the economic policy target to fight unemployment. The idea behind this proposal is aimed at re-installing the management of effective demand as the main tool to reduce unemployment. This proposal attempts to replace the dominant theoretical framework, based on the neo-Keynesian labor market, which imposes inflation as the main restriction to reduce unemployment. We asses our proposal using data of six economies and several econometric techniques. The results indicate that the percentage of productive capacity utilization can indeed be a good substitute of the rate of unemployment. Moreover, according to the results of our panel data estimations, we identify that effective demand variables, like capital accumulation, affect productive capacity. [ABSTRACT FROM AUTHOR]

This paper explores the credibility of monetary policy in Colombia and its evolution after the adoption of the inflation targeting system. To do so, a non-linear Phillips curve is estimated based on unemployment for an open economy, which incorporates the direct effect of past inflation rate on price formation and a prospective component. It shows a deeper trade-off between inflation and unemployment and lower inflationary persistence. Consequently, the country could emphasize the greater responsibility of the central bank in economic growth and employment. [ABSTRACT FROM AUTHOR]

Economics is a policy discipline that deals with the problems of social organization and the general good. It co-evolves with circumstances, and it is historically contingent. The world to which economic policies are ultimately addressed is a complex system. Yet economists seeking to develop appropriate policies are necessarily guided by simplifications and heuristics. The question before the discipline is to decide what sort of simplification is best suited to the task. In the spirit of modern science, this paper argues that appropriate generalizations, simplifications, heuristics, and principles are to be derived from a study of the actual world. While these may deploy mathematical tools and draw on insights from the behavior of mathematical systems, the latter by themselves are inadequate, especially where they start from the dead dogmas of the neoclassical mainstream: ex nihilo nihil fit. [ABSTRACT FROM AUTHOR]

The objectives of the paper are to identify the types of State that propose the main economic approaches that were designed after the perfect competition model, and to make approximations to the size of the identified States. The analysis method is composed of two steps: selection of the key functions that are required for the implementation of economic processes, and definition of the degree of State intervention in these functions. The results indicate that the minimum States are diverse and that the planning States are different. Of the approaches that base the coordination of economic processes in the market, the ultra-minimal versions of the State are those designed by the perfect competition model and Pareto welfare economics, while the most extensive exposures are those drawn by development economics and Latin American structuralism with the welfare State and the developmental State, respectively. [ABSTRACT FROM AUTHOR]

Economic crises can be analyzed as part of the economic cycle and from different theoretical perspectives. The article considers economic crises or recessions, in general, as capitalism's own mechanisms to alleviate its contradictions and restore, at least partially, the previous accumulated imbalances. The period 1970 to 2020 covers eight economic crises, some of which determine changes in the internal structure, economic policy trends and the functioning of the U.S. economy, as the main center of the world economy. The purpose of this paper is to examine the set of economic crises of the last fifty years in a panoramic manner, to evaluate them as part of the process of major economic transformations and associated economic policies. [ABSTRACT FROM AUTHOR]

Macarena Suanes and Oriol Roca studied the main determinants of inequality and economic growth in Latin America between 1980 and 2009 and found that one of the main determinants was foreign direct investment. This paper extends that study to 2015 and shows that such investment is no longer significant. In contrast, increasing human capital significantly reduces inequality and improves economic growth. It is recommended, then, that economic policies are oriented towards raising educational attainment. [ABSTRACT FROM AUTHOR]

This paper constitutes a preliminary report that analyzes the crisis and indebtedness of countries, particularly those in developing and emerging markets, in the face of the covid-19 pandemic. It makes a critical recount of the measures and recommendations that various international organizations and developed countries are taking, and based on these it proposes some suggestions to fight the crisis equitably for the whole world. [ABSTRACT FROM AUTHOR]

