This paper revisits the competitive environment of the banking system in Latin America and the Caribbean (LAC) and investigates the early impact of fintech development in the region thus far. Against the backdrop of high net interest margins (NIMs) and limited financial depth in the region, panel regressions broadly confirm results of existing literature on the association of NIMs with the changes in the financial sector structure, including market concentration, administrative costs, and foreign banks, although differences between domestic and foreign banks narrowed after the 2008-09 Global Financial Crisis. Difference-in-difference regressions and case studies on Brazil and Mexico suggest that fintech is associated with a reduction in NIMs and defensive responses by incumbent banks that benefit consumers. The case studies also shed light on regulatory approaches and prudential considerations in fostering financial innovation and banking sector competition.
Declining commodity prices during mid-2014-2016 posed significant challenges to commodity-exporting economies. The severe terms of trade shock associated with a sharp fall in world commodity prices have raised anew questions about the viability of pegged exchange rate regimes. More recently, the COVID-19 pandemic and the measures needed to contain its spread have been associated with a significant disruption in several economic sectors, in particular, travel, tourism, and hospitality industry, adding to the downward pressure on commodity prices, a sharp fall in foreign exchange earnings, and depressed economic activity in most commodity exporters. This paper reviews country experiences with different exchange rate regimes in coping with commodity price shocks and explores the role of flexible exchange rates as a shock absorber, analyzing the macroeconomic impact of adverse term-of-trade shocks under different regimes using event study and panel vector autoregression techniques. It also analyzes, conceptually and empirically, policy and technical considerations in making exchange rate regime choices and discusses the supporting policies that should accompany a given regime choice to make that choice sustainable. It offers lessons that could be helpful to the Caribbean commodity-exporters.
Rising income inequality has emerged as a major policy issue facing policymakers, but there is a dearth of empirical work on inequality in small states, including the Caribbean. Despite data limitations, the empirical analysis using a sample of small states finds that increased openness and deeper economic integration including financial market openness is associated with lower income inequality, whereas elevated debt levels limit fiscal space and are associated with higher income inequality. An important policy implication is that well targeted social sector spending aimed at improving education and health indicators will support increased redistribution and reduce income inequality.
When Pablo Martín Sánchez discovers that he shares his name with a Spanish anarchist who was executed in 1924 for the attempted overthrow of Primo de Rivera’s dictatorship, he sets out to reconstruct his life story. Through references to key events in Europe’s history, including the sinking of the Titanic and the Battle of Verdun, and the influence of intellectuals such as Miguel de Unamuno and Victor Blasco Ibañez, The Anarchist Who Shared My Name elegantly captures the life of a man who sought to resist political injustice and paid the ultimate price for his protest. Martín Sánchez’s thrilling tale is the unsettling chronicle of a dark chapter in Spanish history, as courageous as it is timely.
This book constitutes the refereed proceedings of the 21 International Conference on Database and Expert Systems Applications, DEXA 2010, held in Bilbao, Spain, August 30 - September 3, 2010. The 45 revised full papers and 36 short papers were carefully reviewed and selected from 197 submissions. The papers are organized in topical sections on Web, Semantics and Ontologies, Information Integration and Process Modeling, Streams and Multimedia Databases, Data Management Algorithms and Performance, Decision Support Systems and Performance, Data Streams, XML Databases, Programming Language and Cooperative Work, Query Processing and Optimization, Data Privacy and Security, Temporal, Spatial, and High Dimensions Databases, Semantic Web and Ontologies.
