Securing stability and growth in a shock-prone region: the policy challenge for Latin America
Inter-American Development Bank, Office of the Chief Economist, 1996 - Economic stabilization - 33 pages
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adjustment America is volatile assets average banking system Bolivia budgetary capital flows consumption costs destabilizing difference discussion diversify East Asian Miracle economic growth effect evidence exchange-rate policy exchange-rate regimes exports external shocks factors Figure financial depth financial markets financial system fiscal deficit fiscal volatility fixed exchange rate flexibility Gavin GDP growth GDP volatility growth rate higher volatility impact of volatility important income inequality industrial countries industrial economies inflation institutions interest rates investment Latin America Leiderman liquidity long-term macroeconomic volatility measures monetary and exchange-rate monetary volatility observed Pegged exchange rate percentage points policy regimes policymakers political instability poverty primary commodities Ramey rate in Latin real exchange rate real exchange-rate volatility real GDP reduce region regression resource rents revolutions and coups risk roughly shock absorbers stability standard deviation statistically significant strategy suggests Table terms of trade terms-of-trade volatility trade volatility variables volatile economies volatility in Latin volatility of real