Econ 161 - Lecture 1

Econ 161 - Lecture 1 - Lecture 1 c Marc-Andreas Muendler...

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Global Integration of Latin America Lecture 1 c Marc-Andreas Muendler University of California, San Diego March 29, 2011
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Web page http://econ.ucsd.edu/muendler/teach/11s/161 Password for zipped lecture notes gila11 Password for exams in spring 10 gila11 Password for exams in spring 07 2010ec161 Password for exams in spring 05 07s161 Password for exams in fall 04 intla05 Password for exams in spring 04 04f161
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1. Global Integration of Latin America Econ 161, c M. Muendler Latin America and the World Economy Development strategy and international economic integration Development policy: poverty, inequality and growth Domestic institutions and social conditions Global economic relations Trade integration of Latin American economies International capital flows to Latin America Financial crises and policy responses in Latin America
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1. Global Integration of Latin America Econ 161, c M. Muendler Latin America and the World Economy Trade integration of Latin American economies Exports and imports of merchandize and services Secular shifts from agricultural goods, to manufactures, to services Comparative advantage and competitiveness Cases for temporary trade restrictions Regional trade agreements in the Americas
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1. Global Integration of Latin America Econ 161, c M. Muendler Latin America and the World Economy International capital flows to Latin America International lending and the development paradigm of debt-led growth Foreign direct investment in Latin America International capital flows and sovereign risk Financial crises and policy responses in Latin America Debt and international financial crises Debt overhang, debt buybacks and debt forgiveness International financial crises
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1. Global Integration of Latin America Econ 161, c M. Muendler Latin America’s International Integration Two waves of expansion in the 20th century (Thorp 1998) and a period of reconsideration Export-led growth, ending around 1929. Agricultural exports permit capital accumulation, infrastructure buildup and in- dustrialization Import substitution, ending around 1980. Inward-oriented industrialization, rapid growth, and slightly declining inequality Crisis, stabilization and policy reform since around 1990. Initially slow growth despite reintegration and “Washington consensus” policies. Faster growth and declines in poverty and inequality during the 2000s.
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1. Global Integration of Latin America Econ 161, c M. Muendler Falling Behind: Per Capita Incomes, 1700-2000 1700 1820 1870 1930 2000 Brazil 459 646 713 1,048 5,556 Mexico 568 759 674 1,618 7,218 Latin America 521 701 756 1,873 5,844 United States 527 1,257 2,445 6,123 28,129 LAC/U.S.
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