Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean
Many countries in the Latin America and the Caribbean (LAC) region, especially in South America, fared well during the global crisis and are now on a strong growth path. The region s recession in 2009 was relatively short lived and, with the notabl...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/822921468226208380/Globalized-resilient-dynamic-the-new-face-of-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/27782 |
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okr-10986-27782 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADVANCED COUNTRIES ADVANCED ECONOMIES ADVERSE EFFECTS ASSET CLASS ASSET PRICE ASSET PRICES ASSET VALUES BALANCE SHEET BALANCE SHEETS BANK CREDIT BANKING CRISES BANKING SYSTEM BUFFERS BUSINESS CYCLE BUSINESS CYCLES CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL FLIGHT CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COUNTRY EQUITY COUNTRY FORECASTS COUNTRY MARKETS CREDIBILITY CREDIT AVAILABILITY CREDIT FLOWS CREDIT SPREADS CREDITOR CRITICAL MASS CURRENCY CURRENCY CRISES CURRENCY CRISIS CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDENS DEBT CONTRACTS DEBT FLOWS DEBT LEVELS DEBT MANAGEMENT DEBT MARKETS DEBT-SERVICE DEBTOR DEPOSIT DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOMESTIC BANKING DOMESTIC CURRENCIES DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC MARKET DYNAMIC EMERGING MARKETS ECONOMIC DOWNTURN EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ASSET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITY CONTRACTS EQUITY INDEXES EQUITY MARKETS EQUITY PRICES EQUITY RETURNS EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLOAT EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE MOVEMENTS EXCHANGE RATE REGIME EXCHANGE RATES EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL SHOCK EXTERNAL SHOCKS FINANCIAL CONTAGION FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL LIBERALIZATION FINANCIAL OPENNESS FINANCIAL POLICY FINANCIAL SECTORS FINANCIAL SHOCKS FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL POLICIES FISCAL POLICY FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES FLEXIBLE EXCHANGE RATES FLOW OF CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN EXCHANGE FOREIGN FINANCING GEOGRAPHIC DISTRIBUTION GLOBAL ECONOMY GLOBAL OUTPUT GLOBAL RISK GLOBALIZATION GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURES GROWTH RATE GROWTH RATES HEDGE FUND HOUSING FINANCE INCOME INDUSTRIAL COUNTRIES INFLATION INFLATION CRISES INFLATION RATE INSTITUTION BUILDING INSTITUTIONAL CAPACITY INSTRUMENT INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVENTORY IRRATIONAL EXUBERANCE LABOR MARKET LEVY LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM CAPITAL MACROECONOMIC FLUCTUATIONS MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC VOLATILITY MONETARY POLICIES MONETARY POLICY NATURAL RESOURCES NEGATIVE SHOCK NET DEBT NOMINAL INTEREST RATE NOMINAL INTEREST RATES OUTPUT POLICY RESPONSE POLICY RESPONSES PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDITORS PUBLIC DEBTS PUBLIC FINANCES PUBLIC SAVINGS PUBLIC SECTOR DEBT REAL ECONOMIC ACTIVITY REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION RECESSIONS RESERVE RESERVES RESIDENTIAL MORTGAGES RETURN RETURNS RETURNS ON EQUITIES RISK AVERSION RISK FACTORS SHORT-TERM FOREIGN LIABILITIES STOCK INDEX STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS SUB-NATIONAL DEBT SUB-NATIONAL DEBT MARKET SUB-NATIONAL ENTITIES SWAP TAX TRADE FINANCE TRADING TRANSPARENCY TREASURY UNEMPLOYMENT RATES VOLATILITIES WEAK BANKING SYSTEMS WEAK CURRENCIES WHOLESALE FUNDING WHOLESALE MARKET WORLD ECONOMY WORLD FINANCIAL MARKETS WORLD MARKETS WORLD TRADE |
| spellingShingle |