This book presents an analysis of contemporary Central American from a social perspective and, more specifically, from that of one of its main components: the world of labor. Despite undeniable changes, this world is still made up of three basic logics. Labor markets reflect an inability to generate sufficient employment. Labor relations remain precarious. And labor subjects and actors solid enough for their voice to be heard have not managed to establish themselves. The result is that the world of labor in Central America is still marked by vulnerability. }The oligarchic crises in Central America has provoked a variety of responses at different levels during the last decades. The development of new agroexports in the 1950s, the import substitution industrialization of the 1960s, and the current opening up of trade along with the development of new tradables sectors under the influence of globalization, represent attempts to modernize the regions economies. The same has occurred at the political level with the current democratization processes that have meant competitive elections taking place in all the countries. It is at the social level that responses have been most weak and levels of poverty remain extremely high. This book presents an analysis of contemporary Central American history from a social perspective and, more specifically, from that of one of its main components: the world of labor. Despite undeniable changes, this world is still made up of three basic logics. Labor markets reflect an inability to generate sufficient employment. Labor relations remain precarious. And labor subjects and actors solid enough for their voice to be heard have not managed to establish themselves. The result is that the world of labor in Central America is still marked by vulnerability. }
Investments by Spanish firms in Latin America have grown since the early 1990s by taking over many of the state-owned firms put out to tender. Second only to the United States, these investments make Spain one of the largest markets of foreign direct investment for Latin America. This multidisciplinary volume focuses on the emergence of Spanish multinational enterprises in this region. Furthermore, it analyzes the sociological and political consequences of these investments and exhibits several theoretical and methodological approaches that make the book a useful aid for teaching. It is essential reading for those who want to understand structural reforms, their consequences and the international impact of economic reform.
The spiral plant-parasitic nematode genus Rotylenchus contains a cosmopolitan group of nematodes that is predominantly found in temperate regions of the world. In this genus are included a number of species of significant economic importance in agriculture. They parasitize a wide-range of hosts, including vegetables, ornamentals, and fruit and forest trees. The book comprises seven sections and presents summarised and specialised information on various aspects of the spiral nematodes belonging to the genus Rotylenchus. Sections 1 and 2 describe the importance of Rotylenchus species in agricultural crops, their distribution and numerous aspects of their biology, feeding habits, pathogenicity to vegetables, fruit and forest trees, and ecology. Section 3 presents different management strategies for the most important and pathogenic species of Rotylenchus, including chemical control, crop rotation, and biological control by means of nematophagous fungi, entomopathogenic nematodes, the hyperparasitic bacteria Pasteuria penetrans, and nematicidal plants. Sections 4 and 5 describes the most important morphological characters used in characterising and diagnosing species, as well as a broad discussion on the taxonomy and systematics in Rotylenchus and related genera, including a list of nominal species. These sections also include morphometric and cluster analyses in order to separate groups of species in order to facilitate identification. Section 6 provides a complete description and measurements of all populations characterised for each species, as well as their world distribution. Finally, Section 7 includes comprehensive tabular and dichotomous keys for species identification.
Rising income inequality has emerged as a major policy issue facing policymakers, but there is a dearth of empirical work on inequality in small states, including the Caribbean. Despite data limitations, the empirical analysis using a sample of small states finds that increased openness and deeper economic integration including financial market openness is associated with lower income inequality, whereas elevated debt levels limit fiscal space and are associated with higher income inequality. An important policy implication is that well targeted social sector spending aimed at improving education and health indicators will support increased redistribution and reduce income inequality.
This paper revisits the competitive environment of the banking system in Latin America and the Caribbean (LAC) and investigates the early impact of fintech development in the region thus far. Against the backdrop of high net interest margins (NIMs) and limited financial depth in the region, panel regressions broadly confirm results of existing literature on the association of NIMs with the changes in the financial sector structure, including market concentration, administrative costs, and foreign banks, although differences between domestic and foreign banks narrowed after the 2008-09 Global Financial Crisis. Difference-in-difference regressions and case studies on Brazil and Mexico suggest that fintech is associated with a reduction in NIMs and defensive responses by incumbent banks that benefit consumers. The case studies also shed light on regulatory approaches and prudential considerations in fostering financial innovation and banking sector competition.
When Pablo Martín Sánchez discovers that he shares his name with a Spanish anarchist who was executed in 1924 for the attempted overthrow of Primo de Rivera’s dictatorship, he sets out to reconstruct his life story. Through references to key events in Europe’s history, including the sinking of the Titanic and the Battle of Verdun, and the influence of intellectuals such as Miguel de Unamuno and Victor Blasco Ibañez, The Anarchist Who Shared My Name elegantly captures the life of a man who sought to resist political injustice and paid the ultimate price for his protest. Martín Sánchez’s thrilling tale is the unsettling chronicle of a dark chapter in Spanish history, as courageous as it is timely.
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