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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.

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Changing external financing sources and macroeconomic regimes in the region: the uneven impacts of external shocks and response policies

The composition of external financing has changed markedly over the past 30 years for the countries of Latin America and the Caribbean. Some macroeconomic regimes have been overhauled and external shocks are transmitted to the domestic economy in new ways. This chapter offers an overview of the shifts in the region’s main sources of foreign exchange, reflecting patterns in current account components in some cases and increased financial flows in others. It also looks at the main changes in macroeconomic policy regimes. Lastly, after reviewing structural elements that influence the way in which external shocks impact and spread through the domestic economy, it sets out an analytical framework for tackling the policy dilemmas faced by the countries of the region.

English

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