ADVANCED COUNTRIES ADVANCED ECONOMIES ADVERSE EFFECTS ASSET CLASS ASSET PRICE ASSET PRICES ASSET VALUES BALANCE SHEET BALANCE SHEETS BANK CREDIT BANKING CRISES BANKING SYSTEM BUFFERS BUSINESS CYCLE BUSINESS CYCLES CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL FLIGHT CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COUNTRY EQUITY COUNTRY FORECASTS COUNTRY MARKETS CREDIBILITY CREDIT AVAILABILITY CREDIT FLOWS CREDIT SPREADS CREDITOR CRITICAL MASS CURRENCY CURRENCY CRISES CURRENCY CRISIS CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDENS DEBT CONTRACTS DEBT FLOWS DEBT LEVELS DEBT MANAGEMENT DEBT MARKETS DEBT-SERVICE DEBTOR DEPOSIT DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOMESTIC BANKING DOMESTIC CURRENCIES DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC MARKET DYNAMIC EMERGING MARKETS ECONOMIC DOWNTURN EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ASSET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITY CONTRACTS EQUITY INDEXES EQUITY MARKETS EQUITY PRICES EQUITY RETURNS EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLOAT EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE MOVEMENTS EXCHANGE RATE REGIME EXCHANGE RATES EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL SHOCK EXTERNAL SHOCKS FINANCIAL CONTAGION FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL LIBERALIZATION FINANCIAL OPENNESS FINANCIAL POLICY FINANCIAL SECTORS FINANCIAL SHOCKS FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL POLICIES FISCAL POLICY FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES FLEXIBLE EXCHANGE RATES FLOW OF CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN EXCHANGE FOREIGN FINANCING GEOGRAPHIC DISTRIBUTION GLOBAL ECONOMY GLOBAL OUTPUT GLOBAL RISK GLOBALIZATION GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURES GROWTH RATE GROWTH RATES HEDGE FUND HOUSING FINANCE INCOME INDUSTRIAL COUNTRIES INFLATION INFLATION CRISES INFLATION RATE INSTITUTION BUILDING INSTITUTIONAL CAPACITY INSTRUMENT INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVENTORY IRRATIONAL EXUBERANCE LABOR MARKET LEVY LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM CAPITAL MACROECONOMIC FLUCTUATIONS MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC VOLATILITY MONETARY POLICIES MONETARY POLICY NATURAL RESOURCES NEGATIVE SHOCK NET DEBT NOMINAL INTEREST RATE NOMINAL INTEREST RATES OUTPUT POLICY RESPONSE POLICY RESPONSES PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDITORS PUBLIC DEBTS PUBLIC FINANCES PUBLIC SAVINGS PUBLIC SECTOR DEBT REAL ECONOMIC ACTIVITY REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION RECESSIONS RESERVE RESERVES RESIDENTIAL MORTGAGES RETURN RETURNS RETURNS ON EQUITIES RISK AVERSION RISK FACTORS SHORT-TERM FOREIGN LIABILITIES STOCK INDEX STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS SUB-NATIONAL DEBT SUB-NATIONAL DEBT MARKET SUB-NATIONAL ENTITIES SWAP TAX TRADE FINANCE TRADING TRANSPARENCY TREASURY UNEMPLOYMENT RATES VOLATILITIES WEAK BANKING SYSTEMS WEAK CURRENCIES WHOLESALE FUNDING WHOLESALE MARKET WORLD ECONOMY WORLD FINANCIAL MARKETS WORLD MARKETS WORLD TRADE World Bank Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| geographic_facet |
Latin America & Caribbean Caribbean Latin America |
| description |
Many countries in the Latin America and
the Caribbean (LAC) region, especially in South America,
fared well during the global crisis and are now on a strong
growth path. The region s recession in 2009 was relatively
short lived and, with the notable exception of Mexico,
remarkably mild. The current pace of economic recovery is
exceeding expectations, with gross domestic product (GDP)
projected to grow in the 5-6 percent range in 2010. This
report discusses LAC's newfound resilience in the midst
of financial globalization, examining key features of the
cyclical behavior of LAC economies in comparison to other
emerging economies and to its own past. Resilience is
defined throughout this report in a broad sense to denote
the ability of an economy to navigate with minimum
disturbances through shocks, cushioning their negative
spillovers in bad times, and recovering fast after a
downturn. The report is structured as follows: first, it
evaluates the relative performance of LAC countries during
the contractionary period generated by the recent global
crisis, to shed light on LAC's ability to shield its
economies or soften the blow of a large external shock.
