challenges associated with terms of trade and financial shocks. We confirm that active international reserves management reduces … the effects of transitory Commodity Terms of Trade (CTOT) shocks to the real exchange rate [REER] and the real GDP in … relatively high levels of external debt and in economies that are less open to trade. Fixed exchange regimes act as a substitute …

between macroeconomic stabilization and trade liberalization programs undertaken in the region since the early 1980s. The … exchange rates during the stabilization programs and its relationship with trade reforms …

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these …

By discussing the available theoretical and empirical literature, this paper argues that budget procedures and budget … institutions do influence budget outcomes. Budget institutions include both procedural rules and balanced budget laws. We …

differential sectoral adjustment to a crisis hypothesis. The private sector, by virtue of its harder budget constraints, adjusts … the two. The "too big to fail" doctrine associated with large banks provides them with a softer budget constraint …

Most analysts of the modern Latin American economy have held the pessimistic belief in historical persistence -- they …

Most analysts of the modern Latin American economy hold to a pessimistic belief in historical persistence -- they …

Most analysts of the modern Latin American economy hold to a pessimistic belief in historical persistence -- they …