Financialization, Institutional Reform, and Structural Change in the Bolivian Boom
by Alfredo Macías Vázquez and Jorge García-Arias
Since nationalizing its hydrocarbon industry, Bolivia has articulated an ambitious strategy to promote structural change in its economy. Despite positive trends in macroeconomic indicators, the increase in fiscal revenues derived from the export of raw materials has not translated into structural transformation. Although the Bolivian government has broken with classical extractivism, nationalization and state intervention have not been sufficient to produce changes. The institutional control imposed on hydrocarbon revenue by financialization inhibits structural change and threatens the long-term sustainability of recent improvements in social indicators.
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