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This paper presents a number of facts about growth in Latin America, and shows how critical correlates of growth have evolved over time. In comparison with other regions, Latin America has consistently exhibited higher macroeconomic volatility, lower openness, and higher income inequality, though openness and macroeconomic stability have improved since the early 1990s. The paper then discusses three views of why reforms have not led to higher growth in Latin America: that reforms have gone too far; that reforms have not gone far enough; and that reforms have missed the point.

Economic development -- Latin America. --- Electronic books. -- local. --- Monetary policy -- Latin America. --- Business & Economics --- Economic History --- Economic development --- Monetary policy --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Aggregate Factor Income Distribution --- Financial Crises --- Trade Policy --- International Trade Organizations --- Labor Economics: General --- Empirical Studies of Trade --- International economics --- Economic & financial crises & disasters --- Labour --- income economics --- Income --- Financial crises --- Trade liberalization --- Labor --- Terms of trade --- Commercial policy --- Labor economics --- Economic policy --- nternational cooperation --- Brazil

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This paper studies the impact effect of monetary policy shocks—identified by the reaction of three month market interest rates to policy announcements—on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (1) on average, a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact; (ii) seemingly “perverse” reactions of the exchange rate to monetary policy are mainly attributable to reverse causality; (iii) in a few instances, there were true “perverse” reactions of exchange rates to policy— generally, appreciations following expansionary shocks.

Banks and Banking --- Foreign Exchange --- Investments: General --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment --- Capital --- Intangible Capital --- Capacity --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Macroeconomics --- Exchange rates --- Exchange rate policy --- Central bank policy rate --- Currencies --- Depreciation --- Financial services --- Money --- National accounts --- Interest rates --- Saving and investment --- New Zealand

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After the break-up of the Soviet Union, Uzbekistan’s output fell less than in any other former Soviet Republic, and growth turned positive in 1996/97. Given the country’s hesitant and idiosyncratic approach to reforms, this record has suprised many observers. This paper first shows that a standard panel model of growth in transition systematically underpredicts Uzbek growth from 1992-1996, confirming the view that Uzbekistan’s performance consitutes a puzzle. It then attempts to resolve the puzzle by appropriately extending the model. The main result is that Uzbekistan’s output performance was driven by a combination of low initial industrialization, its cotton production, and its self-sufficiency in energy.

Investments: Commodities --- Macroeconomics --- Public Finance --- Natural Resources --- Socialist Systems and Transitional Economies: National Income, Product, and Expenditure --- Money --- Inflation --- Socialist Systems and Transitional Economies: Performance and Prospects --- Comparative Studies of Particular Economies --- Economywide Country Studies: Asia including Middle East --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Agriculture: General --- Institutions and the Macroeconomy --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Public finance & taxation --- Investment & securities --- Environmental management --- Agricultural commodities --- Public investment spending --- Structural reforms --- Natural resources --- Capital spending --- Commodities --- Expenditure --- Macrostructural analysis --- Environment --- Farm produce --- Public investments --- Capital investments --- Uzbekistan, Republic of

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Fiscal performance in Latin America looks much improved this decade compared to the 1980s or 1990s. Is this a "structural" improvement or likely to be transitory? This paper answers this question by estimating the relationship between non-commodity revenue and the economic cycle, and evaluating commodity revenues using alternative medium term commodity price projections. The main result is that structural revenues have indeed improved as a share of GDP, and structural primary balances are currently in surplus in many Latin American countries. However, the magnitude of these improvements is uncertain, in part due to uncertainty about the commodity price outlook.

Revenue --- Business cycles --- Fiscal policy --- Economic cycles --- Economic fluctuations --- Government revenue --- Public revenue --- Finance, Public --- Taxation --- Cycles --- Investments: Commodities --- Macroeconomics --- Public Finance --- Fiscal Policy --- Commodity Markets --- National Government Expenditures and Related Policies: General --- Personal Income, Wealth, and Their Distributions --- Investment & securities --- Public finance & taxation --- Fiscal stance --- Commodity prices --- Commodities --- Expenditure --- Personal income --- Prices --- Commercial products --- Expenditures, Public --- Income --- Argentina

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This volume analyze the impact of sustained lower productivity growth on public finances, social protection, trade, capital flows, wages, and inequality. It concludes that slow productivity growth could aggravate inequality and increase concentration of market power and also proposes ways that countries can cope with these consequences.

E-books --- Industrial productivity. --- Debts, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Econometric models. --- Industrial productivity --- Fiscal policy --- Equality --- Egalitarianism --- Inequality --- Social equality --- Social inequality --- Political science --- Sociology --- Democracy --- Liberty --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Econometric models --- Government policy --- Equality. --- Fiscal policy. --- Economic growth