R Dornbusch… - Journal of Development Economics, 1990 - Elsevier
Abstract Macroeconomic populism is an approach to economics that emphasizes growth
and income distribution and deemphasizes the risks of inflation and deficit finance, external
constraints and the reaction of economic agents to aggressive non-market policies. The ...
S Edwards - The Economic Journal, 1998 - Wiley Online Library
Comparative data for 93 countries are used to analyse the robustness of the relationship
between openness and total factor productivity growth. Nine indexes of trade policy are used
to investigate whether the evidence supports the view that total factor productivity growth ...
S Edwards - 1989 - mitpress.mit.edu
Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and
empirical investigation of exchange rate policy and performance in scores of developing
countries. It develops a theory of equilibrium and disequilibrium real exchange rates, ...
S Edwards - Journal of economic Literature, 1993 - JSTOR
I am indebted to three referees for extremely helpful comments. This paper was revised
during my stay at the Kiel Institute for the World Economy, in March 1992. I thank colleagues
and the library staff at Kiel for support. I am grateful to the participants of a seminar at ...
S Edwards - Journal of Development Economics, 1992 - Elsevier
Abstract In this paper I use a cross-country data set to analyze the relationship between
trade orientation, trade distortions and growth. I first develop a simple endogenous growth
model that emphasizes the process of technological absorption in small developing ...
A Cukierman, S Edwards… - 1989 - nber.org
ABSTRACT The importance of seignorage relative to other sources of government revenue
differs markedly across countries. The main theoretical implication of this paper is that
countries with more unstable and polarized political systems rely more heavily on ...
S Edwards… - 1991 - books.google.com
The successes and failures of free market policy in Chile, implemented in 1973 under the
guidance of economists trained at the University of Chicago, are clearly explained in this
well-written study. The authors argue that it was a combination of misjudgments, including ...
R Dornbusch, I Goldfajn, RO Valdés… - Brookings Papers on …, 1995 - JSTOR
THE COLLAPSE of the Mexican peso in late 1994 remains a topic of controversy. To some
observers it appeared that the bungling of a new administration had brought about a
disaster where there was no problem and every reason to expect stability and prosperity. ...
S Edwards - 1999 - nber.org
In the aftermath of the East Asian crisis a number of authors have argued that capital mobility
is highly destabilizing, and that emerging countries would benefit from restricting capital
flows. In this paper I investigate, from a historical perspective, the effectiveness of capital ...
S Edwards - 2001 - nber.org
In this paper I use a new cross-country data set to investigate the effects of capital mobility
on economic growth. The new indicator of capital mobility used in this analysis is superior to
previously used indexes in two respects:(1) It allows for intermediate situations, where a ...
S Edwards… - 1999 - nber.org
Exchange rates have been at the center of economic debates in emerging economies.
Issues related to the feasibility of flexible exchange rates, the relationship between
exchange rate volatility and growth, and the role of exchange rate overvaluation in recent ...
S Edwards - The World Bank Research Observer, 1989 - World Bank
Abstract This article analyzes the theory of equilibrium real exchange rates and defines
misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The
role of macroeconomic policies is then analyzed under three alternative nominal ...
S Edwards - 1984 - nber.org
This paper investigates to what extent the international financial community has taken into
account the risk characteristics of borrowing less developed countries when granting loans.
Specifically, this study analyzes the determinants of the spread between the interest rate ...
S Edwards - 1995 - nber.org
This paper analyzes the determinants of savings in the world economy, and discusses why
saving ratios have been so uneven across countries. A distinction is made between private
and government savings, using panel data for 36 countries, from 1970 to 1992. In ...
S Edwards - 1987 - nber.org
Recently a number of authors have criticized the role of devaluations in traditional
stabilization programs. It has been argued that, contrary to the traditional view, devaluations
are contractionary, and generate a decline in aggregate output. In spite of the renewed ...
J De Gregorio, S Edwards… - 2000 - nber.org
This paper analyzes the effectiveness of capital controls, in particular the Chilean
experience with the use of the unremunerated reserve requirement. We examine the effects
on interest rates, real exchange rate, and the volume and composition of capital inflows. ...
S Edwards - 1984 - getcited.org
An academic directory and search engine.
