Download Mexico, a comprehensive development agenda for the new era by Lafourcade Oliver, Nguyen Vinh H., Marcelo M. Giugale PDF

By Lafourcade Oliver, Nguyen Vinh H., Marcelo M. Giugale

ISBN-10: 0821349147

ISBN-13: 9780821349144

This publication is a compendium of Mexico's improvement technique, one who acknowledges its finished and multi-faceted nature. It makes a speciality of 5 overarching issues together with economic sustainability, progress and competitiveness, poverty and inequality, sustainable destiny, and reliable executive.

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Extra info for Mexico, a comprehensive development agenda for the new era

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In the mortgage market, roughly a third of all pension contributions are allocated to finance publicly-owned housing funds (INFONAVIT, FOVISSSTE) which, through price subsidization, control threequarters of the mortgage market, are in effect a barrier to private mortgage development, and nonetheless prove unable to satisfy Mexico’s pent-up demand for housing (estimated at 800,000 new housing units, and 6 million units in need of repair). INFONAVIT and FOVISSSTE should be reformed (if not decommissioned), put under common regulation (together with FOVI), stripped of their price subsidies (which, if so decided, should be given openly through the federal budget), and given better origination and servicing standards (similar to FOVI’s).

This will be especially true among “early adjusters,” because it will carry a valuable demonstration effect to more reluctant states. As explained later, the need for adjustment will also raise the interest of the subnationals in the unfolding of the decentralization process. Finally, Mexico’s fiscal sustainability will be much enhanced through countercyclical overall fiscal policy. Partly because of oil dependency and partly because of the nature of the budget process, the federal government has tended to relax its fiscal stance when growth accelerated, and to restrain it when the economy slowed down.

It is thus critical to give a new role to the development banks, especially as facilitators for private financing. Rather than acting as a pass-through window for federal government funds (and, in so doing, crowding out private financiers), those banks, and in particular BANOBRAS, could help subnational governments enhance their creditworthiness and pool their risks to access private long-term financing, act as administrators of state-specific federal trust funds meant to attract private participation in infrastructure financing, and provide “second-tier” services in the securitization of state and municipal debt.

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