This paper discusses the relationship between regional integration and industrialization in Latin America over the past seventy years. To this end, it shows how ECLAC's structuralist thought and integrationist dynamics have influenced each other in practice. It outlines the positions on regional industrialization found in old regionalism, open regionalism and in 21st century regionalisms, and how such positions were shaped by conflicts between social groups. Specifically, it introduces the Andean Pact, MERCOSUR and ALBA as examples. This paper's contribution consists in reflecting critically on Latin American experiences of drafting and implementing common industrial policy in diverse contexts. [ABSTRACT FROM AUTHOR]

This paper summarizes the theoretical conceptions defined for the new Cuban economic and social Model. It also warns about how difficult is to implement the economic reform. The main objective of the paper is to propose an approach for teaching "Political Economy of Socialism", which develops the ability of critical reflection in University students, instead of the assimilation of theories which validity can be limited to historical changing context. [ABSTRACT FROM AUTHOR]

This paper introduces an unpublished 1970 work written by the distinguished development economist Lauchlin Currie (1902-93) on Paul Rosenstein Rodan's famous 1944 essay on the "Big Push" which led to the debate on balanced and unbalanced growth in which Albert Hirschman (1915-2012) was an important contributor. Both Currie and Hirschman had been key economic advisers to the Colombian government and here their respective views on development planning are contrasted. In particular, it is shown how Currie's 1970 paper clarifies the theory that serves as the basis for Colombia's 1971-74 National Plan, which he designed and helped execute, and whose institutional innovations have had a lasting impact on Colombia's recent economic history. [ABSTRACT FROM AUTHOR]

In the aftermath of the financial crisis that broke out in 2008, new terms to talk about sustainable development started to emerge: the "green" economy and "green" growth. Some countries supported their usage and others did not. The literature witnessed the recrudescence of the debate on the relationship between economic activity and taking care of the environment, divided into three stances: degrowth advocates, "green" growth backers, and the growth-agnostics. This paper dives into the different "green" terms, paying special attention to the case of Argentina. Unlike in previous papers, which have analyzed country interventions in international forums, the methodology here was to search the web pages of the most relevant local players. The most traditional terms ("sustainable development") were strongly predominant, and the concepts of "green" economy or "green" growth were few and far between. [ABSTRACT FROM AUTHOR]

The Ministry of Agriculture, Fisheries and Food of the Government of Spain pointed out that the forestry industry accentuates its great diversity of species and trees and a multifunctionality of goods and services. The contribution of the wood industry pointed to a wide range of indirect economic activity (extensive livestock farming, nature tourism, fire extinction) of the Spanish forestry sector. In order to protect these activities and the natural environment in general, the Spanish Forestry Strategy was developed, a forestry policy program for the sustainable management of private and neighborhoods forests, as almost 70% of Spanish forests are private. Spain was among the 130 countries that agreed on National Forest Plans for the development of a comprehensive forest management policy. Therefore, the general objective of this research was to investigate the evolution of the forestry sector in Spain during the last two decades of the 21st century, based on two variables: employment and foreign trade. To this end, an inductive method was used to carry out a quantitative and descriptive analysis, based on secondary sources of information. The result required the identification of the main sectors of the national forest industry (wood, pulp, paper and/or furniture), the positive evolution of the Spanish forest sector and the significant investment in forest policies such as fire extinction. [ABSTRACT FROM AUTHOR]

China has entered the new millennium with the goal of returning to the club of the great world powers and is running as the clearest candidate to dispute the hegemonic power of the United States. The "Chinese dream of revitalization of the great Chinese nation" and the "community of destiny" have become two of the main foreign policy purposes of the current president, Xi Jinping. In both concepts, the economic arena occupies a priority place. In this context, the economic statecraft, understood as the manipulation of international economic activities by a State to achieve strategic objectives (Norris, 2010) becomes a fundamental tool for Beijing in the framework of consolidation of its global power. It has also become an effective means to attract Latin American countries, rich in the natural resources that China needs to sustain its economic growth rates. In this regard, the Asian giant has established strategic partnerships aimed at strengthening ties with Beijing, which focus on trade, investment and finance (priority areas of action in the economic statecraft). This paper intends to analyze the economic statecraft that China deploys in Latin America and its link with the establishment of strategic associations in the region, in order to understand if they contribute to give an institutional framework to the economic policy of power that China deploys in the region. For this, we will take the case of the Argentina-China relationship at the beginning of the 21st century, analyzing its process of approach and evolution of bilateral political-diplomatic relations until the signing of the 2014 Comprehensive Strategic Partnership. [ABSTRACT FROM AUTHOR]

