H
T
E
M
I
D
D
L
E
C
L
A
S
S
E
R
T
I
D
C
In the last five years alone more than
15 million people have been lifted out
of poverty. Sustaining and even
expanding those gains is essential
to economic growth and political
stability. Access to credit, a stable
currency and social
programs are key.
Large-scale lending has dried up
in the region, though microcredit
remains strong for now. Before
U.s. credit returns, intraregional
credit could play a strong role,
particularly in Brazil and Chile.
S
E
T
X
T
E
E
T
N
N
D
Y
S
O
C
I
A
L
F
A
S
E
S
A
E
V
R
O
I
D
F
O
R
E
C
S
O
L
U
Fortunately, targeted
conditional cash
programs created in the
last decade exist and
represent a cost-effective
way, if made more
flexible, to protect the
most vulnerable.
A
C
I
P
A
T
L
F
L
O
W
S
Keynes is king,
again. The United States,
Chile and Mexico are jump-starting
their economies by expanding
social and economic
investment.
U
O
E
T
N
C
R
Y
C
I
L
C
A
L
P
O
C
L
I
C
I
E
S
…
R
E
M
I
T
A
T
N
C
E
S
S
T
O
B
I
S
N
S
U
S
E
E
S
T
E
O
C
A
M
K
T
A
P
I
T
A
L
R
Without
international banks
lending, it’s time to reconsider
a redesign and strengthening
of the international financial
institutions (IFIs).
O
L
A
I
&
C
E
O
N
M
O
I
C
C
D
E
S
M
A
N
D
S
P
E
U
P
L
I
S
T
H
O
T
E
T
P
M
T
A
I
O
N
T
…
L
S
Economic frustration has simmered just below the surface
in many countries, even in stable times. Now countries must
maintain sound fiscal and macroeconomic policies to avoid
a return to the rampant inflation and instability of the 1970s.
P
E
M
U
R
E
S
U
E
T
S
B
A
I
A
L
I
O
C
C
R
O
E
C
O
N
O
C
I
M
P
Immigrants aren’t
returning in droves to
their home countries.
But remittances are
declining. The key is
protecting the families
and communities that
depend on them.
spring 2009
americas quarterly 55
