Economic policies in several major countries have shifted from fiscal stimulus to austerity in the last few years. They seek to reduce fiscal deficits and reverse the increasing trend of public debt mainly through immediate spending cuts. The fact that fiscal austerity is applied simultaneously...

Introducción. El objetivo de este trabajo es intentar cuantificar el efecto de un cambio en la actividad económica en la evolución de los precios industriales en Chile. Para ello se estimará un sistema de ecuaciones econométricas que denominaremos "maqueta", por cuanto no se trata de un...

This paper analyzes the feasibility, implications and challenges of expanding the current Latin American Reserve Fund (FLAR) to include five other countries: Argentina, Brasil, Chile, México and Paraguay. The paper argues that regional reserve funds should not be conceived as a unique line of...

The Macroeconomics for Development blueprint for Latin America and the Caribbean is articulated around two issues: an active strategy of productive development and a countercyclical policy stance. Macroeconomic countercyclicality refers to the management of the level of aggregate demand to...

Latin American has the longest history of regional integration efforts in the developing world. This paper analyzes the experience of regional monetary cooperation in Latin America over the past three decades. This experience has been overall successful but also uneven, both in terms of country...

Using two standard cycle methodologies (Classical and Deviation Cycle) and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that the Latin American and Caribbean (LAC) cycle exhibits two distinctive features. First, and most importantly, its expansion...

El objetivo de este trabajo es estimar empíricamente las elasticidades respecto de la política cambiaria, para cuatro grupos de productos de exportación: fruta fresca, otras materias primas agrícolas, materias primas minerales (excepto el cobre), y productos manufacturados. Estimando las...

In the past two decades, Latin American countries reformed their pension systems focusing mainly on addressing the weaknesses of the contributory schemes - fiscal unsustainability, low coverage levels and a high degree of segmentation- and barely addressed the non-contributory element. The...