Download or read book Macroeconomic Volatility in Reformed Latin America written by Ricardo J. Caballero and published by IDB. This book was released on 2001 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Volatility and Growth in Latin America written by Rishi Goyal and published by International Monetary Fund. This book was released on 2006-12-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Macroeconomic Volatility in Latin America written by Ricardo J. Caballero and published by . This book was released on 2000 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Managing Economic Volatility in Latin America written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 2014-03-27 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Macroeconomic Volatility written by Anoop Singh and published by International Monetary Fund. This book was released on 2006-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Survey of Latin America and the Caribbean 2007 2008 written by United Nations Economic Commission for Latin America and the Caribbean and published by United Nations. This book was released on 2010-12-06 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Political Economy of Macroeconomic Policy Reform in Latin America written by Eduardo Wiesner Durán and published by Edward Elgar Publishing. This book was released on 2008 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book All that Glitters May Not Be Gold written by Luis Catão and published by Inter-American Development Bank. This book was released on 2008-04-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Can Fiscal Rules Help Reduce Macroeconomic Volatility in the Latin America and Caribbean Region written by Guillermo Perry and published by World Bank Publications. This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Survey of Latin America and the Caribbean 2007 2008 written by United Nations and published by UN. This book was released on 2009 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book The Political Economy of Macroeconomic Policy Reform in Latin America written by Eduardo Wiesner and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Political Dimension of Economic Growth written by Silvio Borner and published by Springer. This book was released on 1998-04-12 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The state and its institutions are crucial for economic development: for better and for worse. This insight informs this important, up-to-date and authoritative survey of new trends in growth economics and the widely divergent economic performance of developing countries - for example, between Latin America and South-east Asia - which seemed to be similarly placed just a generation ago. The decisive role of the political dimension in economic growth seems clear but there are many challenges to be met in getting an analytical handle on the precise determinants and in testing empirically for this. This is the challenge taken up by the international team of contributors.
Download or read book Growth and Reforms in Latin America written by Mr.Jeronimo Zettelmeyer and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-09-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a number of facts about growth in Latin America, and shows how critical correlates of growth have evolved over time. In comparison with other regions, Latin America has consistently exhibited higher macroeconomic volatility, lower openness, and higher income inequality, though openness and macroeconomic stability have improved since the early 1990s. The paper then discusses three views of why reforms have not led to higher growth in Latin America: that reforms have gone too far; that reforms have not gone far enough; and that reforms have missed the point.
Download or read book Beyond Tradeoffs written by Nancy Birdsall and published by Brookings Institution Press. This book was released on 1998-09-01 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin American income distribution is among the most unequal in the world. Both the poor and the wealthy have paid a price for this inequality, which is in part responsible for the region's low growth rates. The essays in this book propose new ways of reducing inequality, not by growth-inhibiting transfers and regulations, but by enhancing efficiency—eliminating consumption subsidies for the wealthy, increasing the productivity of the poor, and shifting to a more labor and skill-demanding growth path. In Beyond Tradeoffs, Latin American experts demonstrate how market-friendly measures in key policy areas can simultaneously promote greater equity and greater efficiency. By identifying win-win strategies, the authors challenge the conventional wisdom that there is always a tradeoff between these two objectives. Extensive macroeconomic reforms in the region have provided opportunities to implement such strategies across many sectors. The volume aims at building a "Latin consensus" on a second round of reforms—reforms that address the urgent issue of inequality without undermining efficient growth. Contributors include Jonathan Coles, Rene Cortazar, Ricardo Hausmann, Juan Luis Londoño, Nora Lustig, Moises Naím, and Joseph Stiglitz. Copublished with the Inter-American Development Bank
Download or read book The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America written by Leandro Medina and published by International Monetary Fund. This book was released on 2010-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom and bust in commodity prices has raised concerns about the impact of volatile commodity prices on Latin American countries’ fiscal positions. Using a novel quarterly data set-which includes unique country-specific commodity price indices and a comprehensive measure of public expenditures-this paper analyzes the dynamic effects of commodity price fluctuations on fiscal revenues and expenditures for eight commodity-exporting Latin American countries. The results indicate that Latin American countries’ fiscal positions react strongly to shocks to commodity prices, yet there are marked differences across countries. Fiscal variables in Venezuela display the highest sensitivity to commodity price shocks, with expenditures reacting significantly more than revenues. At the other end of the spectrum, in Chile expenditure reacts very little to commodity price fluctuations, and the dynamic responses of its fiscal indicators are very similar to those seen in high-income commodity-exporting countries. This distinct behavior across countries may relate to institutional arrangements, which in some cases include the efficient application of fiscal rules amid political commitment and high standards of transparency.
Download or read book Economic Survey of Latin America and the Caribbean 2013 written by United Nations and published by UN. This book was released on 2014-05-14 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic Survey of Latin America and the Caribbean 2013 analyses the policies required to improve the perspectives of sustainable regional growth. It reviews the links between economic growth and investment and employment, as well as the fiscal and monetary policies, industrial, trade and social policies relevant for short and long-term growth. Special attention is given to regional key issues such as its structural heterogeneity, its high levels of inequality and the challenges of environmental sustainability. Additionally, the region s economic evolution during the first semester of 2013 is analyzed in this survey."
Download or read book Securing Stability and Growth in Latin America written by Inter-American Development Bank and published by OECD. This book was released on 1996 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
