The author is grateful for the comments made by ILO specialists and by Joseph Ramos, Raymond Torres, Andras Uthoff, Jürgen Weller, Álvaro Díaz, the data provided by Werner Gárate and Juan Jacobo Velasco of the ILO, and the collaboration of Felipe Arriagada.
Employment and real macroeconomic stability: The regressive role of financial flows in Latin America
Version of Record online: 8 MAY 2012
Copyright © The author 2012 Translation and journal compilation © International Labour Organization 2012
International Labour Review
Volume 151, Issue 1-2, pages 21–41, June 2012
How to Cite
FFRENCH-DAVIS, R. (2012), Employment and real macroeconomic stability: The regressive role of financial flows in Latin America. International Labour Review, 151: 21–41. doi: 10.1111/j.1564-913X.2012.00133.x
Responsibility for opinions expressed in signed articles rests solely with their authors, and publication does not constitute an endorsement by the ILO.
- Issue online: 8 MAY 2012
- Version of Record online: 8 MAY 2012
- economic and social development;
- economic reform;
- economic policy;
- Latin America
The author examines economic reforms carried out in Latin America since the 1990s. Price stabilization was achieved, but there has been insufficient growth and economic instability has been detrimental to productive investment and employment. Frequent crises have had a serious recessionary effect and have discouraged capital formation and the creation of decent jobs. Financial capital flows were the chief cause of this general economic situation. A positive recovery in 2010 resumed the climb towards progress begun in the 2004–08 period, but was accompanied by high levels of precarious employment and serious deficiencies in macroeconomic policy.