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The recent recovery in Latin America has been impressive but also raises the question whether this represents a fundamental break with the region's history of boom-bust cycles. The paper traces how this history of macroeconomic volatility and financial crisis over the past century has adversely impacted on growth and other development indicators, and the role played by policy instability. The paper then concludes that recent policies in the region offer encouragement that these vulnerabilities are being addressed, but notes that an important agenda still remains to be addressed.

Electronic books. -- local. --- Financial crises -- Latin America. --- Latin America -- Economic conditions. --- Business & Economics --- Economic Theory --- Financial crises --- Latin America --- Economic conditions. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Financial Risk Management --- Inflation --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Fiscal Policy --- Financial Crises --- Public finance & taxation --- Macroeconomics --- Economic & financial crises & disasters --- Public debt --- Fiscal policy --- Government asset and liability management --- Debts, Public --- Prices --- Finance, Public --- Brazil

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This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.

Money. Monetary policy --- Latin America --- Financial crises --- International Monetary Fund --- -Financial crises --- -339.7 <8> --- crise financiere --- amerique latine --- 65 management --- 336 financiën --- LAM / Latin America - Latijns Amerika - Amérique Latine --- 333.481 --- 330.05 --- 332.042 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336})--Zuid-Amerika --- financiele crisis --- latijns amerika --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Working papers --- 339.7 <8> Internationale financien. Buitenlands betalingsverkeer --(z.o {336})--Zuid-Amerika --- Internationaal monetair fonds --- International monetary fund --- 339.7 <8> --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- IMF --- Financial crises - Argentina --- Financial crises - Latin America --- Banks and Banking --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Public Finance --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Financial Crises --- Banking --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Public finance & taxation --- Finance --- Fiscal policy --- Exchange rates --- Fiscal stance --- Public debt --- Banks and banking --- Debts, External --- Debts, Public --- Argentina