The credit cycle and vulnerabilities in emerging economies: the case of Latin America

Julián Caballero, Ugo Panizza, Andrew Powell, 2 April 2014

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Over recent years credit growth in Latin America has been very strong, and countries have become more reliant on foreign bond issuances. These phenomena are linked, and in Caballero et al. (2014), we argue that they may have led to vulnerabilities which domestic and international supervisors are not well-equipped to assess.

Topics: Exchange rates, Financial markets, International finance
Tags: carry trade, credit conditions, exchange rates, Latin America, original sin

Latin America's fashionable scepticism: Setting the record straight

Augusto de la Torre, Eduardo Levy Yeyati, Samuel Pienknagura, 12 January 2014

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There is a wave of fashionable pessimism over Latin America’s future. Expressions such as 'submerging economies' and 'the party is over' have become common in analysts’ and investors’ parlance and, while mainly applied to the BRICS (Brazil, Russia, India, China, and South Africa), they have also contaminated perceptions about Latin America.

Topics: Global economy
Tags: Latin America, long-term growth

Are the golden years for Latin America over?

Ignacio Munyo, Ernesto Talvi, 7 November 2013

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Latin American growth is cooling –off sharply.

Topics: Development, Global economy
Tags: economic growth, Latin America

Sustaining trade reform: Institutional lessons from Peru and Argentina

Elías A. Baracat, J. Michael Finger, Julio J. Nogués, Raúl León Thorne, 28 October 2013

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Beyond removing restrictions, trade reform in Latin American in the 1980s and 1990s was also an attempt to reform the culture of policy management, and in some countries to introduce an optimistic, ‘Asian’ perspective into trade politics. In Peru, reforms have been sustained over several changes of president.

Topics: Institutions and economics, International trade
Tags: Argentina, Latin America, Peru, reform, trade liberalisation, WTO

Who benefits from aid for trade?

Philipp Hühne, Birgit Meyer, Peter Nunnenkamp, 31 July 2013

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Donors are widely believed to use aid as a means to foster their own commercial interest (e.g., Berthélemy 2006, Hoeffler and Outram 2011).

Topics: Development, International trade
Tags: Africa, aid, East Asia, Latin America

Four decades of terms-of-trade booms

Gustavo Adler, Nicolas Magud, 4 July 2013

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Throughout history, commodity exporters have been blessed and cursed by the boom-and-bust nature of commodity-price and demand swings (see Spatafora and Tytell 2009).

Topics: International finance, International trade
Tags: boom and bust, commodities, current-account balance, Latin America

Save more to improve infrastructure in Latin America and the Caribbean

Eduardo Cavallo, 3 April 2013

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Saving and investment, like the chicken and the egg, involve circular causality. But regardless of causality, there is no doubt that Latin America and the Caribbean need more of both.

That the region has an infrastructure problem hardly requires an explanation:

Topics: Development
Tags: Caribbean, investment, Latin America, savings

The trend reversal in income inequality and returns to education: How bad is this good news for Latin America?

Augusto de la Torre, Julián Messina, 7 March 2013

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Latin America witnessed unprecedented economic and social achievements during the last decade. In particular, the year 2003 appears as an important inflexion point for the region’s economic history, a point that we have highlighted in several World Bank publications1.

Topics: Labour markets
Tags: education, income inequality, Latin America

Why scarce small and medium enterprise financing hinders growth in Latin America: A role for public policies

Rolando Avendaño, Niels Boehm, Elisa Calza, 27 January 2013

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Small and medium enterprises represent a significant share of emerging economies’ business fabric. Nevertheless, they continue to face multiple challenges in meeting their financing needs. Public financial institutions have come to play an active role in addressing these financing gaps through new operational mechanisms and adapted instruments.

Topics: Development
Tags: Finance, Latin America, SMEs

Monetary policy in Latin America: Where are we going?

Christian Daude, 10 December 2012

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Inflation targeting has served countries in Latin America well . They have achieved macroeconomic stability by reducing inflation and the pass-through of external shocks such as oil price and exchange rate fluctuations (cf. Mishkin and Schmidt-Hebbel 2007).

Topics: Macroeconomic policy, Monetary policy
Tags: Brazil, Central Banks, Chile, Colombia, foreign exchange, inflation targeting, Latin America, Mexico, Peru

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