Download Fair Growth: Economic Policies for Latin America's Poor and by Nancy Birdsall;Augusto de la Torre;Rachel Menezes PDF

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By Nancy Birdsall;Augusto de la Torre;Rachel Menezes

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Labor Sources: Lora (2004); Lora and Panizza (2002). a. Extent of reforms as percent of total possible reforms. and trade liberalization brought average tariffs down from more than 40 percent to nearly 10 percent. Financial liberalization was just as aggressive: direct credit controls were abandoned, interest rates deregulated, foreign direct investment (FDI) regimes opened, and foreign exchange and capital account controls dismantled. Banks, power plants, telecommunications systems, and, to a lesser extent, roads and water services were sold to the private sector (figure 6).

In particular, job security reduces the job prospects— and possibly wages—of younger and less experienced workers. Evidence in Besley and Burgess (2004) from another setting, India, suggests that job protection and other rigidities inhibited productivity, output growth, investment, and job growth in the registered manufacturing sector between 1958 and 1992. Labor inflexibility (or pro-worker regulations) was also shown to increase informal sector activity. The authors’ empirical model compares the experience of two states and predicts that without its pro-employer reforms, the state of Andhra Pradesh would have registered manufacturing output that was 72 percent of its actual 1990 level and manufacturing employment that was 73 percent of its 1990 level.

Developments in 2006 in Bolivia—including a decree by President Evo Morales renationalizing oil and gas—suggest that a return to populism in Latin America is not out of the question. qxd 22 11/13/07 8:39 AM Page 22 FAIR GROWTH Globalization, Jobs, and Middle-Income Households Globalization has almost certainly contributed to the growing sense of economic insecurity among the silent majority of middle-income and poor households in Latin America. 35 Along with financial globalization came more frequent financial crises (although not necessarily because of globalization per se), with large economic and political costs.

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