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Economic Survey of Latin America and the Caribbean 2001-2002

image of Economic Survey of Latin America and the Caribbean 2001-2002

This survey consists of two distinctive parts. The first part examines main aspects of the regional economy, while the second part contains an analysis of the individual countries in Latin America and the Caribbean. The part on the regional economy covers the situation in the first semester of 2002 and the prospects for the year as a whole. It also analyzes various aspects of the regional economy in 2001, including macroeconomics policies and reforms, the performance of the internal economy, and the external sector. The part on individual countries covers 20 nations in Latin America and the English-speaking Caribbean. It covers the period 2001 and early 2002, revealing country reports with tables and figures showing main economic indicators.

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The macroeconomics of development: Selected issues

This chapter reviews a number of specific issues that are particularly germane to the ongoing crisis in the region. These issues range from the crisis' effect on unemployment to the constraints facing exchange-rate, monetary and fiscal policies, and their response potential. An introductory section on macroeconomic policy limitations is followed by others which address the following issues: external constraints (sections on broad macroeconomic equilibria and net external resource transfers); the new orientation of monetary and exchange-rate policies (sections on inflation targeting, the convertibility regime in Argentina and the effect of exchange-rate depreciation on inflation); and the influence of the business cycle on unemployment rates (a section on labour-market participation and unemployment). These sections are not arranged in any particular order and are not linked to one another apart from the fact that they all relate to the same broad subject.

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