The 2016 Ecuador earthquake occurred on April 16 with a moment magnitude of 7.8, affecting mostly the provinces of Manabí and Esmeraldas, and causing loss of life and serious damages to infrastructure and manufacturing industries. This paper is aimed at studying, by adopting a quantitative approach, the impact of tax benefits on the economic reactivation of Manabí after the said earthquake. The study is focused on the macroeconomic variables private investment, production, sales, and employment rates, whose values were compared before and after the earthquake, namely between 2014 und 2017. The results show that more local economic policies need to be adopted in order to improve the current conditions, so short- and medium-term analyses and forecasts could be performed. [ABSTRACT FROM AUTHOR]

This paper is a discussion of the creation of agent-based models from the exclusive perspective of monetary phenomena. These correspond to Schumpeter's monetary analysis in its ideal version. A set of general principles formalizes a population of agents interacting in a decentralized way on the sole basis of monetary phenomena. We make use of these principles, and the subsequent agent-based model is a dynamic, non-deterministic system, whose numerical simulations are able to mimic stylized facts in macroeconomics. Further extensions of the model make possible the expansion its descriptive power, and its use in economic research. [ABSTRACT FROM AUTHOR]

As the heir of political philosophy, the English post-commercialist economy and the French physiocracy, since its origin, political economy has integrated production, circulation and the theory of value into the theories of the modern state and capitalist society. In this paper it is argued that, in political economy, the conceptions of the State and of society are related to the theory of surplus. It criticizes the marginilist notion of society, emphasizes the centrality of the theory of surplus, explained in the conflict between State and society, and identifies the limits of the principle of effective demand of Keynes and Kalecki. The main conclusion is that economic policy recommendations based on inflation, wage deflation and containment of public spending goals seek to increase the surplus in the crisis and recession phases of the economic cycle. [ABSTRACT FROM AUTHOR]

International fragmentation of production and economic integration are two structural motors of change that have characterized the global economy for decades. However, an interest in analyzing these two processes together has recently intensified due to the neo-protectionist turn in trade and economic policy in the United States. This paper examines trade and productive relations between Mexico, the United States and Canada, demonstrating how the global value chains (GVCs) in which they participate obscure global tendencies (centrifugal forces) and regional countertendencies (centripetal forces) that provoke changes in the geography and composition of productive linkages. These processes have the result of restructuring, and to a certain extent disintegrating, the regional bloc. [ABSTRACT FROM AUTHOR]

This paper analyzes the accumulation model and hegemonic disputes that took place under the first administration of Cristina Fernández de Kirchner. First, this article examines some core structural elements that shaped transformations and tension at the model level: industrial performance, the energy crisis, changes in the world of finance, and the status of subordinated classes. Subsequently, this paper looks at three key moments in the political dynamics of the economic policy: tax withholdings and the agrarian conflict, the launch of the national plan to confront the global crisis, and the progressivist radicalization of public policy. The questions guiding this work are as follows: what are the characteristics of the accumulation model? How are the hegemonic disputes tied to the performance of the model in Argentina between 2008 and 2011?. [ABSTRACT FROM AUTHOR]

This paper discusses the gap between the expected and real effects of Colombian trade liberalization policy. First, we stress the influence of international integration on Colombia's growth and development, and explains why moving toward more free trade has not contributed to the consolidation of high value-added industries in that country. Ultimately, we apply the theory of political cycles and suggest that political power in Colombia has contributed to get the country trapped into an international dependency on primary commodities. [ABSTRACT FROM AUTHOR]