S Edwards - Journal of Development Economics, 1996 - Elsevier
This paper presents a theoretical and empirical assessment of the determinants of savings
rates, with special emphasis on Latin American savings rates. The study is based on
international comparisons, using data from 36 countries for 1970–1992. A distinction is ...
S Edwards - 2004 - nber.org
In this paper I analyze the anatomy of current account adjustments in the world economy
during the last three decades. The main findings may be summarized as follows:(a) Major
reversals in current account deficits have tended to be associated to sudden stops' of ...
S Edwards - European Economic Review, 1986 - Elsevier
Most recent empirical studies on creditworthiness and country risk have dealt with the
international bank loan market, and have ignored the bond market in their effort to analyze
the process of determination of default risk premia. In this paper data on both bank loans ...
S Edwards - 2002 - nber.org
The currency crises of the 1990s shocked investors, academics, international civil servants,
and policy makers alike. Most analysts had missed the financial weaknesses in Mexico and
East Asia, and when the crises erupted almost every observer was surprised by their ...
S Edwards - Estimating equilibrium exchange rates, 1994 - books.google.com
Recent discussions on macroeconomic policy in the developing and developed countries
have emphasized the crucial role played by the real exchange rate (RER) in the adjustment
process. There is growing agreement that sustained real exchange rate misalignment will ...
S Edwards… - 1986 - nber.org
As a number of developing countries move towards more liberalized financial systems, the
question of how interest rates respond to foreign influences and domestic policies is one that
policymakers in these countries have started to face. Most existing studies of interest rates ...
S Edwards… - Journal of Monetary Economics, 1997 - Elsevier
As the recent Mexican crisis vividly illustrates, Latin American countries often go through
boom-bust cycles caused by both domestic policies and external shocks. Such cycles are
typically magnified by weak banking systems which intermediate large capital inflows. ...
S Edwards - 1996 - nber.org
In recent years, analysts and policy makers alike have been evaluating the nexus between
exchange rates and macroeconomic stability. Among the most important questions is why
have some countries adopted rigid, including fixed, exchange-rate paper addresses this ...
S Edwards… - European Economic Review, 2005 - Elsevier
In this paper we analyze empirically the effect of terms of trade shocks on economic
performance under alternative exchange rate regimes. We are particularly interested in
investigating whether terms of trade disturbances have a smaller effect on growth in ...
S Edwards - The American Economic Review, 1997 - JSTOR
For well over a century scholars, social commentators, and pamphletists have debated the
merits of free trade. This controversy continues today, even as the world is experiencing an
unprecedented wave of trade liberalization. This debate has traditionally revolved around ...
S Edwards - 2007 - nber.org
During the last few years a number of authors have argued that free capital mobility
produces macroeconomic instability and contributes to financial vulnerability in the
emerging nations. For example, in his critique of the US Treasury and the International ...
S Edwards - 1992 - nber.org
One of the nest serious consequences of the debt crisis of 1982 has been the reduction in
the accessibility to the world capital market for most developing countries. This situation has
proved to be particularly serious for Latin American nations. At this juncture, a key ...
S Edwards… - Journal of International Money and Finance, 1991 - Elsevier
Abstract In this paper we investigate empirically the determinants of inflation, seigniorage
and fiscal deficits in developing countries. We first test the optimal taxation theory of inflation
for a group of 21 LCDs. We find that the implications of this theory are rejected for all these ...
S Edwards - Journal of Development Economics, 1988 - Elsevier
Abstract This paper develops a dynamic model of real exchange rate (RER) behavior in
developing countries. A three goods economy (exportables, importables and non-tradables)
is considered. Residents of this country hold domestic and foreign assets, and there is a ...
S Edwards - 1998 - nber.org
This paper deals with some of the most important aspects of Latin America's experience with
capital flows during the last twenty-five years. The paper begins with a historical analysis. I
then deal with the sequencing of reform and discuss issues related to the relationship ...
S Edwards, DF Cavallo, A Fraga… - 2003 - nber.org
The emerging markets' financial crises of the 1990s had remarkable similarities. 1 Attracted
by high domestic interest rates, a sense of stability stemming from rigid exchange rates, and
what at the time appeared to be rosy prospects, large volumes of foreign portfolio funds ...
