Ideas, Economic Pressures, and Pension Privatization

This article maintains that the recent wave of pension privatization has been spurred largely by rising pension expenditures and chronic capital shortages. Many policymakers in Latin America and around the world believed that privatizing their public pension systems would boost their domestic savings rate and resolve the systems' financial problems, thereby reducing their dependence on unstable foreign capital and freeing resources for other, more productive uses. There is no clear evidence that pension privatization will bring these economic benefits, however. To understand why policymakers held these beliefs, we must examine how ideas about pension privatization have formed. Two particularly important factors are the Chilean model and the World Bank's growing influence on pension policy. A probit analysis of the determinants of pension privatization provides support for these arguments.     

Postretrenchment Politics: Policy Feedback in Chile's Health and Pension Reforms

Through a comparison of three periods of health and pension reform in Chile, this article develops an explanation for the incremental form of social policy change that some Latin American nations have witnessed in recent years, despite the dramatic rise of left governments. It describes “postretrenchment politics,” which constitutes a realignment in the way politics plays out in countries that have undergone social policy retrenchment. In postretrenchment politics, the strengthened position of private business interests, combined with political learning legacies and lock‐in effects generated by reforms, results in incremental political change, despite renewed efforts by left parties to address inequality. Global capital also plays an important contextual role, and may influence postretrenchment politics. In postretrenchment politics, newly reformed systems may achieve greater equity, but they do so in fragmented form.     

The Bottom Line: The Fundamental Weaknesses of Latin American Finance

Throughout the 1980s, Latin America experimented with financial liberalisation, which was supposed to solve the perpetual weaknesses of low savings, lack of access to capital, and the resulting stultifying effects on growth. We find that fundamental weaknesses in regional financial systems continue. We suggest that there are three basic policy reactions: a deepening of neoliberal policies; a neo‐structural reform of them; and a Bolivarian social reform‐oriented approach. While the neo‐structural approach has yielded the most promising performance, it is still limited. We conclude that the success of reforms lies in understanding and changing the calculations of the political beneficiaries of the status quo.     

Harmonizing investment incentives in the APEC process

Security of access to markets is critically important in international trade in goods and services. Security is also critically important to foreign direct investment. With the “globalization” of production, international attention has been turning to improving the institutional environment for FDI, especially in developing economies. In APEC, the focus has been on principles and a non-binding code, but in due course the focus will have to shift to a binding agreement with rules that instill the confidence needed for providers of capital to invest in the major infrastructure projects that will make a difference in East Asia’s development. The focus here is on limits on the level of investment incentives that governments can use to attract foreign investors.     

"We Have A Consensus": Explaining Political Support for Market Reforms in Latin America

By the 1990s, to the astonishment of many ob0servers, most Latin American countries had reformed their systems of national economic governance along market lines. Many analysts of this shift have assumed that it circumvented normal political processes, presuming that such reforms could not be popular. Explanations emphasizing economic crisis, external assistance, and politically insulated executives illustrate this approach. Through a qualitative investigation of the reform process in the region's four most industrialized countries, Argentina, Brazil, Chile, and Mexico, this study argues, to the contrary, that reforming governments found or created both elite and mass political support for their policies.     

Conditional Cash Transfer Programs and Electoral Accountability: Evidence from Latin America

Do conditional cash transfer programs reduce voters' incentives to hold their government accountable for its performance? Studies show that these programs generate considerable electoral returns for the governments responsible for them. One important and unexplored question is whether these popular programs have also changed the landscape of accountability in Latin America. Survey data from 16 Latin American countries that have adopted CCT programs do not offer support for the claim that such programs have a detrimental effect on electoral accountability for corruption and for the economy. Only in countries where CCT programs do not follow strict rules do beneficiaries attribute relatively less weight to the government's economic performance, but this effect is marginal. These findings fill an important gap in the literature and offer reassuring evidence that cash transfers can alleviate poverty while preserving voters' incentives to exercise electoral accountability in crucial areas of government performance.     

Financial liberalization in South Korea

This article analyzes the process of financial liberalization in South Korea from the perspective of financial globalization through an international political economic approach. Korean financial liberalization has been highly influenced by the outside pressure of the United States, the OECD and the IMF, as well as by the big business conglomerates (chaebols), as a powerful domestic interest group. In a broad perspective, South Korea's entrance into the OECD, the Financial Services Agreement under the WTO and the Structural Adjustment Program of the IMF after the 1997 financial crisis were important moments for Korea's financial reforms. There are two viewpoints on the causes of the Korean financial crisis. From a domestic viewpoint, South Korea had a weak financial market system and its financial liberalization process was too premature to create a stable financial market when Korea met the financial crisis. In a globalization perspective, financial globalization intrinsically encourages uncontrollable short-term financial capital flows across borders, thus financial crisis is inevitable regardless of a strong or weak domestic financial system. This article compares these two viewpoints in the case of South Korea.     