This research inquires on the planning principle on state contracts for public works. Different laws such as the 80th from 1993 and 1150th of 2007 rule about this principle from which management doctrine and legal rules derive the requirements for state contracts. For the inquire a qualitative method is used and descriptive analysis is supported on law hermeneutics. The recent ruling from the Council of State considers the planning principle as essential for state contracts. If not present, the absolute nullity of the contract is stated, controverted in dissenting opinion and resolution of writs for protection of fundamental rights, considering that the causes for nullity are taxative and does not come from law interpretation. This paper concludes that this principle-duty is of the most importance for its capacity for controlling contracting and stopping corruption. A normative modification is proposed as well as a previous divulgation of the planning components for guaranteeing the compliance with the normative without discouraging private sector activity. [ABSTRACT FROM AUTHOR]

This paper studies the feedback relation between inflation and inflation uncertainty in six Latin American economies during 1960-2018. Uncertainty was calculated using conditional volatility, estimated using GJR-GARCH-M models. The main conclusions are as follows: the majority of economies conformed to the Friedman-Ball hypothesis; the Cukierman-Meltzer hypothesis was corroborated in the cases of Bolivia, Mexico, Paraguay; positive shocks were found to have a significant impact on inflation uncertainty, and, thanks to the adoption of inflation targets (ITs) by governments, there was empirical evidence that volatility decreased in those economies which implemented ITs. [ABSTRACT FROM AUTHOR]

This paper analyzes the final stage of Import Substitution Industrialization in Argentina, which took place between 1960 and 1975. We present, on the one hand, the gains and structural constraints of this process and, on the other, we retrieve some economic policy ideas and definitions that sought to address these constraints. In the first case, we highlight the positive evolution of some aspects (such as manufacture exports, changes in the internal composition of the sector and the development of large projects in basic industry) that inform about the maturation of the industrial process. Regarding the ideas, we analyze how the intellectual contributions and debates reveal a relative consensus around the need to strengthen the industrial presence in external markets and thus overcome the traditional substitution strategy identified with the original proposals of the Economic Commission for Latin America (ECLAC). [ABSTRACT FROM AUTHOR]

The aim of this paper is to present a historical series of Colombian GDP from 1888 to 2013. For that purpose we have employed an expenditure approach to reconstruct the GDP for the period 1888-1929. We linked it to the official statistics data of the DANE. The result is expressed in 2011 purchasing parity dollars for international comparisons. [ABSTRACT FROM AUTHOR]

This paper analyzes the convergence hypothesis and the impact of social policy on the economic growth of the six largest countries in Latin America between 1980 and 2010. Results suggest that social public policies have positively influenced growth in these economies. Particularly, there are non-observed variables (fixed effects) that positively affect the economic growth in Venezuela and Chile; however, there are other non-observed variables that may be negatively affecting growth in Brazil and Mexico. Regarding the convergence hypothesis, results reveal that the speed of convergence diminishes as real income rises, implying that these countries might be converging to their stable states. [ABSTRACT FROM AUTHOR]

This paper analyzes the representation of the economy through contemporary art and, consequently, the educational potential of this particular tool. The work reviews some examples of works by some contemporary artists whose interest focuses on various economic issues of our time. The work explores the possibilities that art offers for the reflection on economic problems. [ABSTRACT FROM AUTHOR]

Within the frame of a society which is building Socialism, the analysis of employment and wages variables, as well as the scheme of a wage policy, even international theory and experience in market economies can be assessed, cannot leave aside Marxist conceptions, instead they must be conceptualized from a vision coherent to the basic principles of a socialist model. In that model, wages are an instrument for individual and social realization of the subject in her/his double condition of worker and co-owner of the means of production and, besides, for distribution of the wealth created according to work in order the develop productive forces and to achieve social equality. This paper analyzes the characteristics of the transition period to Socialism and then qualifies what are consider the essential foundations for a wage policy according to the Cuban socioeconomic development. [ABSTRACT FROM AUTHOR]

