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Economic Survey of Latin America and the Caribbean 1996-1997

image of Economic Survey of Latin America and the Caribbean 1996-1997

In 1996 and 1997, the economies of Latin America and the Caribbean appeared to have returned to the pattern of moderate growth. Part I of this publication gives insight into the economic trends, the international economy and the role of exchange rate policy in the region. Part II explores the economic developments by country. Included also is a statistical annex on diskette, which contains tables extending as far back as 1980.

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Macroeconomic policy

Progress in domestic stabilization has been the highest priority of macro-economic policy in most of the Latin American and Caribbean countries. The general trend was towards greater stability in a climate of openness and abundant foreign capital, which helped finance the external deficit. In spite of the exchange rate instability experienced towards the end of 1994, a large number of countries continued to base their anti-inflation policies on a nominal anchor for the exchange rate, whether fixed or with a controlled crawl based on preset goals for inflation reduction. In this context, exchange rates appreciated in real terms. Achievements in fiscal adjustment and the implementation of prudent monetary policies also helped re-establish macroeconomic equilibria.

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