DOCSLIB.ORG

The Case of Honduras

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Case of Honduras IFPRI Discussion Paper 01477 October 2015 Adjusting to External Shocks in Small Open Economies The Case of Honduras Samuel Morley Valeria Piñeiro Markets, Trade and Institutions Division INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE The International Food Policy Research Institute (IFPRI), established in 1975, provides evidence-based policy solutions to sustainably end hunger and malnutrition and reduce poverty. The Institute conducts research, communicates results, optimizes partnerships, and builds capacity to ensure sustainable food production, promote healthy food systems, improve markets and trade, transform agriculture, build resilience, and strengthen institutions and governance. Gender is considered in all of the Institute’s work. IFPRI collaborates with partners around the world, including development implementers, public institutions, the private sector, and farmers’ organizations, to ensure that local, national, regional, and global food policies are based on evidence. IFPRI is a member of the CGIAR Consortium. AUTHORS Samuel Morley (s. [email protected]) is a visiting senior research fellow in the Markets, Trade and Institutions Division of the International Food Policy Research Institute (IFPRI), Washington, DC. Valeria Piñeiro ([email protected]) is a research coordinator in the Markets, Trade and Institutions Division of IFPRI, Washington, DC. Notices 1. IFPRI Discussion Papers contain preliminary material and research results and are circulated in order to stimulate discussion and critical comment. They have not been subject to a formal external review via IFPRI’s Publications Review Committee. Any opinions stated herein are those of the author(s) and are not necessarily representative of or endorsed by the International Food Policy Research Institute. 2. The boundaries and names shown and the designations used on the map(s) herein do not imply official endorsement or acceptance by the International Food Policy Research Institute (IFPRI) or its partners and contributors. Copyright 2015 International Food Policy Research Institute. All rights reserved. Sections of this material may be reproduced for personal and not-for-profit use without the express written permission of but with acknowledgment to IFPRI. To reproduce the material contained herein for profit or commercial use requires express written permission. To obtain permission, contact [email protected]. Contents Abstract v Acknowledgments vi 1. Introduction 1 2. Honduras’s Macroeconomic Environment 3 3. The Model 11 4. The Macro Simulations 15 5. Conclusions 23 Appendix A: Econometric Analysis of the Determinants of Output Growth 25 Appendix B: Supplementary Tables 32 References 35 iii Tables 2.1 Components of gross domestic product 4 2.2 Sector shares in gross domestic product 5 2.3 Growth rates of productivity since 1960 (percent) 6 2.4 Average shares in the capacity to import 8 3.1 2008 macro-SAM for Honduras, in billions of Honduran lempiras 12 4.1 Percentage change in macro variables in response to reduction in remittances and foreign savings 16 4.2 Percentage change in macro variables in response to a 10 percent oil price shock 17 4.3 Percentage change in sectoral output, real wages, and unemployment in response to a 10 percent oil price shock 18 4.4 Percentage change in macro variables in response to coffee and maquila productivity shocks 19 4.5 Percentage change in real wages and unemployment in response to reductions in prices and productivity 20 4.6 Percentage change in macro variables in response to a 10 percent increase in investment financed by foreign savings 21 4.7 Percentage change in sectoral output, real wages, and unemployment in response to 10 percent investment 22 A.1 Regression 1 27 A.2 Johansen cointegration test 28 A.3 Normalized cointegrating coefficients, one cointegrating equation 28 A.4 Engle-Granger first step 29 A.5 Engle-Granger second step 29 A.6 Third step Engle Yoo 30 A.7 Granger causality test 31 B.1 Data for regression 1 32 B.2 Sectors of the disaggregated micro-SAM 33 Figures 2.1 GDP per capita in constant local currency units, 1960–2013 3 2.2 Investment rate and growth in gross domestic product 5 2.3 Gross domestic product and capacity to import, 1974–2011 7 2.4 Remittances 9 2.5 Exports of goods and maquila in real terms 10 3.1 Flow of goods from producers to the national composite commodity market 13 iv ABSTRACT Like the other small economies of Central America, the economy of Honduras is a challenge for all those searching for an adequate and sustainable growth strategy. After growing strongly for the two decades prior to 1980, the economy suffered through more than 20 years of growth so slow that only in 1998 did per capita income surpass the level it had reached in 1980. Then things seemed to change. For five years (2004–2008) the