05481oam 22012614 450 991082686860332120240410162300.01-4623-9015-31-4519-9035-91-283-51606-31-4519-1000-29786613828514(CKB)3360000000443778(EBL)3012553(SSID)ssj0000948696(PQKBManifestationID)11563827(PQKBTitleCode)TC0000948696(PQKBWorkID)10950753(PQKB)11105113(OCoLC)568151314(IMF)WPIEE2006287(MiAaPQ)EBC3012553(EXLCZ)99336000000044377820020129d2006 uf 0engur|n|---|||||txtccrVolatility and Growth in Latin America : An Episodic Approach /Ratna Sahay, Rishi Goyal1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (54 p.)IMF Working Papers"December 2006."1-4518-6547-3 Includes bibliographical references (p. 49-52).""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 ANALYSISâ€?COMPLEMENTING THE EPISODIC APPROACH""; ""X. CONCLUSION""; ""APPENDIX I""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2006/287Business cyclesLatin AmericaBanks and BankingimfForeign ExchangeimfMacroeconomicsimfPublic FinanceimfEconometric and Statistical Methods: Special Topics: GeneralimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfEconomic History: MacroeconomicsimfGrowth and Fluctuations: Latin AmericaimfCaribbeanimfInstitutions and the MacroeconomyimfFiscal PolicyimfInterest Rates: Determination, Term Structure, and EffectsimfCurrencyimfForeign exchangeimfFinanceimfEconomic & financial crises & disastersimfStructural reformsimfExchange rate arrangementsimfFiscal policyimfReal interest ratesimfCurrency crisesimfMacrostructural analysisimfFinancial servicesimfFinancial crisesimfInterest ratesimfLatin AmericaEconomic policyLatin AmericaEconomic conditionsVenezuela, República Bolivariana deimfBusiness cyclesBanks and BankingForeign ExchangeMacroeconomicsPublic FinanceEconometric and Statistical Methods: Special Topics: GeneralComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyEconomic History: MacroeconomicsGrowth and Fluctuations: Latin AmericaCaribbeanInstitutions and the MacroeconomyFiscal PolicyInterest Rates: Determination, Term Structure, and EffectsCurrencyForeign exchangeFinanceEconomic & financial crises & disastersStructural reformsExchange rate arrangementsFiscal policyReal interest ratesCurrency crisesMacrostructural analysisFinancial servicesFinancial crisesInterest ratesSahay Ratna1083526Goyal Rishi1617688International Monetary Fund.Finance Dept.International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910826868603321Volatility and Growth in Latin America3948974UNINA