| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20675 |
| 来源ID | Working Paper 20675 |
| The Road to Redemption: Policy Response to Crises in Latin America | |
| Carlos A. Vegh; Guillermo Vuletin | |
| 发表日期 | 2014-11-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the fiscal and monetary policy responses to crises in Latin America over the last 40 years. We argue that, on average, Latin American countries have "graduated" in terms of their policy responses in the sense that they have been able to switch from procyclical to counteryclical policy responses. This average response, however, masks a great deal of heterogeneity with some countries (such as Chile, Brazil, and Mexico) leading the graduation process and others (like Argentina and Venezuela) still showing procyclical policy responses. We further show that countercyclical policy responses have been effective in reducing the duration and intensity of crises. Finally, we relate our analysis to the current crisis in the Eurozone and argue that, like in many instances in Latin America, procyclical fiscal policy has increased the duration and intensity of the crisis. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w20675 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578349 |
| 推荐引用方式 GB/T 7714 | Carlos A. Vegh,Guillermo Vuletin. The Road to Redemption: Policy Response to Crises in Latin America. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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