Will underdeveloped economies be able to achieve development in the twenty-first century? To advance towards a potential response to this question, this paper analyzes some aspects of the development processes of South Korea and China, pointing to the exceptional geopolitical and strategic conditions behind why their models are unsuitable to emulate. It also highlights the state authoritarianism, strict planning and discipline of both the ruling and ruled classes to guide investment and the growth of specific economic sectors. From this perspective, the paper then discusses some proposals formulated for the region by neo-developmentalism. [ABSTRACT FROM AUTHOR]

This paper identifies the similarities and differences among Latin American structuralism, dependency theory, and Thorstein Veblen's Imperial Germany (1915), exploring the connection on such as aspects as path dependency, technology, and economic policy. Imperial Germany is similar to many of the principal policy recommendations espoused by the structuralists and dependency theorists. Nevertheless, structuralism is closer to the ideas of the institutionalists and Veblen himself. In conclusions, the structuralists and Veblen's version in Imperial Germany agree that an industrial policy ought to be guided by the government, even though Veblen and the institutionalists clearly see social change through technological improvement, which is missing from structuralism. [ABSTRACT FROM AUTHOR]

The aim of this paper is to conceptually present measures of performance, cost and efficiency of the public sector and quantify them fo r various services in the Estado Plurinacional de Bolivia. As in all applied research, the work has limitations that originate, fundamentally, in the lack of information. But using the available information some results are obtained that can be challenged in future research. The quantifications show important improvements between 1992 and 2012. In this period, the vertical structure of the general government of Bolivia underwent a profound transformation originated in the process of fiscal decentralization. Expenditure from subnational government levels (departments and municipalities) doubled its share in total spending between 1990 and 2012 and municipal participation went from approximately one third of subnational spending to approximately two thirds. The preliminary conclusion of this work is the existence of a positive relationship between performance in the health, education, and housing and urban services sectors and decentralization. With the improvement in performance also increased the political participation of citizens so that it can be concluded, preliminarily, that the country moved in one of the positive intervals of the federalism frontier of Inman and Rubinstein. [ABSTRACT FROM AUTHOR]

This paper reviews the discussion on the most appropriate method for measuring productivity. It takes into account the TFP, the productivity of capital, and labor productivity, as well as its interpretations, scope, and relations. Additionally, it analyzes the impacts of this discussion on the evolution of the Colombian minimum wage over the period 2001-2016. Finally, it discusses the relationship between the growth of productivity and the distribution of income between capital and labor, proposing a critique of the neoclassical perspective. [ABSTRACT FROM AUTHOR]

In the universe of literature on franchises, several studies have examined the impact of franchising on economic growth, tending to focus on growth rather than development, although the empirical research has already concluded that franchising does have an influence on economic growth. Likewise, some articles have underscored the importance and influence of franchising on development, but have failed to provide empirical proof of its true sway. With that in mind, this paper provides empirical evidence demonstrating the relationship between franchising and development. [ABSTRACT FROM AUTHOR]

This paper analyzes the welfare effects of improvements in investment in education and infrastructure with public-private participation, in a fiscal framework of a small and open economy for the Colombian economy. A DSGE model is built where families make decisions on human capital and the government finances megaprojects by placing infrastructure bonds. The results suggest greater effects in the long-term adjustment and improvements in social welfare when public spending is focused on sectors with higher levels of employment and technological and innovation improvements are introduced. [ABSTRACT FROM AUTHOR]

This paper looks for empirical evidence to show if a very interventionist government stimulates or not private investment in Latin America. Using the same model as Caballew-Urdiales y López-Gallardo (2012), we extend their analysis from five Latin-American countries to all Latin America. The results from our estimated elasticities show evidence in support of three hypothesis: (1) that tax burden (taxes on income and consumption) has significant effects on privateinvestment; (2) that public investment has a crowding out effect with private investment; (3) and that in order to stimulate private investment, the government should have very little intervention. [ABSTRACT FROM AUTHOR]

