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02-data/intermediate/wos_sample/c9d820f128e9c8c541efc377c79be23d-laens-silvia-and-pe/info.yaml

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+abstract: 'Uruguay began liberalizing its economy in the 1970s. The process
+
+  continued through the 1990s when the country joined Mercosur. The
+
+  reforms were mainly oriented at liberalizing trade and financial flows,
+
+  much less was done in terms of privatization and public sector reform.
+
+  Uruguay established itself as a regional financial and offshore banking
+
+  centre. In the early 1990s, inflation was stabilized on the basis of
+
+  high capital inflows and a stabilization policy that used the exchange
+
+  rate as a nominal anchor. The ensuing real exchange rate appreciation
+
+  harmed export growth with the rest of the world and, along with the
+
+  surge in capital inflows, pushed up import demand. Real appreciation of
+
+  the exchange rate against Uruguay''s trading partners in Mercosur was
+
+  virtually nil and exports benefited from the new set of trade
+
+  preferences within the group. This made macroeconomic performance in
+
+  Uruguay strongly dependent on the business cycle in Argentina and
+
+  Brazil. When these two countries shifted away from a fix on the nominal
+
+  exchange rate, starting with the floating of the Brazilian real,
+
+  Uruguay''s exports were severely hit pushing the economy into recession.
+
+  The recession was deepened with Argentina''s crisis at the turn of the
+
+  century. Uruguay''s economic recovery from the sharp decline in the first
+
+  half of the 1980s thus lasted until 1998. Employment increased, despite
+
+  job losses in agriculture and manufacturing following productivity
+
+  growth associated with the opening process. Employment growth was
+
+  particularly strong in services. Job shedding in manufacturing was also
+
+  associated with a fall-out of many firms in import-competing sectors.
+
+  Real labour incomes also increased during this period of growth. Skilled
+
+  workers were the main beneficiaries as structural adjustment made
+
+  production more skill intensive. Labour income inequality increased, but
+
+  overall employment and real wage increases allowed for a visible
+
+  reduction in poverty. These trends reversed after 1998. Simulations with
+
+  the computable general equilibrium for Uruguay confirm the positive
+
+  effects of trade liberalization in the context of an appreciated
+
+  exchange rate on growth and poverty reduction. The simulations also
+
+  suggest that further negotiated trade liberalization in the context of
+
+  the Free Trade Area of the Americas or the World Trade Organization
+
+  (WTO) would reinforce these effects. With further unilateral trade
+
+  liberalization export growth would require maintaining the exchange rate
+
+  competitive, while employment growth would be served with allowing for
+
+  some appreciation of the currency. In the case of negotiated,
+
+  multilateral trade liberalization the nature of the exchange rate regime
+
+  does not appear to matter for Uruguay in order to reap the gains from
+
+  trade. World market prices would move in favour of Uruguay''s exports,
+
+  particularly under a WTO scenario that would benefit its agricultural
+
+  exports. Unskilled workers would be the principal beneficiaries of such
+
+  a scenario and poverty and inequality would be reduced. It seems to
+
+  confirm Uruguay''s paradoxical relationship with trade integration.
+
+  Mercosur brought both trade benefits and greater vulnerability to the
+
+  volatility of the economies of its large neighbours, Argentina and
+
+  Brazil, while WTO equally would bring trade gains but enhance the
+
+  country''s vulnerability to the volatility in primary commodity markets.'
+affiliation: 'Laens, S (Corresponding Author), CINVE, Montevideo, Uruguay.
+
+  Laens, Silvia; Perera, Marcelo, CINVE, Montevideo, Uruguay.'
+author: Laens, Silvia and Perera, Marcelo
+author_list:
+- family: Laens
+  given: Silvia
+- family: Perera
+  given: Marcelo
+booktitle: 'WHO GAINS FROM FREE TRADE: EXPORT-LED GROWTH, INEQUALITY AND POVERTY IN
+
+  LATIN AMERICA'
+da: '2023-09-28'
+editor: Vos, R and Ganuza, E and Morley, S and Robinson, S
+files: []
+isbn: 978-0-203-96583-2
+language: English
+number-of-cited-references: '21'
+pages: 361-392
+papis_id: 9b450d588204d90f1a09e2950b34ad5b
+ref: Laens2006uruguayexport
+series: Routledge Studies in Development Economics
+times-cited: '0'
+title: Uruguay - export growth, poverty and income distribution
+type: Article; Book Chapter
+unique-id: WOS:000278891300013
+usage-count-last-180-days: '2'
+usage-count-since-2013: '4'
+volume: '50'
+web-of-science-categories: Economics
+year: '2006'