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Research Topics


Exchange-Rate-Based Stabilization with Endogenous Fiscal Response
Talvi, Ernesto
Working Papers - English - Mar, 1996

In the context of a perfect foresight, intertemporal optimizing, cash-in-advance model, this paper studies the dynamics of an inconsistent exchange rate-based stabilization policy that fixes the exchange rate without an underlying fiscal adjustment to ensure that the exchange rate policy is sustainable in the long run. The perception that the exchange rate policy is temporary leads to an initial expansion in consumption, and, since the model allows for distortionary taxes on consumption, to an endogenous increase in tax revenues large enough to eliminate the ex-ante fiscal deficit.

Managing Fiscal Policy in Latin America and the Caribbean: Volatility, Procyclicality, and Limited Creditworthiness
Talvi, Ernesto; Gavin, Michael; Hausmann, Ricardo; Perotti, Roberto
Working Papers - English - Mar, 1996

Latin America is volatile--about two to three times as volatile as the industrial economies. It is more volatile than any region other than Africa and the Middle East. Latin America's access to international financial markets is sporadic, and often disappears just when it would be most valuable.

Savings in Chile: What Went Right?
Morandé, Felipe G.
Working Papers - English - Mar, 1996

Some analysts rank Chile as the only Latin American economy that qualifies as a 'take-off economy,' or development economy. In a sense, Chile's enduring success and proved insulation from the 'Tequila effect' are due to its high national savings. What has made Chile's savings so high? What were some key policies implemented? Did the structural and liberalizing reforms of the late 1970s and 1980s have anything to do with it? This paper tries to empirically disentangle some of the puzzles with historical data that span the 1960-1995 period.

Evolution and Rationality of Budget Institutions in Colombia
Hommes, Rudolf
Working Papers - English - Jan, 1996

A research project conducted by the Office of the Chief Economist at the Inter-American Development Bank has found preliminary but compelling evidence that the budgetary institutions in Latin America have a significant bearing on fiscal results. The researchers have developed an index of budget institutional development, which measures the strength of budget institutions. The results suggest that strong institutions have an impact on fiscal performance.

Regulation and Deregulation in Colombia: Much Ado About Nothing? A Historical Perspective of Regulation
Hommes, Rudolf
Working Papers - English - Jan, 1996

This paper first offers a historical perspective of regulation, the early steps of Colombian industry and the way it grew. The environment was not conducive to the application of legislation that attempted to regulate monopoly or oligopoly, much less to regulate economic power. A discussion of the modern private sector follows the history.

Results: 906 - 910 of 921

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