Municipal Governance,Environmental Management and Disaster Risk Reduction in Chile

Given the vulnerability of Latin American countries to extreme events of climatic and geophysical origin and the frequency of these events, how do local governments manage environmental and disaster risk reduction? This article contributes to the Latin American literature about environmental management and disaster risk reduction at the local level. Employing a comparative perspective, the article examines and explains the responses of Chilean municipalities and the role of municipal commitments and social capital.     

The Inextricable Link Between Sovereign Debt and Pensions in Argentina, 1993–2010

Established with the reform of 1993, Argentina's private pension funds became crucial sources of credit for the national government. They purchased large amounts of sovereign bonds defaulted on in 2001 and hence were key to the success of the debt restructuring of 2005. The private pillar was always vulnerable to political maneuvering; the nationalization of private pension funds in 2008 was only the last stage in an iterated process of state intervention, a function of public debt dynamics. This article argues that the financial pressures associated with Argentina's sovereign debt burden systematically shortened the temporality of pension policy decisions, taking those away from long‐term concerns about the stability of the social security system and toward the immediacy of debt‐financing imperatives. Therefore, the politics of pension reform reversal in Argentina were determined by the increasingly strong and inextricable link between debt and pensions.     

The Effect of Unions and Organized Civil Society on Social Policy: Pension and Health Reforms in Argentina and Brazil, 1988–2008

This article shows how modified European power resources theories can be applied to Latin America to explain differences in the depth of policy reforms. It innovates on previous work on Latin American social policy by particularly examining the effect of unions and other civil society groups on the process of structural reforms (or lack thereof) in the health and pension sectors in Argentina and Brazil. Through a most similar system design, this analysis shows that the strength and support (or opposition) of organized civil society groups is a crucial condition to account for the enactment (or failure) of a given broad policy reform.     

印尼银行业改革、重组的最新进展与变化趋势分析

印尼银行业经过10年的整顿与重组,在信用、存贷率、利润、资本充足比例等方面均大有改观,现又重现生机和活力.印尼银行业未来改革措施与发展趋势将以提高最低资本准备金,协助金融机构处理呆、坏账,以及实施新的银行存款保险制度为核心,进一步增强银行竞争力,维护金融秩序稳定.     

The politics of social service provision through NGOs: A study of Latin America

Abstract — This article looks at the role of NGOs in social service delivery in Latin America and questions some of the assumptions which are often made about their abilities. Following the implementation of the neo-liberal model, increased conditionality has been placed on economic assistance. This has created a new role for NGOs, whereby they are harnessed by states in order to secure effective implementation of reform packages. In the process many NGOs and their own agendas become distorted. The paper discusses the political implications of this new role for NGOs and goes on to conclude that, given the nature of the democratisation process in Latin America, and the accompanying economic model, expectations regarding NGO potential for grassroots empowerment have been over-optimistic.     

Equality and Regional Finance in the Americas

This article explores competing definitions of equality embedded in contending visions for regional finance in the Americas. The U.S. free market–oriented project envisions extension of a NAFTA‐like regulatory framework hemispherewide, promising Latin Americans better financial services, credit, and investment in exchange for strong financial property protections and (implicitly) dramatically reduced financial policy autonomy for their governments. Venezuela's vision of “Bolivarian” finance, exported to the Caribbean and the upper Andes, promotes assertive state management of both foreign and domestic investors, populist redistribution, and increasing reliance on nonmarket financial transactions. Brazil's regional financial project would unite South America through continentwide physical infrastructure and capitalist financial markets while retaining a role for public sector banks responsive to central government priorities. Brazil's approach shares with Venezuela's an emphasis on governments' need for financial policy authority and with the U.S. approach a concern for regulatory predictability and financial deepening.     

Geschlechtergleichheit oder „exklusive Emanzipation“? Ungleichheitssoziologische Implikationen der aktuellen familienpolitischen Reformen*

Focusing on gender and social inequalities, we analyse two current reforms in German family policy: the 2007 parental leave reform and the discussion on a reform of the joint taxation of married couples. These reforms lead to changes in policy instruments and objectives that are not adequately described by the thesis of a change towards an adult worker model. Rather, so our first argument, the reforms lead to a thoroughgoing change of the interplay between (de-)familialization and (de-)commodification, as they not only put a stronger focus on labour market activation, but also try to increase birth rates via financial incentives. However, both reform projects mainly provide incentives for higher labour market participation and birth rates among highly qualified women, which means an important shift away from the objective of redistribution that has been an important impetus for German familiy policy so far. This development has severe consequences for social inequalities, as it promises an ?exclusive emancipation“ for highly qualified women only.     

