By 2025, six major emerging economies--Brazil, China, India, Indonesia, South Korea, and Russia--will account for more than half of all global growth, and the international monetary system will no longer be dominated by a single currency. As economic power shifts, these successful economies will...

This semiannual report examines the short and medium-term challenges for Latin America and the Caribbean (LAC) as the external factors that were instrumental in the region???s recent performance recede. In particular, we address the role of the exchange rate as a counter-cyclical policy tool to...