Econ 161 - Lecture 1

Econ 161 - Lecture 1 - GlobalIntegrationofLatinAmerica...

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Unformatted text preview: GlobalIntegrationofLatinAmerica Lecture1 c ⃝ Marc-AndreasMuendler UniversityofCalifornia,SanDiego March29,2011 Webpage http://econ.ucsd.edu/muendler/teach/11s/161 Passwordforzippedlecturenotes gila11 Passwordforexamsinspring10 gila11 Passwordforexamsinspring07 2010ec161 Passwordforexamsinspring05 07s161 Passwordforexamsinfall04 intla05 Passwordforexamsinspring04 04f161 1.GlobalIntegrationofLatinAmerica Econ161, c ⃝ M.Muendler LatinAmericaandtheWorldEconomy • Developmentstrategyandinternationaleconomicintegration – Developmentpolicy:poverty,inequalityandgrowth – Domesticinstitutionsandsocialconditions – Globaleconomicrelations • TradeintegrationofLatinAmericaneconomies • InternationalcapitalflowstoLatinAmerica • FinancialcrisesandpolicyresponsesinLatinAmerica 1.GlobalIntegrationofLatinAmerica Econ161, c ⃝ M.Muendler LatinAmericaandtheWorldEconomy • TradeintegrationofLatinAmericaneconomies – Exportsandimportsofmerchandizeandservices – Secularshiftsfromagriculturalgoods,tomanufactures,toservices – Comparativeadvantageandcompetitiveness – Casesfortemporarytraderestrictions – RegionaltradeagreementsintheAmericas 1.GlobalIntegrationofLatinAmerica Econ161, c ⃝ M.Muendler LatinAmericaandtheWorldEconomy • InternationalcapitalflowstoLatinAmerica – Internationallendingandthedevelopmentparadigmofdebt-ledgrowth – ForeigndirectinvestmentinLatinAmerica – Internationalcapitalflowsandsovereignrisk • FinancialcrisesandpolicyresponsesinLatinAmerica – Debtandinternationalfinancialcrises – Debtoverhang,debtbuybacksanddebtforgiveness – Internationalfinancialcrises 1.GlobalIntegrationofLatinAmerica Econ161, c ⃝ M.Muendler LatinAmerica’sInternationalIntegration • Twowavesofexpansioninthe20thcentury(Thorp1998) andaperiodofreconsideration – Export-ledgrowth,endingaround1929. Agriculturalexportspermitcapitalaccumulation,infrastructurebuildupandin- dustrialization – Importsubstitution,endingaround1980. Inward-orientedindustrialization,rapidgrowth,andslightlydeclininginequality – Crisis,stabilizationandpolicyreformsincearound1990. Initiallyslowgrowthdespitereintegrationand“Washingtonconsensus”policies. Fastergrowthanddeclinesinpovertyandinequalityduringthe2000s. 1.GlobalIntegrationofLatinAmerica Econ161, c ⃝ M.Muendler FallingBehind:PerCapitaIncomes,1700-2000 1700 1820 1870 1930 2000 Brazil 459 646 713 1,048 5,556 Mexico 568 759 674 1,618 7,218 LatinAmerica 521 701 756 1,873 5,844 UnitedStates 527 1,257 2,445 6,123 28,129 LAC/U.S. .99 .56 .31 .31 .21 Source :Fukuyama(ed.,2010),basedonMaddison TheWorldEconomy ,2003 1.GlobalIntegrationofLatinAmerica1....
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This note was uploaded on 08/14/2011 for the course ECON 161 taught by Professor Muendler during the Spring '11 term at San Diego.

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Econ 161 - Lecture 1 - GlobalIntegrationofLatinAmerica...

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