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Research Topics

Macroeconomics


Domestic Antidotes to Sudden Stops
Izquierdo, Alejandro; Cavallo, Eduardo A.; Leon, John Jairo
Working Papers - English - Nov, 2017

Sudden Stops in net capital flows can be prevented when the actions of domestic investors offset a reduction in foreign lending. This paper presents evidence that while sudden stops in gross inflows—i.e., a tightening of the external borrowing constraint—are associated with global conditions and therefore, are largely outside of the control of local policymakers, domestic factors such as low levels of liability dollarization, exchange rate flexibility, inflation targeting regimes, and a solid institutional background are important to prevent these episodes from becoming sudden stops in net capital flows. Under these favorable local conditions, domestic investors may perceive reduced risk in bringing in resources at the time of an external shock, thus insulating the country from this shock.

Related JEL Codes:
F30 - International Finance: General
F32 - Current Account Adjustment; Short-Term Capital Movements
F40 - Macroeconomic Aspects of International Trade and Finance: General


¿Qué lugar ocupa la economía cubana en la región? Una medición a la tasa PPA de las brechas de ingreso y productividad
Pavel Vidal, Alejandro
Policy Brief - Spanish - Nov, 2017

Coming Soon

Related JEL Codes:
E01 - Measurement and Data on National Income and Product Accounts and Wealth
E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O54 - Economywide Country Studies: Latin America; Caribbean


IDEA Newsletter Nov. 2017

Newsletter / Journal - English - Nov, 2017

IDEA is the newsletter of the IDB’s Research Department (RES). Every month, it provides information about our upcoming events, latest publications and blog posts, calls for papers, job opportunities, data resources, and more.


Productivity and Factor Accumulation in Latin America and the Caribbean: A Database (2017 update)

Databases - English - Oct, 2017

Most countries in Latin America and the Caribbean (LAC) have been growing slowly for a long time and see themselves still poor relative to the rest of the world, both advanced countries and peer countries in other regions. Low productivity and insufficient productivity growth, as opposed to impediments to factor accumulation, is the key to understanding LAC’s low income relative to developed economies and its stagnation relative to other developing countries that are catching up. Daude and Fernández-Arias (2010) calculate measures of total factor productivity (TFP) for a cross section of countries and show that TFP is the principal driver of the slow development of LAC. This database provides this measure of TFP updated until 2010 along with the inputs used to calculate it and other measures of productivity.

Related JEL Codes:
O11 - Macroeconomic Analyses of Economic Development
O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


On the Role of Productivity and Factor Accumulation in Economic Development in Latin America and the Caribbean: 2017 Update
Fernández-Arias, Eduardo
Technical Notes - English - Oct, 2017

This report combines development and growth accounting exercises with economic theory to estimate the relative importance of total factor productivity and the accumulation of factors of production in the economic development performance of Latin America. The region’s development performance is assessed by contrast with various alternative benchmarks, both advanced countries and peer countries in other regions. The paper finds that total factor productivity is the predominant factor: low productivity and insufficient productivity growth, as opposed to impediments to factor accumulation, are the key to understanding Latin America’s low income relative to developed economies and its stagnation relative to other developing countries. While policies easing factor accumulation would help somewhat in improving productivity, for the most part, closing the productivity gap requires productivity-specific policies.

Related JEL Codes:
O11 - Macroeconomic Analyses of Economic Development
O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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