Showing posts with label Latin America. Show all posts
Showing posts with label Latin America. Show all posts

Tuesday, May 29, 2018

David Law and Tom Ginsburg on Constitutional Drafting in Latin America (new book chapter)

"Constitutional drafting in Latin America: a quantitative perspective"
David Law and Tom Ginsburg
in Colin Crawford and Daniel Bonilla Maldonado (ed.),  Constitutionalism in 
the Americas,
(Edward Elgar, 2018), pp. 217-239
Introduction: Generalizations about the practice of constitutional drafting within a region as diverse as Latin America are bound to be inherently imprecise. A single region can be home to considerable constitutional heterogeneity.1 It is also clear, however, that there exist geographical and regional patterns in the adoption of formal legal rules.2 Distinctive regional characteristics can endure in the face of globalization for a multitude of reasons. In the case of Latin America, for example, they may be borne of historical, religious, linguistic, and geographical ties, or they may reflect the 
existence of shared concerns and experiences, such as American hegemony or a legacy of strongman rule.
     This chapter offers an empirical overview of constitutional drafting patterns and trends in Latin America over the last 60 years. We use various quantitative measures and indices of constitutional content to contrast Latin America with other regions and shed light on whether and in what ways constitutional drafters in Latin America have responded to frequent concerns such as excessive American influence, overconcentration of executive power, and human rights abuses.
     Section II examines the extent to which Latin American countries continue to use the U.S. Constitution as a model for their own constitutions. In both scope and substance, Latin American constitutions are becoming increasingly dissimilar to the U.S. Constitution over time. Indeed, not only has Latin America become increasingly divergent from the model of the U.S. Constitution, but it has become more divergent than the rest of the world.
     Section III compares constitutions in Latin America with those of other regions along a number of substantive dimensions. Relative to other regions, constitutional drafting in Latin America is characterized by a stingy approach to executive power and a generous approach to the protection of rights. Latin America’s combination of extensive de jure rights, on the one hand, and a long history of autocratic leaders and human rights abuses, on the other, is a reminder that governments do not always deliver in practice what they promise on paper. Prior work suggests that levels of actual respect for rights have improved over the last two decades, with the result that the gap between the promise and the reality of Latin American constitutionalism may be narrowing.3 As interesting as that line of research happens to be, however, this chapter focuses exclusively on how constitutions are drafted, rather than how they are interpreted or implemented. Accordingly, we deliberately limit our analysis to the text of the constitutions themselves. Our findings suggest that constitutional drafting is characterized to some degree by variation along regional lines, and that there is at least some substance to the notion of a Latin American approach to constitutional drafting...

Friday, October 14, 2016

Arner and Soares's Report on Latin America and a Globalised RMB (Atlantic Council)

A Globalized Renminbi: Will it Reshape Latin America?
Douglas Arner and Andre Soares
October 2016, Atlantic Council, 12 pp
In the past four decades, beginning with Deng Xiaoping’s gradual opening in 1978, China has reemerged as one of the world’s most important economies. Its economic, geopolitical, and financial rise is underscored by key milestones: joining the World Trade Organization (WTO) in 2001; surpassing the United States, Germany and Japan to become the world’s most significant exporting nation; and becoming one of the world’s top three global sources of outward foreign direct investment (FDI). In 2015, China became a net foreign investor, sending more FDI out than it took in. China is well on its way to overtaking the United States as the world’s largest economy in absolute gross domestic product terms, and has already done so on purchasing power parity measures.
     Its economic and financial importance in Latin America echoes trends on the global stage. China is now among the three most significant trading partners for the region, eclipsing the European Union (EU) in 2012. Brazil, Chile, Peru, and Argentina count China as their top export destination, as well as a major source of imports. Chinese investment has also surged, with Brazil topping the list as the region’s leading destination for Chinese FDI. 
     China’s rise in the global economy is reflected by changes in the international significance of its currency, the renminbi (RMB). This is not surprising. Currency internationalization is a natural step in the evolution of a leading economy. The international use of the dollar, for example, grew out of the United States’s rapid economic emergence at the beginning of the 20th century, although it became the world’s leading currency only in the aftermath of World War II. Likewise, the international significance of the Japanese yen grew out of the country’s rapid economic ascent in the 1970s and 1980s.
      With the October 2016 inclusion of the RMB in the International Monetary Fund’s Special Drawing Right (SDR) basket of major international currencies, joining the US dollar, the euro, the Japanese yen, and the British pound sterling, China is now among a select group of countries whose currency is recognized as an international reserve asset. It adds credibility to a currency still observed with some skepticism in many parts of the world. 
      While China is now firmly established as a leading driver in the global economy, the ramifications of the renminbi’s internationalization are still evolving, especially for emerging markets such as those of Latin America. To the extent that Chinese authorities undertake additional domestic reforms—in areas including the capital account, financial market, and exchange rate policies—this may give other economies, including Latin American countries, more confidence to use the RMB for trade and finance transactions.
     If history repeats itself, it will just be a matter of time until China’s currency is widely used internationally. But the story is not that simple. The Chinese economy continues to be characterized by a high degree of government involvement, including with its exchange rate. This gives pause to the many governments and private businesses who question the possible implications for market behavior. 
      How relevant are these policies to Latin American countries? With major economic relationships with China, most of the region’s largest economies are likely to see both more businesses trading directly in the RMB and more Chinese-originated FDI using the RMB. To encourage this and manage possible liquidity issues, China has already signed currency swap agreements with countries such as Brazil, Argentina, and Chile. What do these agreements actually mean and what are the risks for businesses that traditionally have depended on trading and investing in dollars? What measures could Latin American countries and businesses take—individually and collectively—to adapt to China’s changing economic landscape and the opportunities and risks that come with greater use of the RMB?... Click here to download the full report.  See also Soares and Arner's article "China's RMB International Outreach Zeroes in on Latin America" published in Global Trade on 28 October 2016.

Monday, October 3, 2016

Douglas Arner to Speak on Globalised Renminbi at Atlantic Council Meeting (4 Oct, Washington DC)

"A Globalized Renminbi: Will it Reshape Latin America?"
Altantic Council
4 October 2016, 9:00am, 15th ST NW, 12th Floor
Washington DC
China is approaching a new milestone. In October, its currency joins the dollar in becoming one of five official international reserves assets. This could be dismissed as just another technical development, but the reality is different. Internationalization of the renminbi may fundamentally reshape trade and finance with emerging markets around the world, with a particular impact in Latin America. Is the region ready for it?
Speakers: 
Jon M. Huntsman 
Chairman, Atlantic Council 
Former Ambassador to People’s Republic of China, United States 

Gerardo Mato 
Chairman of Global Banking, Americas 
HSBC 

Professor, Faculty of Law, 
Hong Kong University 

Luis Miguel Castilla 
Senior Fellow, Adrienne Arsht Latin America Center 
Atlantic Council 
Former Finance Minister, Republic of Peru 

Mark Ramsey 
Senior Managing Director, Head of Latin America 
Macquarie Capital 

Introduced and Moderated by: 
Sam Fleming 
US Economics Editor 
The Financial Times 

Jason Marczak 
Director, Latin America Economic Growth Initiative 
Atlantic Council

Click here to view Live Webcast available 4 Oct, 9 pm (HK Time).