a long-term Vulnerability and Shock Monitoring and Response System (VSMRS). The CMRS covered the whole country, which …

"In contrast with a growing literature on the drivers of aggregate volatility in developing countries, its consequences … aggregate volatility has a regressive, asymmetric, and non linear impact, as reflected in the strong influence of extreme output …

, and can surge at times of currency speculation. Heightened interest rate and exchange rate volatility pose practical risk … through the equity markets have not been the major contributor to increased international sources of volatility. In addition …

prices to characterize optimal fiscal and monetary policy in response to productivity and terms of trade shocks. Contrary to … properties of output. The source of the shock matters: while recessions induced by a drop in the price of exportable goods call … for a devaluation of the currency, those induced by a drop in productivity in the non-tradable sector require a …