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Information Rigidities in Economic Growth Forecasts; Evidence from a Large International Panel

Dovern, Jonas; Fritsche, Ulrich; Loungani, Prakash; … - International Monetary Fund (IMF) - 2013

validity of the sticky information model (Mankiw and Reis, 2002) for describing the dynamics of professional growth forecasts …. Instead, the empirical evidence is more in line with implications of "noisy" information models (Woodford, 2002; Sims, 2003 …). Second, we find that information rigidities are more pronounced in emerging economies than advanced economies. Third, there …

Persistent link: https://www.econbiz.de/10011242185

Recession and policy transmission to Latin American tourism : does expanded travel to Cuba offset crisis spillovers?

Romeu, Rafael; Wolfe, Andy - 2011

This study measures the impact of changing economic conditions in OECD countries on tourist arrivals to countries/destinations in Latin America and the Caribbean. A model of utility maximization across labor, consumption of goods and services at home, and consumption of tourism services across...

Persistent link: https://www.econbiz.de/10009487105

Intra-regional spillovers in South America : is Brazil systemic after all?

Adler, Gustavo; Sosa, Sebastián - 2012

Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil's influence on its neighboring economies, documenting trade linkages over the last two...

Persistent link: https://www.econbiz.de/10009618584

Latin America : vulnerabilities under construction?

Cubeddu, Luis; Tovar, Camilo Ernesto; Tsounta, Evridiki - 2012

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is...

Persistent link: https://www.econbiz.de/10009620961

Building blocks for effective macroprudential policies in Latin America : institutional considerations

Jácome, Luis Ignacio; Nier, Erlend W.; Imam, Patrick - 2012

An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in...

Persistent link: https://www.econbiz.de/10009620979

Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America

International Monetary Fund (IMF); International … - 2012

Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...

Persistent link: https://www.econbiz.de/10010878415

Did the Basel Accord Cause a Credit Slowdown in Latin America?

Cosimano, Thomas F.; Chami, Ralph; Barajas, Adolfo - International Monetary Fund (IMF) - 2005

Drawing from a unique data set comprising 2,893 banks and 152 countries over the period 1987 to 2000, we test whether the adoption of the Basel Accord by Latin American and Caribbean countries was responsible for the serious slowdowns in credit growth experienced by these countries. We find...

Persistent link: https://www.econbiz.de/10005248279

Pension Reform and Macroeconomic Stability in Latin America

Roldos, Jorge - International Monetary Fund (IMF) - 2007

This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices....

Persistent link: https://www.econbiz.de/10005248326

Political Economy of Multi-Level Tax Assignments in Latin American Countries; Earmarked Revenue Versus Tax Autonomy

Brosio, Giorgio; Ahmad, Ehtisham - International Monetary Fund (IMF) - 2008

A weakness of decentralization and overall tax reforms in Latin America is the lack of attention to adequate taxation at the subnational government. A reliance on shared taxes with extensive earmarking leads to weak subnational accountability and soft budget constraints. The paper explores the...

Persistent link: https://www.econbiz.de/10005263686

Common Factors in Latin America's Business Cycles

Timmermann, Allan; Catão, Luis; Aiolfi, Marco - International Monetary Fund (IMF) - 2006

This paper constructs new business cycle indices for Argentina, Brazil, Chile, and Mexico based on common dynamic factors extracted from a comprehensive set of sectoral output, external data, and fiscal and financial variables spanning over a century. The constructed indices are used to derive a...

Persistent link: https://www.econbiz.de/10005264082

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