Michael Connolly and John Devereux
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293064
- eISBN:
- 9780191596940
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293062.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics, International
Our empirical results suggest that movements in the equilibrium real exchange rate NATREX for Latin American economies over the period 1960–85 can be explained in terms of growth, openness, and ...
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Our empirical results suggest that movements in the equilibrium real exchange rate NATREX for Latin American economies over the period 1960–85 can be explained in terms of growth, openness, and government spending, and the external terms of trade. Technical advances and increases in the capital stock tend to appreciate the real exchange rate, as does liberalization by increasing openness. Government expenditures also tend to appreciate the real exchange rate by falling primarily on non‐traded goods. As with the NATREX in the other chapters, we abstract from short‐run monetary and fiscal factors that cause temporary deviations in the short‐run real exchange rate from its natural equilibrium level.Less
Our empirical results suggest that movements in the equilibrium real exchange rate NATREX for Latin American economies over the period 1960–85 can be explained in terms of growth, openness, and government spending, and the external terms of trade. Technical advances and increases in the capital stock tend to appreciate the real exchange rate, as does liberalization by increasing openness. Government expenditures also tend to appreciate the real exchange rate by falling primarily on non‐traded goods. As with the NATREX in the other chapters, we abstract from short‐run monetary and fiscal factors that cause temporary deviations in the short‐run real exchange rate from its natural equilibrium level.
Mario Damill, Martín Rapetti, and Guillermo Rozenwurcel (eds)
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780231175081
- eISBN:
- 9780231541213
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231175081.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades ...
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Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory’s core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies. The essays in this collection assess Latin American neo-structuralism’s theoretical contributions and viability as the world’s economies evolve. The authors discuss Frenkel’s work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.Less
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory’s core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies. The essays in this collection assess Latin American neo-structuralism’s theoretical contributions and viability as the world’s economies evolve. The authors discuss Frenkel’s work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.
Jose Gonzalez, Vittorio Corbo, Anne O. Krueger, and Aaron Tornell (eds)
- Published in print:
- 2003
- Published Online:
- February 2013
- ISBN:
- 9780226302676
- eISBN:
- 9780226302683
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226302683.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Hidden behind a number of economic crises in the mid- to late 1990s—including Argentina's headline-grabbing monetary and political upheaval—is the fact that Latin American economies have, generally ...
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Hidden behind a number of economic crises in the mid- to late 1990s—including Argentina's headline-grabbing monetary and political upheaval—is the fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concerns and erect clear signposts for future reforms. For instance, now that inflation rates have been stabilized, one suggested “second stage” monetary reform would be to focus on reducing rates from high to low single digits. Financial sector reforms, it is suggested, should center on improving regulation and supervision. And, contributors argue, since fiscal stability has already been achieved in most countries, new fiscal reforms need to concentrate on institutionalizing fiscal discipline, improving the efficiency and equity of tax collection, and modifying institutional arrangements to deal with increasingly decentralized federal systems. The analysis and commentary in this volume—authored not only by academic observers but by key Latin American policymakers with decades of firsthand experience—will prove important to anyone with an interest in the future of Latin America's continuing economic development and reform.Less
Hidden behind a number of economic crises in the mid- to late 1990s—including Argentina's headline-grabbing monetary and political upheaval—is the fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concerns and erect clear signposts for future reforms. For instance, now that inflation rates have been stabilized, one suggested “second stage” monetary reform would be to focus on reducing rates from high to low single digits. Financial sector reforms, it is suggested, should center on improving regulation and supervision. And, contributors argue, since fiscal stability has already been achieved in most countries, new fiscal reforms need to concentrate on institutionalizing fiscal discipline, improving the efficiency and equity of tax collection, and modifying institutional arrangements to deal with increasingly decentralized federal systems. The analysis and commentary in this volume—authored not only by academic observers but by key Latin American policymakers with decades of firsthand experience—will prove important to anyone with an interest in the future of Latin America's continuing economic development and reform.
Roxana Maurizio
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780231175081
- eISBN:
- 9780231541213
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231175081.003.0008
- Subject:
- Economics and Finance, Macro- and Monetary Economics
this chapter provides an in-depth analysis of labor market and income inequality dynamics in Latin America in the new millennium. While acknowledging that the high rates of economic growth had a ...
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this chapter provides an in-depth analysis of labor market and income inequality dynamics in Latin America in the new millennium. While acknowledging that the high rates of economic growth had a positive impact on social and labor market indicators, the author argues that the region still continues to exhibit important shortcomings in the labor market.Less
this chapter provides an in-depth analysis of labor market and income inequality dynamics in Latin America in the new millennium. While acknowledging that the high rates of economic growth had a positive impact on social and labor market indicators, the author argues that the region still continues to exhibit important shortcomings in the labor market.