economy grew by an average of almost 6 percent per year, a performance unmatched since the late 1970s. But then the world financial crisis of 2009 put an end to the boom and pushed Honduras into recession. While the economy subsequently recovered, it has never come close to the growth rates of the early 1990s. Indeed, the growth rate appears to have settled back to around 3.3 percent, enough to produce only a slight increase in per capita income. In this paper we address several growth-related questions. First, what are the drivers of growth, how have they changed, and are the changes related to the cyclic nature of growth in Honduras? Second, how important are negative exogenous balance-of-payments shocks in explaining the many periods of lackluster growth? Third, what can policymakers do to offset the exogenous external shocks and increase the growth rate? We rely on several fundamental inputs in addressing these questions: first, observed patterns of sectoral growth and their changes over time; second, changes in two key determinants of growth, capital and the capacity to import; and third, changes in important exogenous variables such as the real exchange rate and the terms of trade. Finally we develop and present a model of the economy with which we will simulate the impact of various exogenous shocks as well as the policy responses to ameliorate or offset the effect of negative shocks. Keywords: general equilibrium models, Honduras, economic development, macro shocks, foreign exchange constraints v ACKNOWLEDGMENTS This project was financed by the Inter-American Development Bank. We wish to thank Alejandro Quijada Briceño and Jose David Sierra Castillo for their comments and support. vi 1. INTRODUCTION Small open economies like that of Honduras present difficult macro policy challenges to policymakers as they search for the least harmful way to adjust to negative macro shocks imported from abroad. These economies are likely to be quite sensitive to such shocks because of their openness and their limited ability to shift production toward the traded-goods sector with the speed and volume necessary to offset the shock. This makes it all that much more important that policymakers be aware of the challenge they face as they attempt to choose an appropriate policy response to a negative external shock. In this paper we develop a computable general equilibrium (CGE) model based on data for Honduras to explore policy options available to the government. We are particularly interested in how the outcomes of various policies are affected by both the structure of the economy and the degree of real wage and exchange rate rigidity. The first eight years after the turn of the millennium were good for Honduras, with gross domestic product (GDP) growth averaging more than 6 percent for the five years 2002–2007. Then in 2008, the first external shock hit in the form of a rapid rise in the prices of petroleum and other imports for which there were few domestic substitutes. To complicate matters further, two of the major sources of foreign exchange, maquila exports and remittance inflows, have both declined significantly in real terms since 2007. These are major shocks for an economy as open as that of Honduras. The question we wish to address here is the effect of these shocks on the Honduran economy under a number of different policy scenarios. If we use a CGE model in which we assume or posit full employment of both capital and labor, we know what the effect of a negative-balance shock will be. There will have to be a real devaluation sufficient to offset the shock at full equilibrium. That means that either the nominal exchange rate itself must be devalued or, if it is fixed, domestic prices and wages have to fall by an amount sufficient to produce the same real devaluation that would have been produced by permitting the nominal exchange rate to rise. In either case the relative price of tradables has to rise, but in one case that rise is produced by a rise in the domestic price of tradables because of the devaluation, and in the other it is produced through a decline in the price of nontradables. The CGE model will not show much difference between these two alternatives, assuming that wages and prices are flexible. But in actual practice there is a world of difference between them. With flexible exchange rates there will be a general rise in the price level. Bondholders will lose, and so will those unwise enough to have borrowed in US dollars. If the government tries to defend the nominal exchange rate, prices and wages have to go down. The only way that can happen is through a recession whose economic function is to force that downward adjustment. In this case bondholders gain while debtors and workers in the nontraded goods sector lose. The problem is far more complicated if we introduce several real-world factors relevant to Honduras into the adjustment process.
