Macroeconomic Volatility In Latin America
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Macroeconomic Volatility In Reformed Latin America
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Author : Ricardo J. Caballero
language : en
Publisher: IDB
Release Date : 2001
Macroeconomic Volatility In Reformed Latin America written by Ricardo J. Caballero and has been published by IDB this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Macroeconomic Volatility In Latin America
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Author : Ricardo J. Caballero
language : en
Publisher:
Release Date : 2000
Macroeconomic Volatility In Latin America written by Ricardo J. Caballero and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Argentina categories.
After decades of trial, error, and occasional regress the pieces of a successful Latin American economic model can be seen scattered among the leading economies of the region. The most traditional macroeconomic maladies of the emerging world - such as chronic fiscal imbalances and monetary gimmicks are gradually being left behind. Many of these economies have made significant progress in their regulatory and supervisory frameworks and, at times, have been leaders beyond Latin American boundaries in allowing private sector co-participation in a wide array of ex-public sector activities. Despite these significant efforts, several structural sources of volatility remain, and new ones have emerged as a result of the new and otherwise better economic environment. In this paper I review these sources through the recent experiences of Argentina, Chile and Mexico.
Managing Economic Volatility In Latin America
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Author : Mr.R. Gelos
language : en
Publisher: International Monetary Fund
Release Date : 2014-03-27
Managing Economic Volatility In Latin America written by Mr.R. Gelos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-27 with Business & Economics categories.
How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in recent years in an environment of uncertainty. It presents a collection of novel contributions on capital flows, terms of trade, and macroeconomic policy in Latin America. The rigorous expert analysis offers an up-to-date guide to many of the key economic policy questions in the region. Chapters focus on important analytical issues, including assessing reserves adequacy and current account levels. The roles of macroeconomic policies and exchange rates regimes in coping with large capital inflows are examined, as well as the effectiveness of both monetary policy and fiscal policy in dealing with economic challenges in the region.
Volatility And Growth In Latin America
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Author : Rishi Goyal
language : en
Publisher: International Monetary Fund
Release Date : 2006-12-01
Volatility And Growth In Latin America written by Rishi Goyal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-01 with Business & Economics categories.
This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth.
Macroeconomic Volatility
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Author : Anoop Singh
language : en
Publisher: International Monetary Fund
Release Date : 2006-07
Macroeconomic Volatility written by Anoop Singh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07 with Business & Economics categories.
The recent recovery in Latin America has been impressive but also raises the question whether this represents a fundamental break with the region's history of boom-bust cycles. The paper traces how this history of macroeconomic volatility and financial crisis over the past century has adversely impacted on growth and other development indicators, and the role played by policy instability. The paper then concludes that recent policies in the region offer encouragement that these vulnerabilities are being addressed, but notes that an important agenda still remains to be addressed.
Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region
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Author : Guillermo Perry
language : en
Publisher: World Bank Publications
Release Date : 2003
Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region written by Guillermo Perry and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business cycles categories.
The debate on fiscal policy in Europe centers on how to let automatic stabilizers work while achieving fiscal consolidation. There is significant agreement on the importance of using fiscal policy as a counter-cyclical instrument, as monetary policy can no longer play this role. In contrast, most of the discussion on fiscal policy in Latin America and the Carribean region (LAC) deals just on solvency issues, largely ignoring the effects of the economic cycle. This is surprising as LAC economies are much more volatile than their European counterparts and have been generally applying pro-cyclical fiscal policies that exacerbate volatility. Some analysts and policymakers appear to think that counter-cyclical fiscal policies are a luxury that only industrial countries can indulge in or, at least, that LAC countries (with the exception of Chile) that have successfully put in place a counter-cyclical fiscal policy need to deal first with pressing adjustment and solvency issues before they attempt to reduce the highly pro-cyclical character of their fiscal policies. The author argues that this is a major mistake because the costs of pro-cyclical fiscal policies in LAC are huge in growth and welfare terms, especially for the poor, and because pro-cyclical policies and rules tend to develop a deficit bias, thus ending up being nonsustainable and noncredible. Perry illustrates both propositions. He then examines the causes of the pro-cyclicality of fiscal policies in LAC and discusses how well-designed fiscal rules may help to deal with the political economy and credibility factors behind pro-cyclicality. He also examines conflicts between flexibility and credibility in rules, showing how a good design can both facilitate the operation of automatic stabilizers while at the same time supporting solvency goals and enhancing credibility. Perry evaluates the experience with different fiscal rules and institutions in LAC to see the extent they have helped or can help to achieve the twin goals of avoiding deficit and pro-cyclical biases.
