A regional investment agreement for Latin America
Nancy Lee, a visiting fellow at the Center for Global Development, calls for a regional investment agreement for Latin America in an online Q&A posted today. She argues that a regional investment agreement would work much like free trade agreements, with member countries setting common standards to reduce barriers to investment. How could you measure whether members are complying with these standards? Lee argues that comparable data on things like the costs of starting a business and the strength of creditor rights would do the trick.
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I believe that increasing national net investment should be really the problem. I feel embarrased every time local people ask about how to increase foreign investment when there is plenty of money being made locally (honest and dishonest) and all that holds it up is to enhance the flow of capital abroad. Year after year Latin American countries such as Venezuela receive huge quantities of hard currency doing little to build a solid production investment infrastructure, instead we might recognize overprizing fueling inflation and a very comfortable import account in conjuntion with a very outstanding outward capital account. Surrounding a very pathological poverty stagnation circle hard to fight when politcal, social and economic allocation reward this orientation.
Posted by: Alejandro Ochoa | Jul 26, 2008 11:11:31 AM