Load more

Recommended publications
  • Digital Inclusion and Mobile Sector Taxation in Honduras
    Digital inclusion and mobile sector taxation in Honduras MARCH 2016 DIGITAL INCLUSION AND MOBILE SECTOR TAXATION IN HONDURAS Important Notice from Deloitte This final report (the “Final Report”) has been Accordingly, no representation or warranty, express prepared by Deloitte LLP (“Deloitte”) for the GSMA or implied, is given and no responsibility or liability on the basis of the scope and limitations set out is or will be accepted by or on behalf of Deloitte below. or by any of its partners, employees or agents or any other person as to the accuracy, completeness The Final Report has been prepared solely for the or correctness of the information contained in this purpose of assessing the economic impacts of document or any oral information made available and mobile sector taxation in Honduras by modelling the any such liability is expressly disclaimed. potential impacts that could be realised by a change in mobile taxation under a set of agreed assumptions All copyright and other proprietary rights in the Final and scenarios. Report are the property of the GSMA. No party other than GSMA is entitled to rely on This Final Report and its contents do not constitute the Final Report for any purpose whatsoever and financial or other professional advice, and specific Deloitte accepts no responsibility or liability or duty advice should be sought about your specific of care to any party other than the GSMA in respect circumstances. In particular, the Final Report does of the Final Report or any of its contents. not constitute a recommendation or endorsement by Deloitte to invest or participate in, exit, or otherwise The scope of our work has been limited by the time, use any of the markets or companies referred to in information and explanations made available to it.
    [Show full text]
  • Geography and Vegetation Change 29
    Copyright by Jerry Owen Bass, Jr. 2003 The Dissertation Committee for Jerry Owen Bass, Jr. certifies that this is the approved version of the following dissertation: MORE TREES IN THE TROPICS: REPEAT PHOTOGRAPHY AND LANDSCAPE CHANGE IN HONDURAS, 1957-2001 Committee: _________________________________ William E. Doolittle, Supervisor _________________________________ Terry G. Jordan _________________________________ Gregory W. Knapp _________________________________ Steven D. Hoelscher _________________________________ William V. Davidson MORE TREES IN THE TROPICS: REPEAT PHOTOGRAPHY AND LANDSCAPE CHANGE IN HONDURAS, 1957-2001 Jerry Owen Bass, Jr., B.A., M.A. Dissertation Presented to the Faculty of the Graduate School of The University of Texas at Austin In Partial Fulfillment Of the Requirements For the Degree of Doctor of Philosophy The University of Texas at Austin May 2003 Dedication I dedicate this work to Robert C. West and Terry G. Jordan, two great geographers, and to all the wonderful Hondurans from whom I learned. Acknowledgements I have shared several bottles of Flor de Caña with a small group of geographers who have all played a role in my academic development. The group – Scott Brady, Craig Revels, Taylor Mack, Ricky Samson, and Bill Davidson – shares a love for Honduras, fieldwork, and interesting geography, discussions of which helped in the development of this study. I look forward to a career of collaboration and to more fun and interesting conversations and trips with these people. Bill Davidson introduced me to geography. He and his wife, Sharon, have been good friends to me since. I am ever grateful. Here at UT, many have helped me as I stepped through the Ph.D.
    [Show full text]
  • GENERAL AGREEMENT on TARIFFS and TRADE Limited
    GENERAL AGREEMENT ON RESTRICTED L/7028 29 June 1992 TARIFFS AND TRADE Limited Distribute Original: Spanish ACCESSION OF HONDURAS Memorandum on Foreign Trade Régime The following Memorandum on the Foreign Trade Régime has been received from the Government of Honduras. In order that the matter may be examined by the Working Party (L/6735), contracting parties are requested to communicate to the secretariat by 30 July 1992 any questions they may wish to put concerning the matters dealt with in the Memorandum, for transmission to the authorities of Honduras. 92-0879 L/7028 Page 2 CONTENTS Page FOREWORD 5 I. THE HONDURAN ECONOMY 6 1.1 Introduction 6 1.2 Structure and performance of the Honduran economy 6 1.3 Foreign trade, balance of payments and external debt 9 1.3.1 Foreign trade 9 1.3.2 Balance of payments 12 1.3.3 External debt 13 1.4 The structural adjustment programme launched in March 1990 and its results 14 II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES 18 2.1 Introduction 18 2.2 Institutional framework 18 2.3 Structure of trade policy formulation 18 2.4 The new trade policy 20 III. EXPORT POLICY 21 3.1 Introduction 21 3.2 Legal provisions 21 3.3 Export taxes and charges 22 3.4 System of export incentives 22 3.4.1 Export promotion 22 3.4.2 Export promotion customs régimes 22 3.4.3 Temporary Import Régime (RIT) 23 3.4.4 Industrial Processing Zones for Export Trade (ZIP).. 24 3.4.5 Banana export incentives 24 3.4.6 Technical assistance 25 L/7028 Page 3 Page IV.