S Edwards - Review of World Economics, 1993 - Springer
Abstract Exchange Rates as Nominal Anchors.-This paper discusses the use of nominal
exchange rates as nominal anchors in stabilization programs. The first part deals with the
dynamics of inflation in highly indexed economies. It is shown that credible exchange rate ...
S Edwards - 2005 - nber.org
In this paper I analyze the relationship between the US dollar and the US current account. I
deal with issues of sustainability, and I discuss the mechanics of current account adjustment.
The analysis presented in this paper differs from other work in several respects: First, I ...
S Edwards - 1990 - nber.org
The purpose of this paper is to critically evaluate the IMF's role in the developing countries'
adjustment process. In particular, the paper tries to answer the following questions: What
model or framework does the IMF use to generate its advice, and is that advice eclectic? Is ...
S Edwards… - Journal of Development Economics, 2001 - Elsevier
In this paper, we use weekly stock market data for a group of Latin American countries to
analyze the behavior of volatility through time. We are particularly interested in
understanding whether periods of high volatility are correlated across countries. The ...
S Edwards - 1989 - nber.org
This paper deals with the role of trade regimes in determining economic performance and
growth in the developing countries. The policy and empirical literatures on trade orientation
and economic growth are critically reviewed; it is argued that a key limitation of these ...
S Edwards - Economic Development and Cultural Change, 1985 - JSTOR
Introduction The recent (post-1973) economic experience of Chile has attracted
considerable attention, both from professional economists and from the media.'Most
observers have been particularly impressed by the sharp contrasts observed in Chile in ...
S Edwards - 2004 - nber.org
In this paper I use a panel data set to investigate the mechanics of sudden stops of capital
inflows and current account reversals. I am particularly interested in four questions:(a) What
is the relationship between sudden stops and current account reversals?(b) To what ...
S Edwards - 1998 - nber.org
Current debates on globalization have tended to focus on financial market volatility and
contagion. In fact, many proponents of the imposition of some form of capital restrictions in
emerging markets have argued that these would help reduce or even eliminate spillover ...
S Edwards - 1998 - nber.org
For decades, the Chilean economy was characterized by a lukewarm performance. Growth
was modest, inflation was among the highest in the world, and the degree of social conflict
was high. Already in the nineteenth century international observers argued that, despite its ...
S Edwards - 1989 - nber.org
This paper deals with three important issues related to real exchange rates. First, it
discusses the analytical concept of real exchange rate (RER) placing particular emphasis on
providing an operational definition for the equilibrium real exchange rate. Of course, once ...
S Edwards - 1999 - nber.org
This paper provides a comparative analysis of the East Asian and Mexican crises, and
draws lessons for the emerging economies. Although much of the discussion concentrates
on East Asia and Mexico, I also draw on the history of some previous crisis episodes. I ...
S Edwards - Journal of Monetary Economics, 1983 - Elsevier
Abstract This paper analyzes the relationship between forward exchange rates, future spot
rates and new information. A stochastic model of exchange rate determination is used to
formally show how unanticipated changes in the exchange rate determinants (or 'news') ...
S Edwards - The World Bank Economic Review, 1988 - World Bank
Abstract A three-goods model (importables, exportables, and nontradables) is used to
analyze labor market adjustment to changes in the terms of trade and import tariffs for a
small, open economy. First, a three-goods, four-factor model (labor, and capital specific to ...
S Edwards… - 1993 - nber.org
In 1973, the international monetary system forged in Bretton Woods experienced a final
collapse, as the industrial nations abandoned all efforts to sustain a fixed exchange rate
regime and decided to adopt freely floating exchange rates. In spite of this significant ...
R Dornbusch… - 1991 - nber.org
Macroeconomic populism is an approach to economics that emphasizes growth and income
distribution and deemphasizes the risks of inflation and deficit finance, external constraints
and the reaction of economic agents to aggressive non-market policies. The purpose of ...
S Edwards… - International Economic Review, 1986 - JSTOR
For many years economists have argued that developing countries should rely more heavily
on the market mechanism and should liberalize their economies to international trade and
capital movements. However, in spite of the vast literature on economic liberalization, very ...
S Edwards - 1993 - nber.org
This paper deals with political aspects of inflation and stabilization in developing countries. it
is argued that by ignoring political considerations. traditional models failed to fully
understand the dynamics of inflation. Several newer models are discussed. including ...
