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The use of key indicators to assess Latin America’s long-term economic performance

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  • Garry, Stefanie
  • Villarreal, Francisco G.

Abstract

Through the astute analysis of official statistics, we can gather a more complete picture of the economic performance of a given country, and understand more fully what have been its drivers, leading to a more effective use of national resources and a more efficient design of policy options. However, the myriad of information and numerical data across the system of macroeconomic statistics can be challenging to interpret in a straightforward manner. In order to synthetically assess economic performance across countries in Latin America we propose the use of a composite indicator, which builds upon the methodology of Khramov and Lee (2013) and incorporates key indicators from each of the pillars of macroeconomic statistics: the System of National Accounts, the Balance of Payments Statistics, Monetary and Financial Statistics and Public Finance Statistics. Through a composite examination of key statistical indicators in each country across their long-term trends, we can more fully understand the underlying macroeconomic dynamics.

Suggested Citation

  • Garry, Stefanie & Villarreal, Francisco G., 2014. "The use of key indicators to assess Latin America’s long-term economic performance," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 37457, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col031:37457
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    References listed on IDEAS

    as
    1. Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
    2. Mr. Vadim Khramov & Mr. John Ridings Lee, 2013. "The Economic Performance Index (EPI): an Intuitive Indicator for Assessing a Country's Economic Performance Dynamics in an Historical Perspective," IMF Working Papers 2013/214, International Monetary Fund.
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    More about this item

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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