05680oam 22013454 450 991097514670332120250426110721.0978661382851497814623901511462390153978145199035514519903599781283516068128351606397814519100011451910002(CKB)3360000000443778(EBL)3012553(SSID)ssj0000948696(PQKBManifestationID)11563827(PQKBTitleCode)TC0000948696(PQKBWorkID)10950753(PQKB)11105113(OCoLC)568151314(IMF)WPIEE2006287(MiAaPQ)EBC3012553(IMF)WPIEA2006287WPIEA2006287(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."9781451865479 1451865473 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 BankingimfCaribbeanimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfCurrency crisesimfCurrencyimfEconometric and Statistical Methods: Special Topics: GeneralimfEconomic & financial crises & disastersimfEconomic History: MacroeconomicsimfExchange rate arrangementsimfFinanceimfFinancial crisesimfFinancial servicesimfFiscal PolicyimfFiscal policyimfForeign ExchangeimfForeign exchangeimfGrowth and Fluctuations: Latin AmericaimfInstitutions and the MacroeconomyimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMacroeconomicsimfMacrostructural analysisimfPublic FinanceimfReal interest ratesimfStabilizationimfStructural reformsimfTreasury PolicyimfLatin AmericaEconomic policyLatin AmericaEconomic conditionsVenezuela, República Bolivariana deimfBusiness cyclesBanks and BankingCaribbeanComparative or Joint Analysis of Fiscal and Monetary PolicyCurrency crisesCurrencyEconometric and Statistical Methods: Special Topics: GeneralEconomic & financial crises & disastersEconomic History: MacroeconomicsExchange rate arrangementsFinanceFinancial crisesFinancial servicesFiscal PolicyFiscal policyForeign ExchangeForeign exchangeGrowth and Fluctuations: Latin AmericaInstitutions and the MacroeconomyInterest ratesInterest Rates: Determination, Term Structure, and EffectsMacroeconomicsMacrostructural analysisPublic FinanceReal interest ratesStabilizationStructural reformsTreasury PolicySahay Ratna1083526Goyal Rishi1816430International Monetary Fund.Finance Dept.International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910975146703321Volatility and Growth in Latin America4372558UNINA