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Regional economic policy

Euro and the financial relations between Latin America and Europe :

medium- and long-term implications
City: 
Santiago
Volume, number, page: 
71 p.
Category: 
Abstract: 
The internationalisation of the euro is in its initial stages and it is still difficult to draw any definitive conclusions regarding its scope and its implications for Latin America. Indeed, the emergence of an internationally used currency is slow and subject to inertial forces. Nonetheless, several fairly robust conclusions can be inferred from the results of the document. The most plausible medium- to long-term international scenario seems to be development of an asymmetrical duopoly between the euro and the dollar. In a context of scant international monetary cooperation, this scenario could lead to high volatility between the two main international currencies, which will be a powerful destabilising factor for third countries. In terms of official international reserves, the growing financial use of the single European currency and the development of Euroland capital markets should lead to greater diversification in favour of the euro in the medium and long term. Together with other factors, the growth of the euro bond market will tend to increase the pressure to widen and deepen the euro financial market and make it more liquid. This should favour the development of better conditions for both European and third-country participants. The geographic diversification strategy implemented by the European banks, and the boom in European foreign direct investment could also favour greater international use of the euro. For Latin America, the sustained increase in the share of euro-denominated international bond issues, chiefly by the public sector, makes it necessary to consider policies for managing the currency composition of the external debt. On the other hand, the medium- to long-term consequences of an increasingly bipolar but asymmetrical international monetary system will have to be included in the Latin America national exchange rate policies, enhancing the possibility of adopting anchor baskets.

Economic partnership agreements between the EU and the African, Caribbean and Pacific group of countries :

new governance or new dependency?
Publisher: 
ipea
City: 
Brasilia
Volume, number, page: 
1:1, pp.29-52
Abstract: 
For a long time, the cooperation between the European Union (EU) and the African, Caribbean and Pacific Countries (ACP) has been considered a “progressive” model of partnership. However, the Cotonou Agreement (2000) marked a deep change in the relationship between them, since it imposed the implementation of a free-trade-based commercial framework, requiring relationships to be based on a new form of governance. Many ACP countries dispute the use of the concept of governance by the EU, considering it an instrument of power aiming to establish a new center (EU)–periphery (ACP) dependence in the context of globalization. To analyze this process, this paper reviews the stakes involved in negotiations, the action of legitimizing the EU (the new governance), the building of critical discourse (the new dependence) and the effects of this confrontation on the implementation of agreements.

Climate change in Latin America and the Caribbean:

policy options and research priorities
Publisher: 
Springer Open
City: 
London
Volume, number, page: 
24:14, pp.1-39.
Considered Countries: 
Abstract: 
Although climate change is filled with uncertainties, a broad set of policies proposed to address this issue can be grouped in two categories: mitigation and adaptation. Developed countries that are better prepared to cope with climate change have stressed the importance of mitigation, which ideally requires a global agreement that is still lacking. This paper uses a theoretical framework to argue that in the absence of a binding international agreement on mitigation, Latin America should focus mainly on adaptation to cope with the consequences of climate change. This is not a recommendation that such economies indulge in free-riding. Instead, it is based on cost–benefit considerations, all else being equal. Only in the presence of a global binding agreement can the region hope to exploit its comparative advantage in the conservation and management of forests, which are a large carbon sink. The decision of which policies to implement should depend on the results of a thorough cost–benefit analysis of competing projects, yet very little is known or has been carried out in this area to date. Research should be directed toward cost–benefit analysis of alternative climate change policies. Policymakers should compare other investments that are also pressing in the region, such as interventions to reduce water and air pollution, and determine which will render the greatest benefits.

Beyond the global crisis :

structural adjustments and regional integration in Europe and Latin America
Publisher: 
Routledge
City: 
Abingdon
Volume, number, page: 
298 p.
Category: 
Considered Countries: 
Abstract: 
The book aims at offering a comparative, multi-perspective analysis of the different, at times parallel, at times with varying degrees of interdependence, macroeconomic and structural adjustments in the two continents against the backdrop of important processes of regional integration. Its reading offers a multifaceted appreciation of the reality emerging from the mixing up of longer run tendencies deepened by the brute force of the financial and then industrial crisis.
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