    [Show full text]
  • A Report Prepared By
    The 1 Economic Impact of the Creative Industries in the Americas A report prepared by for The aim of this research is to 2 assess and demonstrate the economic contribution and potential of the creative and cultural industries in the countries of the Americas and 10 benchmark countries. This report provides an overview of the availability of data and makes recommendations on how to improve the measurement of this important sector. Executive summary 3 The creative and cultural The creative industries are set 1 industries1 constitute one of the to become an increasingly important Reference to the “creative industries” fastest-growing sectors globally. The contributor to GDP growth across the in this report is meant to encompass sector is forecast to play a bigger role region. In the two largest economies both creative and cultural industries. in coming years. If the countries of the of the hemisphere, Brazil and the The term “creative industries” has Americas2 are to achieve a balanced, United States, the creative industries different meanings and uses throughout high-growth economy, it is vital that are estimated to account for over the world; for purposes of this report, the key strengths of businesses in 10% of GDP. To place this in context, the term covers the following sectors: the creative sector are nurtured. 11% of GDP in the US is roughly Advertising; Art Crafts; Audio-Visual Accordingly, the Organization of equivalent to the size of the entire / Film; Cultural Heritage; Design; American States, the Inter-American US manufacturing sector or about Entertainment Software, including Development Bank and the British one-fifth of the world’s manufactures.
    [Show full text]
  • The Impact of Power Investments in Honduras
    The Impact of Power Investments in Honduras Final Report August 2018 The Impact of Power Investments in Honduras Final Report Contents Executive Summary i Methods ........................................................................................................................... i Key findings ..................................................................................................................... i Acknowledgements ......................................................................................................... ii 1 Introduction 4 2 Economic and power sector profile 5 2.1 Macro-economic profile ............................................................................................. 5 2.2 Power sector overview ............................................................................................... 7 2.3 Power generation, transmission and distribution overview ........................................ 8 2.3.1 Generation ................................................................................................................... 8 2.3.2 Transmission and distribution ...................................................................................... 9 2.4 Energy consumption ................................................................................................ 10 2.4.1 Consumption per group ............................................................................................. 10 2.4.2 Energy tariffs ............................................................................................................
    [Show full text]
  • WT/TPR/M/336 1 July 2016 (16-3556) Page
    WT/TPR/M/336 1 July 2016 (16-3556) Page: 1/36 Trade Policy Review Body 2 and 4 May 2016 TRADE POLICY REVIEW HONDURAS MINUTES OF THE MEETING Chairperson: Ms Irene Young (Hong Kong, China) CONTENTS 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON ....................................................... 2 2 OPENING STATEMENT BY THE REPRESENTATIVE OF HONDURAS ................................. 4 3 STATEMENT BY THE DISCUSSANT ................................................................................ 9 4 STATEMENTS BY MEMBERS ........................................................................................ 12 5 REPLIES BY THE REPRESENTATIVE OF HONDURAS AND ADDITIONAL COMMENTS ..................................................................................................................... 31 6 CONCLUDING REMARKS BY THE CHAIRPERSON ......................................................... 35 Note: Advance written questions and additional questions by WTO Members, and the replies provided by Honduras are reproduced in document WT/TPR/M/336/Add.1 and will be available online at http://www.wto.org/english/tratop_e/tpr_e/tp_rep_e.htm. WT/TPR/M/336 • Honduras - 2 - 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON 1.1. The third Trade Policy Review of Honduras was held on 2 and 4 May 2016. The Chairperson, Ms. Irene Young (Hong Kong, China), welcomed the delegation of Honduras headed by Mr. Melvin Redondo, Under-Secretary for Economic Integration and Foreign Trade; the rest of the delegation of Honduras; and the discussant, Dr. Shin-Yuan Lai (the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu) (hereinafter referred to as Chinese Taipei). As agreed by Members earlier, the United Nations Industrial Development Organisation was attending this meeting as observer on an ad hoc basis. 1.2. The Chairperson recalled the purpose of the Trade Policy Reviews and the main elements of the procedures for the meeting. The report by Honduras was contained in document WT/TPR/G/336 and that of the WTO Secretariat in WT/TPR/S/336.