International capital,Singapore's state companies,and security

Since the Asian economic crisis in 1997-98, the Singapore government has embraced neoliberal globalization to a degree not matched elsewhere in East or Southeast Asia. Yet the consolidation and expansion of Singapore's state companies are also integral to this strategy. These companies are increasingly the objects of critical attention from elements of international capital that are seeking to make inroads into various sectors of the Singapore economy. This includes pressures to reform governance systems from which state companies derive competitive advantages. This article examines the nature and political strength of these challenges, the responses to them by the Singapore government, and the implications of this for the future of the authoritarian regime. The article also analyzes the changing geopolitical context within which such disputes are being played out. Security concerns by the U.S. government in particular, it is argued, are mediating conflict over state companies and presenting new opportunities for the authoritarian regime to consolidate.     

Professionalization and Probity in a Patrimonial State: Labor Inspectors in the Dominican Republic

Are international labor rights campaigns making a difference in Latin America? This article reveals that Dominican policymakers and bureaucrats are responding to foreign pressure by redoubling their commitment to a distinctively Franco‐Iberian model of labor law enforcement, in which skilled labor inspectors use their discretion to balance society's demand for protection with the economy's need for efficiency. In so doing, they provide an alternative to traditional collective bargaining practices—which at least partly decouples both the intensity of the enforcement effort and the degree of worker protection from the level of unionization—and an example for the rest of the region. The article therefore concludes by reconsidering the Central American experience in light of the Dominican findings and discussing their joint implications for our understanding of administrative reform, industrial relations, and globalization, not only in the so‐called CAFTA countries but in Latin America more generally.     

Business-government cooperation in VET: a Russian experiment with dual education

Upgrading skill formation has become an increasingly urgent task for societies facing the challenges of rapid technological change and globalization. However, reform of systems of vocational education and training (VET) poses severe challenges for aligning the interests of schools, firms, households, and governments, even in societies with relatively efficient markets for labor and education. Where market institutions are poorly developed, these challenges are particularly acute, resulting in endemic mismatches between the supply and demand of skill. Currently governments in many countries, including the United States, Russia, and China, are seeking to adopt elements of the German dual education model. The Russian federal government has undertaken several initiatives designed to upgrade VET by encouraging closer cooperation of vocational schools and firms at the regional level, including the adoption of dual education programs. This paper focuses on one such project: a 2013 pilot program administered by the Russian Agency for Strategic Initiatives, to foster the development of new models of dual education. The paper compares the 13 pilot regions with regions that submitted proposals but were not selected and with all other regions along multiple economic, social, demographic, and institutional dimensions. The findings suggest hypotheses about the conditions that enabled the pilot regions to take advantage of federal policies encouraging the adoption of dual education. More generally, the paper sheds light on institutional solutions to collective action dilemmas in skill formation in transitional and developing societies.     

金融抑制下缅甸金融发展困境与自由化展望

缅甸金融部门实行利率和汇率管制,真实利率为负,市场汇率与官方固定汇率差异巨大,表现出显著的金融抑制特征.20世纪90年代,缅甸政府进行了以建立私营银行体系为重心的金融改革,并取得一定成效,但改革远远没有改变金融抑制的根本,私营银行由于资本规模较小且没有国家信用支持,不具备必要的抗风险能力.金融部门脆弱性加剧,集中表现为2003年金融危机及其后数年金融部门发展停滞甚至倒退.金融抑制下的缅甸金融部门已成为国民经济发展的瓶颈,其自由化改革具有迫切性.本文在对缅甸金融抑制、金融改革及金融困境进行全面剖析的基础上,对缅甸金融自由化前景进行了展望.     

瑞典名义账户养老金制度改革探析

自20世纪90年代以来,世界上诞生了一种崭新的社会保障制度—名义账户养老金制度。瑞典是世界上第一个引入这种制度的国家,也是迄今为止改革成效最好的国家之一。本文在回顾90年代以来瑞典养老金制度改革过程的基础上,重点分析瑞典名义账户制设计和实施中的几个关键性问题,以期对十几年来瑞典养老金制度改革的效果做出总结与评价。     

DJnomics and the transformation of the developmental state

Since the Asian financial crisis, the Korean state under Kim Dae Jung has witnessed significant challenges from foreign capital as well as from organized labor. Regime transition has influenced the social and political relations between the state and big business (chaebol). The traditional developmental state has gradually eroded as the power and capacity of the state was increasingly affected by economic globalization. The Korean economy has been transformed from a traditional developmental state model characterized by a hierarchical and authoritative relationship between the government and conglomerates into the market-oriented economic model.