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Securing Stability and Growth in a Shock Prone Region: The Policy Challenge for Latin America

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  • Ricardo Hausmann
  • Michael Gavin

Abstract

What are the reasons for the costs of Latin America's volatility? Because there is no consensus on these fundamental questions, there is no consensus on the appropriate policy response to macroeconomic volatility in Latin America, and other shock-prone countries. This paper provides new evidence on these contentious issues, and discusses policy implications for the region. Paper prepared for the IDB/OECD conference on "Securing Stability and Growth in Latin America: Policy Issues and Prospects for Shock-Prone Economies", Paris, November 9-10, 1995.

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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 5919.

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Date of creation: Jan 1996
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Handle: RePEc:idb:brikps:5919

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Keywords: Financial Crises & Economic Stabilization; Capital flows; Financial Policy; Economic Development & Growth; volatility; poverty; WP-315;

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  1. Pindyck, Robert S. & Solimano, Andrés., 1993. "Economic instability and aggregate investment," Working papers 3552-93., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  2. Cottani, Joaquin A & Cavallo, Domingo F & Khan, M Shahbaz, 1990. "Real Exchange Rate Behavior and Economic Performance in LDCs," Economic Development and Cultural Change, University of Chicago Press, vol. 39(1), pages 61-76, October.
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  7. Carmen Reinhart & Guillermo Calvo & Leonardo Leiderman, 1992. "Capital Inflows to Latin America," IMF Working Papers 92/85, International Monetary Fund.
  8. Aleš Bulíø & Anne-Marie Gulde, 2000. "Inflation and Income Distribution," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 50(4), pages 207-223, April.
  9. Alberto Alesina & Allan Drazen, 1989. "Why are Stabilizations Delayed?," NBER Working Papers 3053, National Bureau of Economic Research, Inc.
  10. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  11. Dixit, Avinash K, 1989. "Trade and Insurance with Adverse Selection," Review of Economic Studies, Wiley Blackwell, vol. 56(2), pages 235-47, April.
  12. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  13. Faini, Riccardo & de Melo, Jaime, 1990. "Adjustment, investment, and the real exchange rate in developing countries," Policy Research Working Paper Series 473, The World Bank.
  14. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
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