How Optimal are the Extremes? Latin American Exchange Rate Policies During the Asian Crisis

Exchange rate, Crawling-bands, Currency boards, Macroeconomic sustainability, Latin America

RAPD PCR Confirms Absence of Genetic Variation Between Insecticide Resistant Variants of the Green Peach Aphid, \u3ci\u3eMyzus Persicae\u3c/i\u3e (Homoptera: Aphididae)

Previous allozyme analysis has revealed an apparent absence of enzyme variability in the green peach aphid, Myzus persicae (Sulzer). We are interested in determining the genetic relatedness of individual M persicae clones carrying different numbers of esterase 4 (E4) gene copies conferring resistance to insecticides, in order to determine how many times and in what geographic locations resistance via gene duplication may have evolved. We have therefore extended the analysis of genetic variability in M. persicae to the DNA level using random amplification of polymorphic DNA (RAPD) with single 10 mer oligonucleotide primers. Here we report a lack of variability be- tween resistant clones in Wisconsin populations even at the DNA level Further, \u27fast\u27 E4 (FE4) variants appear to be absent from Wisconsin populations, despite FE4 variants of moderate resistance (Rl) being the most common clones in the United Kingdom. These results suggest that resistance in M. persicae may have evolved a very few times and that North American populations may differ from those in Europe by founder effects

Real Macroeconomic Stability and the Capital Account in Chile and Colombia

In 1995, when contagion from the tequila crisis was spreading in latin America, both Chile and Colombia were exempt from contagion and presented high rates of economic growth. Several analysts attribute this positive performance to the fact that both had undertaken prudential measures to avoid excessive exposure to short term capital flows and pressures towards excessive real exchange rate appreciation: Both countries were using a reserve requirement on short term foreign indebtedness, crawling-bands, and other instruments for reducing domestic vulnerability to capital flows. The parallelism between Chile and Colombia continued after the Asian crisis. In this period, despite the fact that short-term liabilities represented only a small share of foreign debt in both countries, vulnerability to the international financial crisis was high. In both, real interest rates rose sharply in 1998 and GDP growth was negative in 1999. The similarities between Chile and Colombia, however, do not go much farther. During the 1990s, GDP growth rates were very high in Chile while in Colombia they were below historical standards. Chile had fiscal surpluses and high private savings, while in Colombia there was a rapidly increasing fiscal deficit and falling domestic savings. This paper presents a comparative analysis of the macroeconomic policies of Chile and Colombia during the 1990s, in particular the exchange rate regimes, the capital account regulations, and the gestation and management of financial crises.

Writing Amnesia in Hervé Guibert’s Le Paradis

No abstract (available)

La des-industrialización en la revolución neoliberal de la dictadura, 1973-81

En este artículo se exponen las principales reformas comerciales,  nancieras y cambiarias efectuadas en Chile entre 1973 y 1981, analizando en particular el impacto que ellas tuvieron en el sector industrial. El artículo muestra como, duran- te la revolución neoliberal de la dictadura, Chile retrocedió profundamente en su grado de industrialización, en una economía ahora caracterizada por gran aper- tura comercial, privatizaciones y desregulaciones, con plena ausencia de políticas de desarrollo productivo. Se analiza el impacto de este nuevo enfoque económi- co en la evolución global y composición del balance externo, la producción e in- tercambio comercial, en un proceso que culminó en la grave crisis de la deuda en 1982.Palabras claves: Industrialización, Chile, historia económica, privatizaciones.AbstractThis article deals with the main trade,  nancial and exchange reforms undertaken in Chile between 1973 and 1981, focussing in particular on their impact on the industrial sector. The article shows how, during the neoliberal revolution of the dictatorship, Chile really went backwards regarding industrialisation, in an economy now characterised by a great degree of trade openness, privatisation, deregulation, and lack of productive development policies. It is also analyzed the impact of this new economic approach on the global evolution and external balance’s composition, production and commercial exchange, in a process that ended with the profound debt crisis of 1982.Keywords: Industrialization, Chile, economic history, privatizations