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Regional Papers on Americas



Offshoring and the Labour Share in Germany and US Offshoring and the Labour Share in Germany and US: The Role of Different Policy Regimes
Deborah Winkler & William Milberg, World Economics, December 2015
Despite broad public concern with the effect of offshoring on inequality, there is scant research. The authors shift the focus to the effect of offshoring on the labour share in value added. Regression analysis for a sample of 14 OECD countries in 21 manufacturing secto ... More


Latin America: From Recovery To Slowdown Latin America: From Recovery To Slowdown
José De Gregorio, World Economics, December 2015
Economic performance in Latin America has been disappointing. After a successful recovery from the global financial crisis, growth in 2014 was in most countries, much below expectations and in 2015, growth would still be low. Among the largest seven economies of the r ... More


Measuring The Americas GDP Measuring The Americas GDP
World Economics, March 2015
The Americas, comprising the USA and Canada, the Spanish speaking countries of South and Central America plus Brazil and the Caribbean, is a region displaying large differences in living standards. The availability of resources has an impact on the quality and reliabili ... More


Measuring Latin America Measuring Latin America
Brian Sturgess, World Economics, March 2014
This paper reviews the quality of official national accounting data investigated for 17 Latin American countries. Chile, which became an OECD member in 2010, stands out as a producer of the most reliable economic data and can be compared favourably with the USA and many ... More


The Argentine Productivity Slowdown The Argentine Productivity Slowdown: The challenges after global financial collapse
Ariel Coremberg, World Economics, September 2011
The purpose of this working paper is to analyse the main causes of economic growth in Argentina during the 1990–2006 period. This research proposes a methodology in order to identify Total Factor Productivity (TFP) gains in the strict sense of positive shifts in the pro ... More


It’s Time to Retire the US Military’s Retirement System It’s Time to Retire the US Military’s Retirement System
Chris Springer, World Economics, December 2010
The author outlines a retirement system for the most expensive government organisation in the world – the US military. The plan incorporates positive aspects of both defined benefit and defined contribution plans that cost less and are more valuable to service members t ... More


Why Hasn’t the US Economic Stimulus Been More Effective? Why Hasn’t the US Economic Stimulus Been More Effective?: The debate on tax and expenditure multipliers
F. Gerard Adams & Byron Gangnes, World Economics, December 2010
Recently questions have been raised about the effectiveness of fiscal stimulus policies, and about whether stimulus to a recessionary economy should be in the form of tax cuts or expenditure increases. This paper evaluates alternative empirical approaches to measuring t ... More


Economic Growth in Venezuela Economic Growth in Venezuela: Policies vs oil wealth
Claudio Paiva, World Economics, September 2010
This paper presents an empirical analysis of Venezuela’s economic growth in the last several decades, providing possible explanations for the country’s weak performance relative to its peers. First, a growth accounting exercise uncovers a long, negative trend in tota ... More


The Temptation for Protectionism and American Trade Policy The Temptation for Protectionism and American Trade Policy
Robert Carbaugh & Tyler Prante, World Economics, September 2010
The Great Recession of 2007–2009 originated in the United States and quickly spread throughout the economies of Canada and Europe. Soon these countries imported fewer goods produced by emerging countries and the crisis became global. International trade collapsed at a p ... More


Finance, Technology and Multinationals from the Periphery Finance, Technology and Multinationals from the Periphery: An analysis of the Latin American experience
Edmund Amann & Werner Baer, World Economics, March 2010
This article analyses the emergence of Latin American multinational corporations (MNCs), with a particular emphasis on the roles of finance and technology. It is established that the need to acquire foreign technology and finance has played a key role in the emergence o ... More


Chile: Foreign Shocks and Policy Responses Chile: Foreign Shocks and Policy Responses
José De Gregorio, World Economics, December 2009
In 2009, the world is facing the worst recession in more than six decades. Chile has been no exception. In spite of this outlook, the Chilean economy stands on solid ground, and recent figures show that the recovery has started. This article discusses the fundamentals o ... More


Michael C. Macchiarola on Stephen H. Axilrod: Inside the Fed – Monetary Policy and Its Management, Martin Through Greenspan to Bernanke Michael C. Macchiarola on Stephen H. Axilrod: Inside the Fed – Monetary Policy and Its Management, Martin Through Greenspan to Bernanke
Michael C. Macchiarola
World Economics, September 2009
... More


The Secret of Canadian Banking: Common Sense? The Secret of Canadian Banking: Common Sense?
Laurence Booth, World Economics, September 2009
This article looks at the basic reasons why the Canadian banking system was recently judged by the World Economic Forum to be the soundest in the world. It does so by first examining the basic functions of a financial system and what Canadian banks are allowed to do as ... More


Understanding Crime, Political Uncertainty and Stock Market Returns Understanding Crime, Political Uncertainty and Stock Market Returns: A case study of the Colombian stock market
Juan Carlos Franco Laverde, Maria Estela Varua & Arlene Garces-Ozanne, World Economics, June 2009
Colombia’s economy has experienced positive growth over the past few years despite the incidence of serious armed conflict in the region. However, the Colombia of today still faces a significant degree of sociopolitical instability as a result of organised crime associa ... More


How Many US Jobs Might be Offshorable? How Many US Jobs Might be Offshorable?
Alan S. Blinder, World Economics, June 2009
Using detailed information on the nature of work done in over 800 US Bureau of Labor Statistics occupational codes, this paper ranks those occupations according to how easy/hard it is to offshore the work – either physically or electronically. Using this ranking, it is ... More