Economic Survey Of Latin America And The Caribbean 2007 2008
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Author : United Nations
language : en
Publisher: UN
Release Date : 2009
Economic Survey Of Latin America And The Caribbean 2007 2008 written by United Nations and has been published by UN this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Special 60th Anniversary Edition! The Economic Survey is one of ECLAC's flagship publications, and has been issued since 1948. This new edition covers the region's economic performance in 2007 and the first semester of 2008, and suggests growth estimates for this year. The first chapter is a regional overview, including an analysis of economic policies applied in different countries, and their performance in terms of economic activity, inflation, labor markets, trade and capital flows. The following three chapters deal with the issue of macroeconomic volatility and its relevance in Latin America, empirical evidence of volatility and crisis in the region, and volatility, cycles and policy response. As it is an anniversary edition, the report has an additional special chapter on the 60 years of the Economic Survey. As in each edition, the report also provides data on the economic evolution of each country in the region and includes a statistical
The Political Economy Of Macroeconomic Policy Reform In Latin America
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Author : Eduardo Wiesner Durán
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008
The Political Economy Of Macroeconomic Policy Reform In Latin America written by Eduardo Wiesner Durán and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This work blends together the interdependent issues of macroeconomic performance and volatility, equity and distributive justice, fiscal deficits and the redistributive effectiveness of social public expenditures, and the demand for the 'right' institutions and for policy reform in Latin America.
All That Glitters May Not Be Gold
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Author : Luis Catão
language : en
Publisher: Inter-American Development Bank
Release Date : 2008-04-01
All That Glitters May Not Be Gold written by Luis Catão and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-01 with Business & Economics categories.
Latin America is growing fast and fundamentals look healthier. Are these achievements here to stay? Strong commodity prices may not last forever and a US recession could have major repercussions in the region. Should countries prepare now for tomorrow's crisis? What is the top-ten list on the policy agenda? This report's aim is to present an alternative perspective in order to avoid either complacency or the "irrational exuberance" famously noted by Alan Greenspan, instead bringing into focus the macroeconomic policy challenges that logically follow from this alternative perspective. Our hope is that both policymakers and multilateral organizations will find this material stimulating enough to precipitate a useful-and in our view, necessary-debate.
The Political Economy Of Macroeconomic Policy Reform In Latin America
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Author : Eduardo Wiesner
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
The Political Economy Of Macroeconomic Policy Reform In Latin America written by Eduardo Wiesner and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
This book is a must read for anyone interested in policy reforms in Latin America. The author combines tremendous experience in the field and deep knowledge of economic theory: a rare combination. Alberto Alesina, Harvard University, US One of the key contributions of this book is its insistence on the importance of policy, institutional and political accountability for evaluating and enhancing macroeconomic performance and for reducing inequality. John B. Taylor, Stanford University and Hoover Institution, US Dr Wiesner combines a command of modern political and economic theories and detailed knowledge of Latin America to clarify why reform of policies and institutions has proved so difficult in that region. His general conclusion is that initial conditions of inequality and poverty reduce the demand for reform, but he finds that the process manifests itself differently in different countries. He identifies several necessary conditions for breaking out of these vicious circles. Scholars and practitioners alike can learn from his impressively thorough and detailed analysis. Avinash K. Dixit, Princeton University, US This book argues insightfully that underdevelopment is the result of the political economy difficulties some countries have in the effectiveness of public expenditures in general and of social pro-poor expenditures in particular. The policy implication is that reform strategies should focus on identifying the wrong political incentives in public expenditures. Ricardo Hausmann, Harvard University, US Eduardo Wiesner s book makes an important contribution to the understanding of development by blending together the interdependent issues of (i) macroeconomic performance and volatility, (ii) equity and distributive justice, (iii) fiscal deficits and the redistributive effectiveness of social public expenditures, and (iv) the demand for the right institutions and for policy reform in Latin America. It does this by examining recent macroeconomic crises from a political economy perspective, and finds that information is the critical algorithm that links together the demand for macroeconomic stability, macroeconomic performance and, ultimately, distributive justice. This volume is geared toward those interested in the political economy of development and policy reform in general and in Latin America, including academics, policy makers, and the general reader.