S Edwards - 1989 - nber.org
ABSTRACT Both OECD and developing economies have embarked on structural reforms
aimed at dismantling regulations and reducing the extent of distortions affecting different
sectors of their economies. Regardless of the marked difference, both groups have to deal ...
S Edwards - 1997 - nber.org
The Mexican crisis of 1994 raised throughout the world a number of questions about the
sustainability--and even the merits--of the market oriented reform process in Latin America
and other regions. Understanding how events unfolded in Mexico during the early 1990s ...
S Edwards - 2006 - nber.org
This paper deals with the relationship between inflation targeting and exchange rates. I
address three specific issues: first, I analyze the effectiveness of nominal exchange rates as
shock absorbers in countries with inflation targeting. This issue is closely related to the ...
S Edwards - The North American Journal of Economics and Finance, 2002 - Elsevier
In this paper I discuss in what way, if any, the collapse of Argentina's experience with a
currency board has affected the policy debate on the appropriate exchange rate regime in
emerging and transition countries. More specifically, I deal with three issues:(1) I discuss ...
S Edwards - The World Economy, 2000 - Wiley Online Library
'CONTAGION'is a relatively new concept in economics. A search of the EconLit data set for
1969–February 2000, yielded 147 entries that had the word 'contagion'in either the title or in
the abstract. Of these, only 17 corresponded to works published before 1990. This ...
S Edwards - 1984 - nber.org
In this paper the relationship between the demand for international reserves and exchange
rate adjustments is empirically investigated for agroup of LDC's. It is shown that countries
that have maintained a fixed exchange rate for a long period of time have a different ...
S Edwards - 1995 - books.google.com
During recent years, many Latin American countries have undergone significant reforms.
The economic systems that emerged in the 1930s, stifled by heavy government intervention
and protectionism, have given way to new ones based on market orientation, openness, ...
S Edwards - Journal of International Money and Finance, 1982 - Elsevier
Abstract In this paper a multi-currency model is used to investigate the relationship between
spot exchange rates, forward rates, market efficiency, and new information. It is shown that in
a world with more than two countries the error term in the standard market efficiency tests ...
S Edwards… - 1991 - nber.org
In this paper we analyze empirically the most important implications of two family political
economy models of inflation: the" myopic? government approach and the" weak"
government approach. In myopic government models inflation is the deliberate outcome of ...
S Edwards… - 1998 - nber.org
Chile has become a model for reforming economies throughout the world. The purpose of
this paper is to analyze the political and economic circumstances surrounding Chile's
unilateral trade liberalization during five stages (covering the period 1974-1990s), each ...
S Edwards… - Economic Policy, 2000 - Wiley Online Library
Over the last twenty years sweeping reforms have deeply transformed the labour market in
Chile. A visible outcome has been the reduction of Chile's rate of unemployment from
'European'to 'US'levels. Even though the political context makes this experiment special, ...
S Edwards - The World Economy, 1990 - Wiley Online Library
Sebastian Edwards s we enter the 1990s, issues related to economic reform and
modernization are flooding the policy agenda. In Buenos Aires, Warsaw, Seoul, and other
capitals, questions related to the opening of markets, the privatization of government- ...
S Edwards - 1987 - nber.org
The opening up of an economy to the rest of the world has generally been considered an
integral part of economic reform aimed at increasing the role of markets. Until recently,
however, very little discussion was devoted to the order in which the capital and current ...
S Edwards, FG Diaz… - 1999 - nber.org
During the late 1980s and early 1990s the vast majority of the Latin American countries
embarked on ambitious reforms aimed at modernizing their economies. Country after
country turned away from decades of protectionism and government controls and began ...
S Edwards, JG Biscarri… - 2003 - nber.org
In this paper we analyze the behavior of stock markets in six emerging countries. More
specifically, we describe the bull and bear cycles of four Latin American and two Asian
countries, comparing their characteristics during both phases and the degree of ...
S Edwards - 1995 - nber.org
After decades of protectionist policies, most of Latin America began to open up to the rest of
the world in the late 1980s. This process, pioneered by Chile, is perhaps the most
impressive achievement of the structural adjustment programs of the last decade. It has ...
S Edwards - 2001 - nber.org
In this paper I investigate the historical record of countries that have lived under
a'dollarized'monetary system. As it turns out, this is a very small group of counties, most of
which have operated under very special circumstances, and for which there are very ...
