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Latin America faces old and new development challenges. While, over the last two decades, some countries have implemented solid macroeconomic policies and many have improved their financial regulatory and supervisory frameworks, large segments of the population have not reaped the benefits from economic growth. The COVID-19 crisis has only made things worse—poverty reduction is expected to suffer a setback of more than 10 years and inequality continues to rise.
Structural problems, including very low productivity, the substantial size of the informal economy and the lowest savings rate in the emerging world, remain unsolved. Novel issues, like the migration from Venezuela, or the health and economic challenges that COVID-19 brings about add further pressure to weak social and political consensus—and the looming risk of a financial crisis persists.
CGD’s Latin America Initiative provides sound analysis on these issues and advances recommendations to policymakers and multilateral organizations to support the effort of overcoming these challenges to climb the development ladder and reach shared prosperity.
América Latina afronta, al mismo tiempo, nuevos y viejos desafíos en materia de desarrollo. Aunque, en las últimas dos décadas, algunos países han implementado políticas macroeconómicas sólidas y han mejorado sus marcos regulatorios y de supervisión, amplios segmentos de la población no se han beneficiado del crecimiento económico. La crisis de la COVID-19 solo ha empeorado las cosas: se espera un retroceso de más de 10 años en materia de reducción de la pobreza y la desigualdad continúa aumentando.
Problemas estructurales, como la muy baja productividad, el gran tamaño de la economía informal y los niveles de ahorro más bajos en el mundo emergente, continúan sin resolverse. Nuevos temas, como la migración venezolana o los desafíos sanitarios y económicos generados por la COVID-19, ejercen aun mayor presión sobre un débil consenso social y político. Además, continúa existiendo la amenaza de una crisis financiera.
La Iniciativa Latinoamericana de CGD busca analizar estos temas y proponer recomendaciones que apoyen los esfuerzos de los formuladores de políticas y los organismos multilaterales para avanzar en el proceso de desarrollo de la región y lograr una prosperidad compartida.
This study examines the impact of the principal financial crises in emerging markets in recent years on the incidence of poverty in the countries in question. The growth impact is first identified by comparing average per capita growth in the two years prior to the crisis to that in the crisis year and the following year. The poverty impact is then measured by applying the elasticity of poverty with respect to growth. Alternative estimates consider results of surveys in the relevant periods, where available.
My goal is to get students to think critically about development theory and practice. A slight majority of examples and readings will be drawn from sub-Saharan Africa, in part give the course some focus, and in part because it is my area of expertise. But in I will also bring in a considerable amount of material on Latin America, the early development of the US and Europe, and to a lesser extent Asia—an order determined largely by my knowledge or ignorance.
In May 2014, Nancy Birdsall, William Savedoff, and Frances Seymour visited Brazil as part of a three-country study to gain insights into the value of future expansion of performance-based payments in other countries. This brief is based on discussions with government officials, NGO staff, private entrepreneurs, and independent researchers in Brazil about the policies and programs that are associated with reduced deforestation and forest degradation in Brazil, with particular attention to the influence of the Brazil-Norway Agreement and the Amazon Fund.
A number of Andean countries stand out in their successful use of macroprudential financial regulations. This paper focuses on three: countercyclical capital requirements, countercyclical loan-loss provisioning requirements, and liquidity requirements.
Latin America is known for high levels of inequality, which governments can lessen somewhat through smart policy. In this paper, Nora Lustig and others analyze how and whether taxes, subsidies, and social spending reduce inequality across countries in the region and identify which policies are most beneficial.
This paper examines the redistributive impact of fiscal policy for Brazil, Chile, Colombia, Indonesia, Mexico, Peru and South Africa using comparable fiscal incidence analysis with data from around 2010. The largest redistributive effect is in South Africa and the smallest in Indonesia. While fiscal policy always reduces inequality, this is not the case with poverty.