This paper is aimed at contributing to the debate on the need and the role of the market in contemporary Cuban socialist economy. The research work demystifies the identity between capitalism and market - which prevailed, for a long time, in the economic theory of socialism-; several theoretical premises of socialist market economy in China are summarized, and its transcendence assessed; and necessary conditions in Cuba to regard market, and functions to comply with from then on are determined. The paper states the mistake to negate market, and it confirms the fact that the Cuban economy is driving towards an economic model that fits its planned management with the law of value (to this effect, macroeconomic and microeconomic factors should be integrated in a systemic view of development), and that transition towards a new economic model will be a progressive, complex, and controversial process. [ABSTRACT FROM AUTHOR]

Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flow and policies related to them. In 2011, the International Monetary and Financial Committee called for “further work on a comprehensive, flexible, and balanced approach for the management of capital flows". This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flow. [ABSTRACT FROM AUTHOR]

In a liquidity trap, the conventional expansionary monetary policy is not an effective way to stimulate economic activity. The orthodox Keynesian model poses a situation of this sort as an extreme case, which has been used to justify the importance of fiscal policy. This paper aims to conduct a qualitative and quantitative analysis (using bibliometric techniques) to explore the recent literature about the liquidity trap. The way in which the number of publications in the period 1973-2015 evolved points to the economic events (Japanese depression in the nineteen-nineties and the 2007-2008 global financial crisis) that revived academic interest in studying this topic. We believe that these results offer a very accurate schematic overview of the current research agenda. [ABSTRACT FROM AUTHOR]

Against the backdrop of global economic growth, the widening of technology gaps, and the adverse evolution of prices for industrialization, Argentina is one of the countries in Latin America that has seen the (partial and temporary) return of public policy to the economic policy agenda. This paper poses the hypothesis that in spite of the revival of industrial policy actions and instruments to promote technological capabilities and foster a framework of incentives favorable to industrialization, a new industrial policy has failed to emerge in light of weak coordination and the absence of a senior body in the hierarchy to implement it. [ABSTRACT FROM AUTHOR]

In order to elucidate the role of financial capital in the dynamics of the Argentine economy between 2002 and 2012, this paper analyzes several aspects of the relationship between financial capital and the State. "Debt reduction" partially dismantled public debt as the backbone of speculative activity, although it maintained its profitability and priority position in economic policy decision-making. On the other hand, financial regulation contributed to keeping the mechanism of debt and did not significantly alter the central role played by financial capital. [ABSTRACT FROM AUTHOR]

This work incorporates factual disagreements as a conceptual hinge between responsibility and responsiveness. Within this conceptual framework, I analyze the policy of debt relief carried out by the Argentine Government between 2003 and 2014. Based on this analysis, it is argued that, although there is a consensus that responsiveness is a positive attribute for democracy, its existence does not always become a valuable fact for the quality of democracy. In order for this to take place, responsiveness must be accompanied by the legitimacy of factual disagreements, which has not occurred in the analyzed period. This paper describes the existence of a deficient institutional performance within the National Public Credit Office to process and legitimize factual disagreements, which has prevented the government's responsiveness towards citizens to lead to an improvement in the quality of Argentine democracy. [ABSTRACT FROM AUTHOR]

This paper employs the generalized method of moments estimation technique to evaluate the impact of macroeconomic factors on bank default risk for listed Jamaican banks and securities dealers over the period December 2004 to June 2016. Default risk is captured by a distance to default measure which is computed using a Merton type, option-based model. This indicator accurately tracks the default experience of listed Jamaican banks and securities dealers over important dates throughout the sample period. The estimation results of the model revealed that gross domestic product growth, inflation, unemployment rate, growth in domestic private sector credit as well as the real effective exchange rate have a statistically significant impact on the performance of the distance to default measure. As such, the econometric findings validate the sensitivity of the fragility measure to the variability of key macroeconomic variables. The model was also utilized to forecast the distance to default measure six-quarters ahead, as this will aid in the formulation of policy to mitigate systemic risks in the financial sector. The forecast results showed less volatility and lower overall default risk for Jamaican banks and securities dealers due to the projected improvement in various macroeconomic indicators. [ABSTRACT FROM AUTHOR]

