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181   $ctxt
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200 10$aVolatility and growth in Latin America $ean episodic approach /$fprepared by Ratna Sahay and Rishi Goyal
205   $a1st ed.
210   $aWashington, D.C. $cInternational Monetary Fund$d2006
215   $a1 online resource (54 p.)
225 1 $aIMF working paper ;$vWP/06/287
300   $a"December 2006."
311   $a1-4518-6547-3 
320   $aIncludes bibliographical references (p. 49-52).
327   $a""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 ANALYSISa???COMPLEMENTING THE EPISODIC APPROACH""; ""X. CONCLUSION""; ""APPENDIX I""; ""REFERENCES""
330 3 $aThis paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth.
410  0$aIMF working paper ;$vWP/06/287.
606   $aBusiness cycles$zLatin America
607   $aLatin America$xEconomic policy
607   $aLatin America$xEconomic conditions
615  0$aBusiness cycles
700   $aSahay$b Ratna$01083526
701   $aGoyal$b Rishi$01617688
712 02$aInternational Monetary Fund.$bFinance Dept.
712 02$aInternational Monetary Fund.$bWestern Hemisphere Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910826868603321
996   $aVolatility and Growth in Latin America$93948974
997   $aUNINA