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Economic Survey of Latin America and the Caribbean 2009-2010

The Distributive Impact of Public Policies

image of Economic Survey of Latin America and the Caribbean 2009-2010

In 2009, the countries of Latin America and the Caribbean experienced the brunt of the global financial crisis on their levels of activity. However, since the second half of the that year, most countries in the region just begun a vigorous recovery that should strengthen with a regional GDP expansion of approximately 5.2 per cent. The factors behind a more positive performance are both external and internal in nature. Amongst the former can be included the continued dynamism of some key Asian economies, whose sustained demand for products from this region has created important conditions for a recovery in exports, especially in the case of South America.

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Macroeconomic volatility, employment and income distribution

Macroeconomic policy analysis makes little reference to distributive issues, yet this area of policymaking often has major implications for distribution, which generate complex dilemmas between actions which have different impacts on various social groups. It is therefore important to consider the possible distributive impacts of the different tools of macroeconomic policy, such as the management of monetary aggregates, the level and composition of public spending, or the proportion of revenue obtained from different types of taxation.

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