Macroeconomic Volatility in Reformed Latin America
Summary
What are the sources of structural volatility in Latin America? To address this question, Macroeconomic Volatility in Reformed Latin America focuses on the factors responsible for macroeconomic instability in three Latin American Argentina, Mexico, and Chile. It finds that volatility in these countries can largely be traced to two critical weak links with international financial markets and underdeveloped domestic financial markets. Using the case studies, Ricardo J. Caballero outlines a framework that serves not only to explain aggregate volatility in other parts of the world, but is also relevant in designing policy to reduce the frequency and magnitude of new shocks.
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