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Resilience In Latin America Lessons From Macroeconomic Management And Financial Policies
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Book Synopsis Resilience in Latin America by : Mr.Jose De Gregorio
Download or read book Resilience in Latin America written by Mr.Jose De Gregorio and published by International Monetary Fund. This book was released on 2013-12-20 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, exchange rate flexibility, a strong and well--regulated financial system, high level of reserves, and a bit of luck coming from very high terms of trade, were central to good economic performance. Persevering along the road of strong macroeconomic and financial policies is necessary, but not sufficient, to go from recovery to sustained growth.
Book Synopsis The Aftermath of the Crisis by : Ernesto Talvi
Download or read book The Aftermath of the Crisis written by Ernesto Talvi and published by Inter-American Development Bank. This book was released on 2010-03-22 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the direst global crisis in recent times, Latin America and the Caribbean have shown remarkable resilience. The aim of this report is threefold: first, to understand the sources of this resilience, identifying the role played by unprecedented international financial support on the one hand, and the strength of domestic macroeconomic fundamentals on the other; second, to highlight the policy lessons that emerge from this analysis both for the region and the international financial community; and finally, to identify critical macroeconomic policy challenges for the region.
Book Synopsis Learning from Past Mistakes by : Liliana Rojas-Suarez
Download or read book Learning from Past Mistakes written by Liliana Rojas-Suarez and published by . This book was released on 2015 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that there were two key factors behind the resilience of Latin American financial systems during the crisis. The first was the initial conditions that a number of countries in the region faced during the pre-crisis years. Sound macroeconomic policies and highly improved financial regulations were in place at the time the crisis erupted. This meant that banks and other financial institutions stood on a good footing when the external shock hit. The second factor (highly related to the first one) was the appropriate response of policymakers in several countries in the region to deal with the impact of the shock. In particular, and departing from previous crisis episodes, a set of Latin American countries were in a strong position to implement counter-cyclical monetary (and some even fiscal) policies that minimized the contraction of credit growth to the private sector and contributed to a rapid economic recovery. A third factor, not discussed in this paper, but well documented elsewhere (see Izquierdo and Talvi, 2008) is that the region also benefited from some doses of good luck. The external environment remained friendly to Latin America on two counts. First, following the initial impact effect from the collapse of Lehman, the response from the US Federal Reserve Board was to lower the Fed funds rate sharply and keep it low, which eased the external financing conditions to the region. Second, supported by the high growth of Asia (especially China), the prices of commodities exported by the region recovered in 2009 and, though they have been quite volatile, have remained quite high since then. Thus, in the assessment of Latin America's performance during and after the crisis it is only fair to conclude that the role of improved macro/financial regulatory conditions was facilitated by a combination of low interest rates in industrial countries and favorable terms of trade.
Book Synopsis Latin America After the Washington Consensus by : Pacific Council on International Policy
Download or read book Latin America After the Washington Consensus written by Pacific Council on International Policy and published by iUniverse. This book was released on 2006-08 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: In spite of the defeat of hyperinflation and improvements in macroeconomic management, the 1990s Washington Consensus-based reforms failed to reverse long-existing declines in productivity in Latin America. They also failed to create adequate local credit markets necessary for higher and more stable growth. By neglecting key matters of distribution, social welfare and investment in the region's human resources, the reforms have limited the prospects for long-term growth and left millions of Latin Americans feeling as if they have little stake in democratic governance and market economics. Drawing upon insights from top political and economic analysts from Latin America and the United States, Latin America after the Washington Consensus: Re-assessing Policies and Priorities discusses the need to reduce current levels of inequality and unemployment, invest in education to increase productivity and competitiveness, and strengthen the capacity of the state to withstand changes in the global economy. Reaching higher rates of growth would solve many of the region's problems, but most Latin American countries have yet to generate the institutional and social conditions that would sustain such growth and endow local economies with more resilience. Warning against one-size-fits-all solutions, Latin America after the Washington Consensus insists that each Latin American state must respond to these challenges with pragmatic strategies based on its own strengths and weaknesses.
Download or read book The Aftermath of the Crisis written by and published by . This book was released on 2010 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Volatility by : Anoop Singh
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.
Book Synopsis The Aftermath of the Global Crisis by : Inter-American Development Bank
Download or read book The Aftermath of the Global Crisis written by Inter-American Development Bank and published by . This book was released on 2010 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the direst global crisis in recent times, Latin America and the Caribbean has shown remarkable resilience. The aim of this report is threefold: first, to understand the sources of this resilience, identifying the role played by unprecedented international financial support on the one hand, and the strength of domestic macroeconomic fundamentals on the other; second, to highlight the policy lessons that emerge from this analysis both for the region and the international financial community; and finally, to identify critical macroeconomic policy challenges for the region.
Author :José De Gregorio Publisher :Peterson Institute for International Economics ISBN 13 :088132678X Total Pages :197 pages Book Rating :4.8/5 (813 download)
Book Synopsis How Latin America Weathered the Global by : José De Gregorio
Download or read book How Latin America Weathered the Global written by José De Gregorio and published by Peterson Institute for International Economics. This book was released on 2014-01-14 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial and economic turmoil of 2008–09 plunged Europe and the United States into their worst economic downturns in 75 years. Many experts feared that developing regions like Latin America, which had experienced many of their own crises in recent decades, would be even worse affected. Instead, Latin America suffered only limited damage. Indeed the region’s GDP is 20 percent higher than its pre-crisis level. José De Gregorio, governor of the Central Bank of Chile from 2007 to 2011, explains Latin America’s success with a perspective that only an insider can have. This book focuses mainly on the seven largest economies of Latin America—Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela—which together account for more than 90 percent of regional output. The author argues that strong performance during the crisis resulted from the sound macroeconomic and financial policies that these countries followed beforehand. Their accomplishments allowed them to undertake significant monetary and fiscal expansion in the context of robust financial systems. De Gregorio acknowledges that there was also an element of luck—in terms of improved terms of trade. This is a candid, searching, and dramatic case study of crisis preparation—and crisis management.
