Search results for "Washington Consensus"
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Regional Inequality in Latin America: Does It Mirror the European Pattern?
2020
The aim of this chapter is to analyse the comparative evolution of regional inequality over the course of the historical economic development processes in four countries of South West Europe—France, Italy, Portugal and Spain—and nine countries of Latin America: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Uruguay and Venezuela. Our analysis, which goes back to the nineteenth century, shows that regional income inequality has followed over time what appears now to be an N-shaped evolution in both regions. However, both experiences differ markedly and we identify the main stylized facts of these trajectories. First, Latin America begun the period with higher levels of regional i…
The Washington consensus and multinational banking in Latin America
2004
International audience; The dramatic increase in multinational banks in the late 1990s is a direct result of Washington Consensus-type policies that emphasize the removal of barriers to the free flow of financial capital. In Latin America, foreign banks now control almost half of the total banking activity. Inevitably, the direct implication of such circumstances is a fall in the profits of domestic banks. In response to this, domestic banks react by curtailing their overall lending in the short run, thereby preventing small borrowers from accession to credit, and eventually increasing their lending to riskier projects and borrowers in the medium run. Either way, the multinationalization of…