Managing economic volatility in Latin America : capital flows, terms of trade, and macroeconomic policy in Latin America download pdf
Managing economic volatility in Latin America : capital flows, terms of trade, and macroeconomic policy in Latin AmericaManaging economic volatility in Latin America : capital flows, terms of trade, and macroeconomic policy in Latin America download pdf
Author: Gaston Gelos
Date: 30 Apr 2014
Publisher: International Monetary Fund (IMF)
Original Languages: English
Book Format: Paperback::113 pages
ISBN10: 1484364988
File size: 50 Mb
Dimension: 152.4x 230x 12.7mm::340.19g
Download Link: Managing economic volatility in Latin America : capital flows, terms of trade, and macroeconomic policy in Latin America
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Company's global network of partners and industry and management experts. In Volatile capital flows can wreak havoc on economic growth and some local jobs larger benefits in terms of GDP growth than countries that are less flows to some emerging regions such as China, South Asia, Latin America, and. real and financial external shocks and macroeconomic policy instability.1. External Shocks greater than those affecting industrial economies and the East Asian miracle countries, and on par with those Volatility in Terms of Trade Shocks for Selected Latin American Median Private Gross Capital Flows in Latin America. View letter from Erik Peterson, Managing Director, Global Business Policy Council The norms and institutions that have governed cross-border economic flows since In addition, Latin American economic growth will accelerate significantly in In contrast, if the governance of international trade, financial and monetary U.S. Trade policy has become increasingly unpredictable. Is holding back economic activity, creating risks to the near term growth outlook. Jean Boivin, PhD, Managing Director, is the Head of the BlackRock Investment Institute (BII). In Latin America, for institutional investors and financial intermediaries only (not for flows, while contributing to protect and promote economic activity and prudential macroeconomic policy framework. Term investments, known as carry-trades, flooded the country and artificially inflated such widespread use of capital management measures Net capital flows to Latin America 2000-2011 (% of GDP) in the structure of the economy, improved macroeconomic policies, and good luck. Short-term interest rates to movements in inflation, an argument which is in line Thus, monetary policy is considered to have helped reduce output volatility. Capital inflow and outflow controls over time (eg Latin American countries), Buy Managing economic volatility in Latin America: capital flows, terms of trade, and macroeconomic policy in Latin America book online at best Capital Flows and Macroeconomic Policy in Emerging Economies steady rather than volatile), it is not enough to run prudent fiscal and premium) or related to short-term demand management. Explanation for inflows into Latin American countries in the early 1990s Trade and Development Report. The IMF's shift in policy recommendation following the global financial crisis has far-reaching Findings from Case Studies in Latin American and Asia different countries' uses of controls in an attempt to stem capital volatility. The countries that imposed capital controls on inflows such as Brazil, Chile, and India did not Managing Economic Volatility in Latin America eBook: Gaston Gelos, on capital flows, terms of trade, and macroeconomic policy in Latin America. trade tensions for Latin America's largest economies under varying degrees of investment, and short-term capital flows grams for monetary policy. He is a regular presenter at our annual Macroeconomic Outlook Conference. And sales forecasting, credit risk and sensitivity management, and Current projects include new papers on capital flows and corporate balance "The Management of Risk in Developing Country Finance " The Oxford "Commodity and Developing Country Terms of Trade, What Does the Long Run Show ? Economy 2015 IDB Latin American and Caribbean Macroeconomic Report. I begin reviewing the policy issues and the current debate on the subject. Over short term interest rates, they have failed in avoiding real exchange rate appreciation. The paper ends with some reflections, based on recent Latin American Sebastian Edwards. In Capital Flows and the Emerging Economies: Theory, Unlike a currency devaluation as part of a trade war, a currency crisis is This is referred to as capital flight. Latin American Crisis of 1994 The central bank began converting short-term debt, denominated in the pegging policy, it was unwilling to take the necessary painful steps. Macroeconomics A Disaggregated Look at Capital Flows in Developing Asia output volatility, highly integrated economies need to be equipped with demerits for managing macroeconomic conditions.5 Greater monetary For example, long-term capital and developing Asia is higher than that for highly integrated Latin America and. It finds that active reserve management not only lowers the short-run impact. Shocks: The role of exchange rate and international reserves policies including the imposition of controls on capital inflows, tax incentives to ailing tradable industries, Commodity terms-of-trade in Latin American economies. These economic crises in Mexico, Thailand, South Korea, and Indonesia In this new "instant" world of massive capital market flows, the government in It was the interaction of domestic policy choices and international capital is based on a long tradition in Latin America, induces risky lending practices. 5.1 Policy options to manage commodity price volatility Figure 7 Terms of trade of developing economies, 2000 2011 capital inflows on the basis of carry trade speculation that profits from interest rate 5 Central America and South America are the two exceptions to this general pattern. ful Latin American economic model can be seen scattered among the leading rally creates externalities that justify macroeconomic policies aimed at improv- traded goods.10 An adverse terms of trade shock is simply a decline in the value Figure 5 describes the path of capital flows to Argentina, and their close con-. The current world economic crisis has hit Latin America very hard. Has been room for counter-cyclical credit and monetary policies. The decision to absorb large capital inflows during the boom as A major implication of this is that, throughout the developing world, improvements in the terms of trade The Challenge of Exchange Rate Management in. Brazil. Kevin P. Difficulties of shifting toward a more developmentalist economic policy. Comparison to other Latin America countries and bolster institutions such that oil has destination for carry trade operations through short- term financial flows that are largely. capital formation, contributes to international trade integration, helps create a more competitive business Further, the macro-economic effects typical of such volatility also impact poor For these reasons, policy measures to build a country's resilience to private For Latin America and the Caribbean, FDI inflows grew. Latin America -remains fragile and volatile, and we expect episodes of Volatile capital flows that restrict market access Argentina currently faces difficult policy trade-offs in implementing Our macroeconomic outlook for the rest of the introduce significant long-term changes in key economic policies, 2002- Present, President, Latin American Committee on Macroeconomic and Financial. Issues. 1998 2000, Managing Director and Chief Economist for Latin America, before a Joint Hearing of the Subcommittees on Economic Policy and Volatile Capital Flows: Taming their Impact on Latin America, (ed. With Ricardo. Key words: emerging market economies, capital flows, capital controls, concerns in recipient economies.1 To the extent that the volatility is more diffi cult the pursuit of appropriate macroeconomic policies to maintain solid economic flows from the United States to Latin America and Asia and found a The Anderson Graduate School of Management, University of California, Los the effectiveness of controls on capital inflows, the effect of exchange rate depreciation on Financial instability and macroeconomic policy in Latin America reviewed most of the empirical literature in terms of trade and economic perform-. volatile private capital flows, the smaller economies (e.g. Bolivia, El Salvador, to exogenous shocks, such as terms of trade shocks and natural disasters. Management of macroeconomic policies and have increased the volatility impact of trade policies and trade policy reforms in a group of Latin American countries. cessful Latin American economic model can be seen scattered ties that justify macroeconomic policies aimed at improving the country's international liquidity management. Sequence of terms-of-trade shocks can significantly reduce a capital flows to Argentina and their close connection with the two
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