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Record Nr. |
UNINA9910788698003321 |
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Autore |
Sahay Ratna |
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Titolo |
Volatility and Growth in Latin America : : An Episodic Approach / / Ratna Sahay, Rishi Goyal |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-9015-3 |
1-4519-9035-9 |
1-283-51606-3 |
1-4519-1000-2 |
9786613828514 |
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Descrizione fisica |
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1 online resource (54 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Business cycles - Latin America |
Banks and Banking |
Foreign Exchange |
Macroeconomics |
Public Finance |
Econometric and Statistical Methods: Special Topics: General |
Comparative or Joint Analysis of Fiscal and Monetary Policy |
Stabilization |
Treasury Policy |
Economic History: Macroeconomics |
Growth and Fluctuations: Latin America |
Caribbean |
Institutions and the Macroeconomy |
Fiscal Policy |
Interest Rates: Determination, Term Structure, and Effects |
Currency |
Foreign exchange |
Finance |
Economic & financial crises & disasters |
Structural reforms |
Exchange rate arrangements |
Fiscal policy |
Real interest rates |
Currency crises |
Macrostructural analysis |
Financial services |
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Financial crises |
Interest rates |
Latin America Economic policy |
Latin America Economic conditions |
Venezuela, República Bolivariana de |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references (p. 49-52). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE BUILDING BLOCKS""; ""III. LEVEL AND VOLATILITY OF MACROECONOMIC OUTCOMES""; ""IV. MAGNITUDE AND VOLATILITY OF SHOCKS""; ""V. MACROECONOMIC POLICY VOLATILITY""; ""VI. STRUCTURAL POLICY VOLATILITY AND REFORM REVERSALS""; ""VII. CONSTRAINTS FACED BY POLICYMAKERS""; ""VIII. WHAT HAVE WE LEARNT SO FAR?""; ""IX. REGRESSION ANALYSIS�COMPLEMENTING THE EPISODIC APPROACH""; ""X. CONCLUSION""; ""APPENDIX I""; ""REFERENCES"" |
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Sommario/riassunto |
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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. |
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