The assessment of knowledge resulting from the fast-paced advance of science, and its use as a commodity, has given rise to the so-called «knowledge economy», and, consequently, to the emergence of high tech companies. The present paper provides some concepts and proposals, regarding the structure the economic management model of this kind of enterprises in Cuba should. The suggested model is aimed at guaranteeing key. Likewise, the paper also presents the feasibility of implementing this type of companies following existing circumstances and regulations in our economy, and regarding established guidelines as part of updating process of cuban economic model. [ABSTRACT FROM AUTHOR]

This paper analyzes a problem that proves crucial for the economic development of Mexico: slow economic growth and the subsequent inability to generate necessary employment. On the basis on Kaldorian growth theory, it is supposed that this problem is the result of economic policy errors, in essence the abandonment of active industrial policy in favor of structural change and economic development. Evidence is provided which highlights the high correlation between slow economic growth and slow growth in manufacturing output, a result consistent with the findings of other researchers. Having implemented an active industrial policy, the growth rate in the manufacturing sector would prove greater than that observed and would improve global economic development. Given the importance of this type of industrial policy, this paper outlines the reasons why the policy was abandoned and suggests that it be reinstated. [ABSTRACT FROM AUTHOR]

This paper presents evidence that macroeconomic accounting models helped to anticipate the credit crisis and economic recession, whereas equilibrium models, ubiquitous in mainstream policy and research, did not. This study traces the intellectual pedigree of the accounting approach as an alternative to neo-classical economics, and the postwar rise and decline of flow-of-funds models in policy use. The paper includes contemporary case studies of both types of models, and considers why the accounting approach has remained outside mainstream economics. Finally, it provides constructive recommendations for revising financial stability evaluation methods, and advocates an 'accounting of economics'. [ABSTRACT FROM AUTHOR]

This paper critically evaluates the results in terms of economic growth and structural transformation of the new economic model implemented by most Latin American countries since the early 1990s. The new model, which had macroeconomic stability and export orientation as its core components, has been unable to develop more dynamic comparative advantages in the current global era and, as a result, has resulted in lower rates of economic growth than in Asia. The paper closes with an analysis of the impact of the current financial crisis in the region. It highlights the short-term costs, but also acknowledges the opportunities that the crisis is creating to promote a greater number of new progressive development alternatives that place more emphasis on the role of learning and innovation. [ABSTRACT FROM AUTHOR]

This paper detects structural similarities among several regions in Chile, in particular those that can be compared to the Magellanic and the Chilean Antarctica region: the regions Tarapacá, Libertador Bernardo O'Higgins Riquelme, Bío- Bío and Los Lagos. This exercise is particularly relevant given the economic characteristics and geographic location of all of them. This comparison would allow less advantaged regions to learn from the most successful ones. Policy makers would be able to evaluate ex-ante different policies, helping in this way the decision making process. To this end, in this paper we follow two approaches: first, we find similarities among regions using Le Masne's (1988) indicator; second, we use one in which the similarities are identified through the productive links, following the methodologies of Rasmussen (1956), Dietzenbacher and van der Linden (1997) and Soza (2007b). Once we determine which technique is better for our problem, a hierarchical cluster is applied to obtain groups of regions based on the relationship they form. It is of particular interest to identify those sectors that have the largest impact on development and analyze its productive linkages. The analysis is done using the 1996 input-output charts developed by National Institute of Statistics (INE) and the Ministry of Planning and Development (MIDEPLAN). [ABSTRACT FROM AUTHOR]