S Edwards - Journal of Applied Economics, 1998 - redalyc.uaemex.mx
... INTEREST RATE VOLATILITY, CONTAGION AND CONVERGENCE: AN EMPIRICAL
INVESTIGATION OF THE CASES OF ARGENTINA, CHILE AND MEXICO SEBASTIAN EDWARDS*
University of California, Los Angeles and National Bureau of Economic Research ...
S Edwards - 1994 - nber.org
This paper documents and evaluates the process of trade reforms in Latin America from the
mid-1980s until 1993. It provides an analytical and historical discussion of the
consequences of industrial policies in the region, from the early 1950s when import- ...
S Edwards… - 1998 - nber.org
The Mexican peso crisis of December 1994 shocked politicians, analysits, and pundits.
Shock was followed by panic, as investors flew the country. It took a massive bail-out
package put together by the IMF and the US Treasury to generate some tranquility in the ...
S Edwards… - 1997 - books.google.com
Many of the rules that govern labor markets in Latin America (and elsewhere) raise labor
costs, create barriers to entry, and introduce rigidities in the employment structure. These
include the exceedingly restrictive regulations on hiring and firing practices, as well as ...
S Edwards - Journal of Policy Modeling, 2001 - anderson.ucla.edu
A number of proposals for reforming the “international financial architecture” have recently
been advanced by academics, policy makers, and pundits of various types. These reform
blueprints have included the imposition of controls on capital inflows, abolishing the IMF, ...
S Edwards… - 1989 - nber.org
In this paper we investigate the relation between tariff changes, terms of trade changes and
the equilibrium real exchange rate. For this purpose we use two models of a small open
economy:(1) a three goods version of the Ricardo-Viner model; and (2) a three goods ...
S Edwards - The American Economic Review, 1996 - JSTOR
The Mexican peso crisis of December 1994 sent shock waves through the world's financial
and policy communities. Analysts were surprised by the collapse of the peso and by the
ensuing chaos. What is to some extent intriguing, however, is not that the Mexican ...
[CITATION] Sequencing economic liberalization in developing countries
S Edwards - Finance and Development, 1987
S Edwards… - Handbook of development economics, 1989 - vnp.edu.vn
Starting in the early 1980s countries all across the development spectrum had to adopt a
series of policy measures aimed at coping with the severe international economic crisis.
Although word relative prices (ie terms of trade) went into convulsions much earlier (ie ...
S Edwards - 1984 - nber.org
Traditionally, two alternative explanations have been offered for the behavior of international
reserves through time. On the one hand, the literature on the demand for international
reserves postulates that reserves movements respond to discrepancies between desIred ...
S Edwards - 2000 - nber.org
In this paper I analyze several issues related to contagion,'including its definition, recent
experiences, alternative channels at work, and possible prevention mechanisms. The
discussion deals with the macroeconomics implications of contagion, and concentrates on ...
S Edwards… - 2001 - nber.org
In this paper we analyze the macroeconomic record of dollarized economies. In particular,
we investigating whether, as its supporters' claim, dollarization is associated with lower
inflation and faster growth. We analyze this issue by using a matching estimator technique ...
S Edwards - Journal of international Money and Finance, 1985 - Elsevier
Abstract Contrary to what is suggested by the theory, most empirical studies on the demand
for international reserves have failed to find a significant (negative) coefficient for the
opportunity cost of holding reserves. In this paper it is argued that the reason for this is that ...
S Edwards - Review of World Economics, 2003 - Springer
Abstract In this paper I analyze the relationship between fiscal policy, aggregate public
sector debt sustainability, and debt relief. I develop a methodology to compute the fiscal
policy path that is compatible with aggregate debt sustainability in the post-HIPC era. The ...
S Edwards… - 1991 - nber.org
This paper develops our analytical model to explore the relationship between the dynamics
of macroeconomic adjustment and the timing of the implementation of an adjustment
program featuring an official devaluation. The effects of postponing adjustment depend on ...
S Edwards… - 2000 - nber.org
In this paper we use high frequency interest rate data for a group of Latin American countries
to analyze the behavior of volatility through time. We are particularly interested in
understanding whether periods of high volatility spillover across countries. Our analysis ...
