This paper revisits the historical roots of Latin America’s disappointing growth using a novel macro and trade-based growth decomposition and a simple model of industrialization in a commodities-exporting...
This paper reviews the determinants of Latin America's uneven growth based on an accounting decomposition that breaks down countries' growth (relative to the world) into three trade-related channels: (i)...
First, changes in SA export volumes are found to be overwhelmingly responding to the currently sluggish global demand for imports, which more than offsets the effects of the real exchange rate depreciations...
The South American (SA) sub-region of Latin America and the Caribbean (LAC), on which this report focuses for the most part, is experiencing another episode of stress and uncertainty, much of which is...
After a decade of strong growth, Latin America and the Caribbean (LAC) started to decelerate in mid-2011, on the wake of falling commodity prices and slower growth in the rest of the world, particularly...
After a decade of strong growth, Latin America and the Caribbean (LAC) started to decelerate in mid-2011, on the wake of falling commodity prices and slower growth in the rest of the world, particularly...
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing...
A widely shared view holds that there is no policy-exploitable causal connection from saving to growth because domestic saving is fully endogenous, optimally determined, or substitutable by foreign saving...
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing...
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing...
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing...
Since the 1990s, financial systems around the world, and especially those in developing countries, have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic...
This paper examines the conceptual foundations of macroprudential policy by reviewing the literature on financial frictions from a policy perspective that systematically links state interventions to market...
This paper explores post-Lehman macroprudential regulation by interacting two types of market failures (principal-agent and collective action) with two cognition modes (unconstrained and constrained) in...
This paper analyzes the process of financial development over the last three to four decades from the perspective of the fundamental frictions (agency and collective) to which economic agents were exposed...
The global financial crisis brought government guarantees to the forefront of the debate. Based on a review of frictions that hinder financial contracting, this paper concludes that the common justifications...
This paper is organized in following headings: water nationalization and service quality;mass media and public policy: global evidence from agricultural policies; liability structure in small-scale finance:...
The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well...
The global financial crisis brought public guarantees to the forefront of the policy debate. Based on a review of the theoretical foundations of public guarantees, this paper concludes that the commonly...
The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well...