End of the ‘American Century’ End of the ‘American Century’
Allan H. Meltzer, World Economics, December 2008
The postwar era has ended. The institutional structures that the United States sponsored are less relevant or less accepted now, and the US is unable to solve its major domestic problems. In 1944–46, the US led the world toward new international arrangements that pro ... More


A Dynamic Theory of China–U.S. Trade A Dynamic Theory of China–U.S. Trade: Making sense of the imbalances
Amar Bhidé & Edmund Phelps, World Economics, September 2007
China's trade surplus with the U.S. is now more than a quarter of the U.S. trade deficit and, with China growing faster than the U.S., raises questions about its future course. Some media commentators term the chronic trade surplus "mercantilist" but offer no persuasive ... More


Economic, Neurobiological and Behavioral Perspectives on Building America’s Future Workforce Economic, Neurobiological and Behavioral Perspectives on Building America’s Future Workforce
Eric Knudsen, James J. Heckman, Judy Cameron & Jack P. Shonkoff, World Economics, September 2006
A growing proportion of the US workforce will have been raised in disadvantaged environments that are associated with relatively high proportions of individuals with diminished cognitive and social skills. A cross-disciplinary examination of research in economics, devel ... More


Are We Heading for a Dollar Crisis? Are We Heading for a Dollar Crisis?
Graham Bird, World Economics, March 2006
The US balance of payments current account deficit is in excess of 5 per cent of GDP. Is this sustainable? A loss of confidence in the dollar could lead to foreign investors selling dollars and to a sharp dollar devaluation. In principle, there could be a dollar crisis. ... More


Brazil’s Economy Under Lula Brazil’s Economy Under Lula: The dawn of a new era?
Edmund Amann, World Economics, December 2005
In this article Edmund Amann analyses the recent performance of the Brazilian economy, the largest in South America. For a number of years it has been clear that Brazil, despite substantial natural resource endowments and a talented and entrepreneurial population, has f ... More


Dollarisation in Theory and Practice Dollarisation in Theory and Practice
John C. B. Cooper, World Economics, December 2004
Dollarisation involves the replacement of a soft domestic currency with a hard foreign alternative. This paper explains the different forms that dollarisation can take, its consequences for an economy, and concludes by exploring the experience of Panama, a country do ... More


Pricing Cultural Heritage Pricing Cultural Heritage: A new approach to managing ancient resources
Susana Mourato, Ece Ozdemiroglu, Tannis Hett & Giles Atkinson, World Economics, September 2004
A growing determinant of leisure travel decisions has been the demand for cultural destinations. This has presented complex challenges with regards to the correct management of major cultural resources. Management options can be assessed in terms of three criteria of ... More


Leadership and Progress Leadership and Progress
Allan Meltzer, World Economics, September 2003
When World War II ended, the United States took the lead in providing political stability, rules for freer trade, and international financial stability. The ‘Pax Americana’ worked extremely well. During the postwar years, more people in more countries increased their ... More


Continuities and Discontinuities in Global Development Continuities and Discontinuities in Global Development: Lessons from new East/West comparisons
Kenneth Pomeranz , World Economics, December 2002
Much literature normalises a ‘North Atlantic’ pattern of development, and sees a regionally specific ‘East Asian’ path emerging relatively recently. However, development patterns in core regions of Europe and East Asia were surprisingly similar until almost 1800; Eur ... More


The Growing US Fiscal Gap The Growing US Fiscal Gap
Daniel Shaviro, World Economics, December 2002
The United States has a huge long-term fiscal gap, perhaps with a present value as great as $74 trillion. The US may thus be unable to continue meeting its current spending commitments without eventually enacting huge tax increases. The tax cut enacted in 2001 may ha ... More


Regulating Tobacco in the United States Regulating Tobacco in the United States: The Government and the Courtroom
Jonathan Gruber, World Economics, September 2002
There has been a dramatic turn of events against the tobacco industry in the past few years, raising the question of the appropriate future path for smoking policy in the US. This paper discusses the theory and evidence on regulation of smoking. The author begins by ... More


A Hard Look at the Costs of Peace A Hard Look at the Costs of Peace
Jacques Fontanel & Michael D. Ward , World Economics, June 2002
The United States has emerged as a hegemonic, dominant military power exactly during the period when its military expenditures have grown least. The end of the Cold War did indeed deliver a huge dividend to its largest beneficiary, the United States. During this same ... More


Letter from Buenos Aires Letter from Buenos Aires
Pierre Wassenaar, World Economics, March 2002
“IMF criminals!” cry the antiglobalists in the wake of Argentina’s descent into chaos. But the real crime of Argentina’s last ten years was its own supineness in tying its fortunes for so long to the economy of an indifferent superpower, and allowing itself to become t ... More


Latin America: The Long and Winding Road to Growth Latin America: The Long and Winding Road to Growth
Federico Foders , World Economics, June 2001
This paper reviews recent economic reforms carried out in Latin America and relates them to the long-run economic trends in the region. After a brief overview of growth and income distribution patterns of Latin American countries in the nineteenth and twentieth centu ... More


Is Dollarisation a Viable Option for Latin America? Is Dollarisation a Viable Option for Latin America?
Graham Bird, World Economics, March 2001
In the aftermath of the East Asian financial crisis there has been much discussion of exchange rate policy in developing countries. Some observers have suggested that they should opt either for flexible exchange rates or for firmly fixed rates. Adopting the US dollar as ... More


The US “Underclass” in a Booming Economy The US “Underclass” in a Booming Economy
Richard B. Freeman, World Economics, June 2000
The main failure in the US economy in the 1980s through the mid 1990s was its inability to distribute the gains of economic growth to the bulk of the population. The traditional “rising tide lifts all boats” link between economic growth and poverty seemed broken, creati ... More