Shannon K. O'Neil

Latin America's Moment

O'Neil analyzes developments in Latin America and U.S. relations in the region.

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Showing posts for "Latin America"

IMF High-Level Conference on Latin America

by Shannon K. O'Neil
Latin America, International Monetary Fund, economic growth (Courtesy International Monetary Fund)

Two weeks ago, I joined Ricardo Hausmann, director of the Center for International Development at Harvard University, Santiago Levy, vice president for sectors and knowledge at the Inter-American Development Bank, Andrés Velasco, professor at Columbia University’s School of International and Public Affairs, and Jose Viñals, financial counselor and director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), on an engaging panel at the IMF’s High-Level Conference on Latin America. Read more »

Economic Clusters, Productivity, and Growth in Latin America

by Shannon K. O'Neil
Alfred Marshall, Michael Porter, Queretaro aerospace, Chile salmon, Start-Up Chile, Clusters Workers places salmon carcasses into a box to be sent to the world market at the Acuinova Chile salmonera company located some 1,625 km south of Santiago March 5, 2009 (Victor Ruiz Caballero/Reuters).

This post was co-authored by Gilberto Garcia, research associate for Latin America Studies at the Council on Foreign Relations.

How can countries boost productivity and economic competitiveness? Many economists and business leaders turn to economic clusters as an answer. Read more »

Foreign Direct Investment in Latin America

by Shannon K. O'Neil
Foreign Direct Investment, Latin America A Venezuelan worker assembles a motorcycle made of Chinese parts at the Empire Keeway factory in Charallave, outside Caracas December 14, 2011. Every time that Beijing turns the gear of their loans to Caracas, thousands of barrels of oil are shipped to Asia, get tons of goods to South America and create dozens of companies as part of an oiled mechanism that gives millions of dollars to the Government of Hugo Chavez and great benefits to the Eastern giant (Jorge Silva/Reuters).

Foreign direct investment (FDI) in Latin America fell in 2014, down 16 percent to $159 billion according to the latest ECLAC report. This outpaced global declines closer to 7 percent, and fell far behind other emerging markets, which saw investments rise 5 percent on average, and 15 percent in Asia. Read more »

China’s RMB Swap Lines with Latin America

by Shannon K. O'Neil
China, Argentina, swap lines Argentinian President Cristina Fernandez de Kirchner (L) and Chinese President Xi Jinping shake hands and face the media after signing documents during a ceremony at the Great Hall of the People in Beijing February 4, 2015 (Rolex Dela Pena/Reuters).

My colleagues Benn Steil and Dinah Walker recently published a great interactive on the spread of central bank currency swaps since the financial crisis. They find the United States provided developing nations with significant support through swap lines at the height of the financial crisis, but that China has been the most active extender of swap lines since 2009. China now has thirty-one swap agreements outstanding. Read more »

Latin America Goes Global Launch

by Shannon K. O'Neil
Latin America Goes Global, Christopher Sabatini Heads of states pose for the family photo of the VII Summit of the Americas in Panama City April 11, 2015 (Edgar Garrido/Courtesy Reuters).

Today is the official launch of Latin America Goes Global. Led by Christopher Sabatini, adjunct professor at the School of International and Public Affairs at Columbia University and formerly editor-in-chief of Americas Quarterly, the new site already has many talented and thoughtful Latin American policy experts on board. Read more »

CFR Media Call: Summit of the Americas

by Shannon K. O'Neil
Summit of the Americas, Panama, Panama City, Cuba Cuba's President Raul Castro listens during the Community of Latin American and Caribbean States (CELAC) summit in San Antonio de Belen in the province of Heredia January 28, 2015, in this handout courtesy of the Costa Rica Presidency (Costa Rica Presidency/Courtesy Reuters).

The seventh Summit of the Americas begins today in Panama City, Panama. Taking place every three years, it brings together leaders throughout the Western Hemisphere. This summit’s central theme is “Prosperity with Equity: The Challenge of Cooperation in the Americas,” addressing issues including education, health, energy, the environment, migration, security, citizen participation, and democratic governance. This is also the first summit Cuba attends. Yesterday, I participated in a CFR media call presided by Justin Vogt, deputy managing editor of Foreign Affairs, offering a preview of the summit. You can listen to the call here.

Latin America’s Middle-Income Trap

by Shannon K. O'Neil
Latin America, Middle-income trap A student writes down in her note book on the first day of school in Managua February 11, 2013. Around 1.6 million students are expected to start their new academic year, according to the Ministry of Education of Nicaragua (Oswaldo Rivas/Courtesy Reuters).

In 2014, GDP growth in the region slowed to less than 1 percent. Expectations for 2015 are just slightly better, with forecasters predicting growth of nearer to 2 percent. The downturn reflects external factors, including the European Union’s continuing problems, a slower China, and falling commodity prices. But it also results from domestic barriers that hold these nations back. Read more »

The Strategic Importance of North America to U.S. Interests

by Shannon K. O'Neil
North America, Western Hemisphere, House Foreign Affairs, energy, economic competitiveness, integration (Courtesy Library of Congress)

Yesterday, I had the privilege to testify before the House Foreign Affairs Subcommittee on the Western Hemisphere at a hearing titled “The Strategic Importance of the Western Hemisphere: Defining U.S. Interests in the Region.” Also joining me before the subcommittee were Bonnie Glick, senior vice president at Meridian International Center, Evan Ellis, research professor at the U.S. Army War College Strategic Studies Institute, and Eric Farnsworth, vice president of Council of the Americas. Read more »

Guest Post: Latin America, Energy Matrices, and the Future of Climate Change

by Guest Blogger for Shannon K. O'Neil
Latin America, Energy Matrices, Climate Change A Petrobras Oil platform is seen at Guabanara bay in Rio de Janeiro September 24, 2010. Brazilian state oil company Petrobras raised $70 billion on Thursday in the world's biggest share offering, giving the company the financial muscle it needs to tap vast offshore oil reserves (Bruno Domingos/Courtesy Reuters).

This is a guest post by Matthew Michaelides, an intern here at the Council on Foreign Relations who works with me in the Latin America program.

This week world leaders meet in Lima, Peru to discuss the framework for a new UN climate change agreement. The big issues for discussion include financing clean energy projects and implementing cap-and-trade policies, building on the release of a new report by the Intergovernmental Panel on Climate Change (IPCC) and a landmark climate change accord between the United States and China. Read more »

South-South Trade and Latin America

by Shannon K. O'Neil
South-south trade, developing south trade, inter-industry trade, Latin America, exports, intermediary goods Workers harvest soy in a farm during a demonstration of harvest machines in Correntina, Bahia March 31, 2010. Brazil's 2009/10 soybean production is estimated to be 67.5 million tonnes (Paulo Whitaker/Courtesy Reuters).

The economic rise of the developing south is one of the biggest trends of the last decade, accelerated by the 2008 global economic downturn. Since 2001 trade between these countries has grown 18 percent a year on average, outpacing global trade growth of 11 percent. Nearly half of all exports worldwide now originate in emerging markets—predominantly Asia. Read more »