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Monetary Policy Rules for Financially Vulnerable Economies
One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open-economy model, this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient it is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a nonlinear policy rule that defends the real exchange rate in a financially vulnerable economy.
BUILDING A LATIN AMERICAN RESERVE FUND
Hardcover book with hood, printed on paper Dalí Camoscio.
The Global Crisis and the Peruvian Labor Market : Impact and Policy Options
After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and...
Reinventing the State
Publisher Description
Mobilizing Aid For Trade
This report was prepared by the Integration and Trade Sector (INT) as a contribution to the regional meeting on Mobilizing Aid for Trade: Latin America and the Caribbean, organized jointly by the IDB and the World Trade Organization (WTO) in collaboration with the World Bank, and hosted by the Government of Peru in Lima on September 13-14, 2007. The meeting is the first of three regional meetings organized by the WTO to prepare for its November 2007 General Council meeting on aid for trade.
Lives in the Balance
Because of its potential impact, and, in some cases, the harm it has brought, foreign aid is under the microscope. Donor countries, who don't want simply to give money away; recipient nations, who need to make the most of what they have and get; and analysts, policymakers, and writers are all scrutinizing how much is spent and where it goes. Perhaps more important, aid is only a small part of what developing country governments spend. Their own resources finance 80 percent or more of health and education spending except in the most aid-dependent countries. Lives in the Balance investigates a vital aspect of this landscape—how best to ensure that public spending, including aid money, gets t...
The Oxford Handbook of Latin American Political Economy
Latin America's recent development performance calls for a multidisciplinary analytical tool kit. This handbook accordingly adopts a political-economy perspective to understand Latin American economies. This perspective is not new to the region; indeed, this volume consciously follows the approach pioneered by political economist Albert O. Hirschman a half century ago. But the nature of the political and economic processes at work in Latin America has changed dramatically since Hirschman's critical contribution. Military dictatorships have given way to an uneven democratic consolidation; agricultural or primary-product producers have transformed into middle-income, diversified economies, som...
Using Public Expenditure Tracking Surveys to Monitor Projects and Small-Scale Programs
Public Expenditure Tracking Surveys (PETS) are a tried and tested methodology to identify delays in financial and in-kind transfers, leakages, and other inefficiencies in government programs. This guidebook aims to provide a starting point for civil society groups and other organizations interested in taking a closer look at government spending processes, both on a small and a larger scale. It is designed to lead users from the definition of the appropriate Public Expenditure Tracking Survey to be used, to the dissemination of its findings, with an emphasis on using evidence effectively to influence policy decisions at any level. Based on the experience of the World Bank in measuring and improving the effectiveness of service delivery, this approach helps empower citizens to keep service providers accountable through better information, communication, and engagement.
