Macroeconomic policies and performance in Latin America |
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Authors: | Csar Caldern Klaus Schmidt-Hebbel |
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Institution: | Central Bank of Chile, Agustinas, Santiago 1180, Chile |
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Abstract: | This paper provides new evidence on macroeconomic policies and results in Latin America and the Caribbean. Results are: (i) credibility allows adoption of counter-cyclical macroeconomic policies; (ii) accuracy in meeting inflation targets depends on central bank independence and country risk; (iii) intermediate exchange rate (ER) regimes have become less persistent; (iv) ER regimes matter for inflation and growth; (v) real ER trends are not explained by productivity growth and supply reforms do not resolve real ER misalignments; (vi) financial integration has increased significantly; (vii) foreign shocks are a major growth determinant; and (viii) composition of foreign capital inflows matters for growth. |
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Keywords: | Latin America Fiscal and monetary policies Exchange rate regimes Growth |
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