Pt. 1. The macroeconomics of capital flows to Latin America, experience and policy issues / Michael Gavin, Ricardo Hausmann, and Leonardo Leiderman. Commentary / Michael Bruno ... [et al.]. Conclusion to Part 1 / Jacob Frenkel -- Pt. 2. Achieving stability in Latin American financial markets in...

This paper shows, first, that non-commodity revenues are more volatile in oil- and mineral-rich countries and that quality of institutions is associated with lower volatility. We investigate the channels through which oil and mineral revenue volatility lead to non-commodity revenues volatility,...

The available evidence on the effects of aid on growth is notoriously mixed. We use a novel empirical methodology, a heterogeneous panel vector-autoregression model identified through factor analysis, to study the dynamic response of exports, imports, and per capita GDP growth to a "global" aid...

The literature on aid effectiveness has focused more on recipient policies than the determinants of aid allocation yet a consistent result is that political allies obtain more aid from donors than non-allies. This paper shows that aid allocated to political allies is ineffective for growth,...

El objetivo de este documento es evaluar las políticas industriales que son importantes para América Latina en la actualidad. La primera sección introduce el tema, mientras que la segunda sección enumera definiciones pasadas de políticas industriales y su origen. La tercera sección se...

This paper combines development and growth accounting exercises with economic theory to estimate the relative importance of total factor productivity and the accumulation of factors of production in the economic development performance of Latin America. The region’s development performance is...

This paper complements previous studies by arguing that the low private savings ratio in Latin America can be associated with the limited confidence of households and businesses in domestic financial institutions. Previous studies have established a relationship between private savings and...