The recent global financial crisis has put the spotlight on macro-prudential policies to protect firms and households from problems emanating from the financial sector. This paper proposes an analytical framework that combines exogenous and endogenous risks, the latter seen as stemming from...

This document analyzes the patterns of fiscal and monetary policy in five economies of the Latin American Southern Cone (Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In contrast with earlier episodes when most...

This paper examines the liberalization process in the context of reflecting on the challenges facing China's financial system and possible lessons that can be learned from the experiences of other emerging market economies. Section 1 begins with a brief look at the characteristics of the Chinese...

Latin America is growing fast and fundamentals look healthier. Are these achievements here to stay? Strong commodity prices may not last forever and a US recession could have major repercussions in the region. Should countries prepare now for tomorrow's crisis? What is the top-ten list on the...

This report details the divergent paths that the world economy may take and their potential effects on Latin America and the Caribbean. Scenarios are constructed employing a modeling exercise that captures the trade, financial and other linkages between the region and the rest of the world....

This study deals with the appropriate macroeconomic policies toward international capital flows. It argues that countries in a position to integrate themselves into world capital markets should develop specific policies to deal with capital flows. This paper first shows that foreign capital...

This report details the divergent paths that the world economy may take and their potential effects on Latin America and the Caribbean. Scenarios are constructed employing a modeling exercise that captures the trade, financial and other linkages between the region and the rest of the world....

In recent years, and especially in the aftermath of the global financial crisis, a number of emerging market economies have been reforming their regulatory frameworks to adopt recommendations of the macroprudential approach. This paper discusses the potential usefulness of implementing this...

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...