Book Synopsis Fiscal Policy in Latin America by : Oya Celasun
Download or read book Fiscal Policy in Latin America written by Oya Celasun and published by . This book was released on 2015 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America's bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet rebuilt their fiscal space, despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis. Using the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, this paper examines the lessons and legacies of the crisis by addressing the following questions, among others: How much did the 2009 fiscal stimulus help growth? What shortcomings were revealed in the fiscal policy frameworks? What institutional reforms are now needed to provide enduring anchors for fiscal policy? How much rebuilding of buffers is needed going forward?
Book Synopsis A Mandate to Grow by : Eduardo A. Cavallo
Download or read book A Mandate to Grow written by Eduardo A. Cavallo and published by Inter-American Development Bank. This book was released on 2018-03-15 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2018 Macroeconomic Report, A Mandate to Grow, revisits the growth debate that has been raging in the region for the past half century. Viewing the debate from this long-term perspective allows for a focus on the structural factors that have prevented Latin America and the Caribbean from reaching the growth potential required to keep pace with faster growing regions and to fulfill the aspirations of its population.
Book Synopsis Managing Economic Volatility in Latin America by : Mr.R. Gelos
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.
Book Synopsis The Political Economy of Macroeconomic Policy Reform in Latin America by : Eduardo Wiesner
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.
Book Synopsis Macroeconomics and Development by : Mario Damill
Download or read book Macroeconomics and Development written by Mario Damill and published by Initiative for Policy Dialogue. This book was released on 2016 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acknowledgements -- Preface / Mario Damill, Martín Rapetti and Guillermo Rozenwurcell -- An introduction to Roberto Frenkel's contributions to the economic ideas in Latin America / Mario Damill, Daniel Kampel and Guillermo Rozenwurcell -- Pricing decisions, inflation and stabilization -- Markups under uncertainty : variations on price decisions in high inflation / Daniel Heymann and Francisco Roldán -- Financial fragility, price indexes and investment financing / Julio Dreizzen -- Uncertainty in structural and institutional parameters and the cost of policy mistakes : a CGE evaluation / Omar Chisari, Gustavo Ferro and Juan Pablo Vila Martínez -- Monetary policy and external shocks in a semi-dollarized economy / Oscar Dancourt -- Economic development in Latin America -- The Chilean economy since the global crisis / Ricardo Ffrench-Davis -- Disequilibria and risk premia : Argentina's experience during the 2000s from a Latin American perspective / Gustavo Cañonero and Carlos Winograd -- Labor market and income distribution in Latin America in times of economic growth : advances and shortcomings / Roxana Maurizio -- Accounting for the rise and fall of post-WW-II Braziĺs growth / Edmar Bacha and Regis Bonelli -- The real exchange rate, the balance of payments and economic development -- Balance of payments dominance : its implications for macroeconomic policy / José Antonio Ocampo -- The real exchange rate, the real wage and growth : a formal analysis of the "development channel" / Jaime Ros -- The real exchange rate and economic growth : some observations on the possible channels / Martín Rapetti -- Finance and crises -- Capitalism and financial crises in long run perspective / Andrés Solimano -- Financial crisis, institutions, and the macroeconomy / José María Fanelli -- Wage increases, transfers, and the socially determined income distribution in the USA / Lance Taylor, Armon Rezai, Rishabh Kumar, Nelson Barbosa, and Laura Carvalho -- Sovereign credit risk in Latin America and global common factors / Manuel Agosin and Juan Díaz-Maureira -- Approaches to development -- Cognitive dissonance : post-war economic development strategies and Bretton Woods international financial stability / Jan Kregel -- The new developmentalism as a Weberian ideal type / Luiz Carlos Bresser-Pereira
Book Synopsis Latin American Political Economy by : Jonathan Hartlyn
Download or read book Latin American Political Economy written by Jonathan Hartlyn and published by Routledge. This book was released on 2019-03-05 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the historical and contemporary determinants of the financial crisis facing Latin America from a political economy perspective and compares the effects of and responses to the crisis in a number of countries. It discusses the internal policy errors that led to financial blow-ups.
Book Synopsis Macroeconomic Volatility in Reformed Latin America by : Ricardo J. Caballero
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:
Book Synopsis Latin America by : Ms.Dora M. Iakova
Download or read book Latin America written by Ms.Dora M. Iakova and published by International Monetary Fund. This book was released on 2014-12-23 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years countries in Latin America made tremendous progress in strengthening their economies and improving living standards. Although output fell temporarily during the global financial crisis, most economies staged a rapid recovery. However, economic activity across the region has been cooling off and the region is facing a more challenging period ahead. This book argues that Latin America can rise to the challenge, and policymakers in the region are already implementing reforms in education, energy, and other sectors. More is needed, and more is possible, in Latin America’s quest to continue to improve living standards.
Book Synopsis The Political Economy of Macroeconomic Policy Reform in Latin America by : Eduardo Wiesner Durán
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.