    [Show full text]
  • Agricultural Economics Report
    Agricultural Economics Report No. 616 August 12, 2002 PROFITABILITY ANALYSIS OF BEAN PRODUCTION IN HONDURAS by Chhime Tshering Department of Agricultural Economics MICHIGAN STATE UNIVERSITY East Lansing, MI 48824-1039 MSU IS AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY INSTITUTION PROFITABILITY ANALYSIS OF BEAN PRODUCTION IN HONDURAS By Chhime Tshering This report also submitted to Michigan State University Department of Agricultural Economics as a Plan B Paper Submitted to Michigan State University in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE Department of Agricultural Economics 2002 Copyright © 2002 by Chhime Tshering. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Profitability Analysis of Bean Production in Honduras By Chhime Tshering ABSTRACT In Honduras, dry beans are the second most important staple crop, next to maize, in terms of both production and consumption. During the past decade, agricultural scientists in Honduras, in collaboration with Bean/Cowpea CRSP scientists, have released numerous new varieties, developed improved bean-management practices, and actively worked with governmental agencies, NGOs, and farmer groups to ensure that these improved technologies are widely available to farmers. However, data on national bean production in Honduras fail to demonstrate that agricultural research has had an impact on bean production, yields, and area harvested. Given the situation, profitability analysis represents an alternative approach for assessing the farm-level impact of research. This study analyzes the record keeping data collected from Honduran bean farmers in the main bean-growing regions during the period 1998-2000.
    [Show full text]
  • Some Aspects of Economic Development and Economic Growth of Latin America
    University of Montana ScholarWorks at University of Montana Graduate Student Theses, Dissertations, & Professional Papers Graduate School 1957 Some aspects of economic development and economic growth of Latin America Jaime Francisco Acosta-Madiedo de Castro The University of Montana Follow this and additional works at: https://scholarworks.umt.edu/etd Let us know how access to this document benefits ou.y Recommended Citation Acosta-Madiedo de Castro, Jaime Francisco, "Some aspects of economic development and economic growth of Latin America" (1957). Graduate Student Theses, Dissertations, & Professional Papers. 5131. https://scholarworks.umt.edu/etd/5131 This Thesis is brought to you for free and open access by the Graduate School at ScholarWorks at University of Montana. It has been accepted for inclusion in Graduate Student Theses, Dissertations, & Professional Papers by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. SOME ASPECTS OP ECONOMIC DEVELOPMENT AND ECONOMIC GROWTH OP LATIN AMERICA JAIME P. I. ACOSTA-MADIEDO DE CASTRO B.Ao Montana State University, 1956 Presented in partial fulfillment of the requirements for the degree of Master of Arts MONTANA STATE UNIVERSITY 1957 Approved by: Dean, Graduate School K\uM // If ^7 Date V J UMI Number: EP40595 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Pjbfeh-ng UMI EP40595 Published by ProQuest LLC (2014).
    [Show full text]
  • ITC by Country Report
    ITC by Country Report Honduras 05/12/2014 ITC by country - Honduras 1 Table of Contents 1. Country / Territory Brief 2. People and Economy 2.1 People 2.2 Economy 3. Trade Performance 3.1 General Trade Performance 3.2 Sector Trade Performance 4. Trade Strategy and Policy 4.1 Trade and Development Strategies 4.2 Domestic and Foreign Market Access 4.3 Trade Facilitation 4.4 Business and Regulatory Environment 4.5 Infrastructure 5. ITC and the Country/Territory 5.1 ITC Projects 5.2 Events 5.3 ITC Contacts 6. Trade Information Sources and Contacts 6.1 Trade Information Sources 6.2 Trade Contacts This is a pdf version of the captioned country contents in the intracen web site of the International Trade Centre. This document was generated on 05.12.2014. For the latest information about ITC's work and the country, please refer to www.intracen.org © International Trade Centre 2014 ITC encourages the reprinting and translation of its publications to achieve wider dissemination. Short extracts of this document may be freely reproduced, with due acknowledgement of the source. Permission should be requested for more extensive reproduction or translation. A copy of the reprinted or translated material should be sent to ITC. ITC by country - Honduras 2 1. Country / Territory Brief The economy of Honduras is mainly based on agriculture. The country’s principle income comes from the traditional exports of coffee, bananas, cultivated shrimp and, more recently, apparel and automobile wire harnessing. Honduras is also the country with the third- largest maquiladora sector in the world.
