TY - BOOK ID - 14277975 TI - Volatility and Growth in Latin America : An Episodic Approach AU - Sahay, Ratna. AU - Goyal, Rishi. AU - International Monetary Fund. PY - 2006 SN - 1451865473 1462390153 1451910002 9786613828514 1451990359 1283516063 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Business cycles KW - Latin America KW - Economic policy. KW - Economic conditions. KW - Economic cycles KW - Economic fluctuations KW - Cycles KW - Banks and Banking KW - Foreign Exchange KW - Macroeconomics KW - Public Finance KW - Econometric and Statistical Methods: Special Topics: General KW - Comparative or Joint Analysis of Fiscal and Monetary Policy KW - Stabilization KW - Treasury Policy KW - Economic History: Macroeconomics KW - Growth and Fluctuations: Latin America KW - Caribbean KW - Institutions and the Macroeconomy KW - Fiscal Policy KW - Interest Rates: Determination, Term Structure, and Effects KW - Currency KW - Foreign exchange KW - Finance KW - Economic & financial crises & disasters KW - Structural reforms KW - Exchange rate arrangements KW - Fiscal policy KW - Real interest rates KW - Currency crises KW - Macrostructural analysis KW - Financial services KW - Financial crises KW - Interest rates KW - Venezuela, República Bolivariana de UR - https://www.unicat.be/uniCat?func=search&query=sysid:14277975 AB - This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth. ER -