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| Author: | Calderón, C. Schmidt-Hebbel, K. |
| Title: | Macroeconomic policies and performance in Latin America |
| Journal: | Journal of International Money and Finance
2003 : DEC, VOL. 22:7, p. 895-923 |
| Index terms: | Exchange rates Fiscal policy Growth Macroeconomics Monetary policy Latin America |
| Language: | eng |
| Abstract: | New evidence on macroeconomic policies and results in Latin America and the Caribbean is provided in this article. The results are: 1) credibility allows adoption of counter-cyclical macroeconomic policies, 2) accuracy in meeting inflation targets depends on central bank independence and country risk, 3) intermediate exchange rate (ER) regimes have become less persistent, 4) ER regimes matter for inflation and growth, 5) real ER trends are not explained by productivity growth and supply reforms do not resolve real ER misalignments, 6) financial integration has increased significantly, 7) foreign shocks are a major growth determinant and 8) composition of foreign capital inflows matters for growth. |
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