S Edwards… - 2002 - nber.org
We analyze the way in which social security privatization reform affects labor market
outcomes. We develop a model of the labor market where we assume that, as is the case in
most emerging markets, a formal and an informal sectors coexist side by side. According ...
S Edwards - 1993 - nber.org
This paper analyzes the relationship between exchange rates, inflation and disinflation in
Latin America. The analysis concentrates on two central issues. First, the historical
experience with fixed exchange rates in four Latin American countries is investigated. It is ...
S Edwards - 1984 - nber.org
This paper investigates the relationship between monetary policy and growth in five Latin
American countries (Brazil, Chile, Colombia, Mexico and Peru). The analysis focuses on the
effects of expected and unexpected monetary growth on output, and explicitly incorporates ...
S Edwards - 1985 - nber.org
In this paper an empirical model for analyzing the behavior of nominal interest rates in a
semi-open economy is developed. The model explicitly incorporates both the role of open
economy factors (ie, world interest rates, expected rate of devaluation) and domestic ...
S Edwards - 2005 - nber.org
The future of the US current account--and thus of the US dollar--depend on whether foreign
investors will continue to add US assets to their investment portfolios. However, even under
optimistic scenarios, the US current account deficit is likely to go through a significant ...
S Edwards… - 2002 - nber.org
Financial crises have become recurrent, profound, and diverse. When Richard Cooper gave
the Graham Memorial Lecture at Princeton in 1971, currency crises followed a regular
pattern across countries. Most financial crises in emerging markets could be traced to ...
S Edwards… - 2003 - nber.org
In this paper we analyze whether common currency'countries that is, dollarized and
independent currency union countries have outperformed countries that have a currency of
their own. The paper is empirical and estimates jointly the probability of being a common ...
S Edwards… - Review of Economics and Statistics, 2003 - MIT Press
We use high-frequency interest-rate data for a group of Latin American and Asian countries
to analyze the behavior of volatility through time. We focus on volatility comovements across
countries. Our analysis relies on univariate and bivariate switching volatility models. We ...
S Edwards - The American Economic Review, 1997 - JSTOR
The developing countries' massive move toward trade liberalization in the late 1980's and
early 1990's has generated several questions:(a) Why did this liberalizing frenzy occur at
this point in time, and not earlier?(b) How can one explain why so many countries are ...
S Edwards - 1989 - nber.org
Mexico's announcement, in August of 1982, that it could no longer meet its international
financial obligations took most of the world by surprise, sending shivers down the spines of
bankers, politicians, and international bureaucrats. That fateful Friday the 13th of August ...
SJ Burki… - 1996 - books.google.com
This report examines the possibility that global demand for capital will tend to outstrip
supply, thus putting upward pressure on global real interest rates. The paper discusses the
demand for foreign capital in developing countries, the effect of this demand on savings in ...
R Dornbusch… - The Chilean economy: policy …, 1994 - books.google.com
CHILE'S economic policy during the past twenty years has been a textbook example of an
open economy. In the early 1980s, liberalization and a policy of righting inflation without
proper attention to stable financing and competitiveness caused a collapse of the currency ...
S Edwards - World Development, 1988 - Elsevier
Abstract This paper deals with the relation between the official and the unregulated (or curb)
segments of the capital market in Korea. The paper focuses on the behavior of officially
controlled interest rates paid on time deposits and on freely determined curb market ...
S Edwards - World Development, 1984 - Elsevier
Abstract The purpose of this paper is to analyse the relationship between coffee, money,
inflation and international competitiveness in Colombia. The basic hypothesis being
investigated is that higher (lower) prices of coffee will tend to result, through the ...
S Edwards - Journal of International Money and Finance, 2007 - Elsevier
In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external
shocks. More specifically, I ask if countries that restrict the free flow of international capital
have a lower probability of experiencing a large contraction in net capital flows. I use three ...
S Edwards - 1997 - books.google.com
The essays collected in this volume, written by well-known academics and policy analysts,
discuss the impact of increased capital mobility on macroeconomic performance. The
authors highlight the most adequate ways to manage the transition from a semi-closed ...
S Edwards - 2007 - nber.org
In this paper I use historical data to analyze the relationship between crises and growth in
Latin America. I calculate by how much the region's GDP per capita has been reduced as a
consequence of the recurrence of external crises. I also analyze the determinants of major ...
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