    [Show full text]
  • Honduras Exporter Guide 2013
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/27/2013 GAIN Report Number: Honduras Exporter Guide 2013 Approved By: Lashonda McLeod Prepared By: Ana Gómez Report Highlights: U.S. exporters enjoy an enviable position in the Honduran market and it has improved after the implementation of the CAFTA-DR agreement in 2006. Due to the expansion of supermarkets in urban areas, the Honduran retail sector is by far the largest market for imported food. The hotel, restaurant, and institutions (HRI) sector is developing rapidly and has potential for using imported processed products. Post: Tegucigalpa Executive Summary: Honduras is an open market for most U.S. agricultural products. The United States is the main trading partner of Honduras, both in terms of total trade and in agricultural products. U.S. agricultural exports have increased with the implementation CAFTA-DR. A wide variety of U.S. products have duty-free access with CAFTA-DR. Total U.S. agricultural, fish, and forestry exports to Honduras increased 86 percent from CY 2006 - when CAFTA was ratified – to CY 2012. Overall, Honduras enjoys relative stability, growing economy, and proximity to the United States, all of which make this market attractive for U.S. exports. Further, regional integration should spur investment, growth, trade, and continued market opportunities for U.S. firms in the coming years. Author Defined: Executive Summary: I. MARKET OVERVIEW A. Economic Situation Historically, the economy of Honduras had been dependent on exports of bananas and coffee.
    [Show full text]
  • HONDURAS DEVELOPMENT POLICY REVIEW Accelerating Broad-Based Growth
    Report No. 28222- HO HONDURAS DEVELOPMENT POLICY REVIEW Accelerating Broad-Based Growth November 8, 2004 Central America Department Latin America and the Caribbean Region Document of the World Bank CURRENCY EQUIVALENTS Currency Unit = Lempira (L) 1 US Dollar = L17.5200 1 Lempira = 0.0570 US$ ( As of November 10, 2004) FISCAL YEAR January 1 to December 31 ABBREVIATIONS AND ACRONYMS ADEL Local Education Development Associations AML Anti-Money Laundering AML/CFT Anti Money Laundering / Combating the Financing of Terrorism BANADESA State-owned rural development bank CA Central America CACM Central American Common Market CADERH Private non-profit vocational training institute CAFTA Central American Free Trade Agreement CAN National Anti-Corruption Council CBH Central Bank of Honduras CCME State Modernization Committee CEB Basic Education Center CEM Country Economic Memorandum CEPAL/ECLA Comisión Económica para América Latina y el Caribe CFAA Country Financial Accountability Assessment CFT Combating the Financing of Terrorism CNBS National Banking and Insurance Commission CNE National Energy Commission CNSSP National Supervisory Commission for Public Services CONATEL Comisión Nacional de Telecomunicaciones CPAR Country Procurement Assessment Review CPI Corruption Perception Index DGP Office of the Budget DPR Development Policy Review EFA-FTI Education for All – Fast Track Initiative ENEE Public power utility company ENP Empresa Nacional de Puertos (National Ports Authority) FHIS Honduran Social Investment Fund FONAPROVI State-owned wholesale
    [Show full text]
  • Trade-Related Policies and Practices in Honduras
    Munich Personal RePEc Archive Trade-Related Policies and Practices in Honduras Lord, Montague J. USAID January 2001 Online at https://mpra.ub.uni-muenchen.de/41169/ MPRA Paper No. 41169, posted 09 Sep 2012 18:03 UTC Honduras Policy Enhancement and Productivity (PEP) Project Trade-Related Policies and Practices in Honduras Contract Number: 522-C-00-00203-00 Submitted to: USAID, Tegucigalpa, Honduras Prepared by: Greta R. Boye and Montague J. Lord Tegucigalpa, February 2001 TRA DE-RELATED PO LIC IES A ND PRA C TIC ES IN HO NDURA S Table of Contents Table of Contents................................................................................................................ii Figures, Tables and Boxes .................................................................................................iv Acronyms and Abbreviations .............................................................................................v Executive Summary..........................................................................................................vii Part I Introduction ....................................................................................................... 1 A. Background......................................................................................................1 B. Recent Developments ......................................................................................1 C. Organization of the Study................................................................................7 Part II Legal and Institutional Framework................................................................
    [Show full text]