Second, a similar exercise is conducted for the recovery
phase of the cycle, when in the aftermath of an external
shock more resilient countries will be expected to have a
faster and more robust recovery. Third, it takes a deeper
look at the different driving forces behind the recovery,
including the role of domestic demand, commodity prices, and
the connection to emerging Asia. Fourth, it provides
evidence of the ability of different countries in LAC to
conduct counter-cyclical policies in response to the global
financial crisis. Lastly, a concluding section warns about
the main macro-financial tensions and challenges lying ahead
for the region. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| title_short |
Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| title_full |
Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| title_fullStr |
Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| title_full_unstemmed |
Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean |
| title_sort |
globalized, resilient, dynamic : the new face of latin america and the caribbean |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/822921468226208380/Globalized-resilient-dynamic-the-new-face-of-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/27782 |
| _version_ |
1764465088145653760 |
| spelling |
okr-10986-277822021-04-23T14:04:44Z Globalized, Resilient, Dynamic : The New Face of Latin America and the Caribbean World Bank ADVANCED COUNTRIES ADVANCED ECONOMIES ADVERSE EFFECTS ASSET CLASS ASSET PRICE ASSET PRICES ASSET VALUES BALANCE SHEET BALANCE SHEETS BANK CREDIT BANKING CRISES BANKING SYSTEM BUFFERS BUSINESS CYCLE BUSINESS CYCLES CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL FLIGHT CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COUNTRY EQUITY COUNTRY FORECASTS COUNTRY MARKETS CREDIBILITY CREDIT AVAILABILITY CREDIT FLOWS CREDIT SPREADS CREDITOR CRITICAL MASS CURRENCY CURRENCY CRISES CURRENCY CRISIS CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDENS DEBT CONTRACTS DEBT FLOWS DEBT LEVELS DEBT MANAGEMENT DEBT MARKETS DEBT-SERVICE DEBTOR DEPOSIT DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOMESTIC BANKING DOMESTIC CURRENCIES DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC MARKET DYNAMIC EMERGING MARKETS ECONOMIC DOWNTURN EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ASSET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITY CONTRACTS EQUITY INDEXES EQUITY MARKETS EQUITY PRICES EQUITY RETURNS EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLOAT EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE MOVEMENTS EXCHANGE RATE REGIME EXCHANGE RATES EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL SHOCK EXTERNAL SHOCKS FINANCIAL CONTAGION FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL LIBERALIZATION FINANCIAL OPENNESS FINANCIAL POLICY FINANCIAL SECTORS FINANCIAL SHOCKS FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL POLICIES FISCAL POLICY FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES FLEXIBLE EXCHANGE RATES FLOW OF CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN EXCHANGE FOREIGN FINANCING GEOGRAPHIC DISTRIBUTION GLOBAL ECONOMY GLOBAL OUTPUT GLOBAL RISK GLOBALIZATION GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURES GROWTH RATE GROWTH RATES HEDGE FUND HOUSING FINANCE INCOME INDUSTRIAL COUNTRIES INFLATION INFLATION CRISES INFLATION RATE INSTITUTION BUILDING INSTITUTIONAL CAPACITY INSTRUMENT INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVENTORY IRRATIONAL EXUBERANCE LABOR MARKET LEVY LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM CAPITAL MACROECONOMIC FLUCTUATIONS MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC VOLATILITY MONETARY POLICIES MONETARY POLICY NATURAL RESOURCES NEGATIVE SHOCK NET DEBT NOMINAL INTEREST RATE NOMINAL INTEREST RATES OUTPUT POLICY RESPONSE POLICY RESPONSES PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDITORS PUBLIC DEBTS PUBLIC FINANCES PUBLIC SAVINGS PUBLIC SECTOR DEBT REAL ECONOMIC ACTIVITY REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION RECESSIONS RESERVE RESERVES RESIDENTIAL MORTGAGES RETURN RETURNS RETURNS ON EQUITIES RISK AVERSION RISK FACTORS SHORT-TERM FOREIGN LIABILITIES STOCK INDEX STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS SUB-NATIONAL DEBT SUB-NATIONAL DEBT MARKET SUB-NATIONAL ENTITIES SWAP TAX TRADE FINANCE TRADING TRANSPARENCY TREASURY UNEMPLOYMENT RATES VOLATILITIES WEAK BANKING SYSTEMS WEAK CURRENCIES WHOLESALE FUNDING WHOLESALE MARKET WORLD ECONOMY WORLD FINANCIAL MARKETS WORLD MARKETS WORLD TRADE Many countries in the Latin America and the Caribbean (LAC) region, especially in South America, fared well during the global crisis and are now on a strong growth path. The region s recession in 2009 was relatively short lived and, with the notable exception of Mexico, remarkably mild. The current pace of economic recovery is exceeding expectations, with gross domestic product (GDP) projected to grow in the 5-6 percent range in 2010. This report discusses LAC's newfound resilience in the midst of financial globalization, examining key features of the cyclical behavior of LAC economies in comparison to other emerging economies and to its own past. Resilience is defined throughout this report in a broad sense to denote the ability of an economy to navigate with minimum disturbances through shocks, cushioning their negative spillovers in bad times, and recovering fast after a downturn. The report is structured as follows: first, it evaluates the relative performance of LAC countries during the contractionary period generated by the recent global crisis, to shed light on LAC's ability to shield its economies or soften the blow of a large external shock. Second, a similar exercise is conducted for the recovery phase of the cycle, when in the aftermath of an external shock more resilient countries will be expected to have a faster and more robust recovery. Third, it takes a deeper look at the different driving forces behind the recovery, including the role of domestic demand, commodity prices, and the connection to emerging Asia. Fourth, it provides evidence of the ability of different countries in LAC to conduct counter-cyclical policies in response to the global financial crisis. Lastly, a concluding section warns about the main macro-financial tensions and challenges lying ahead for the region. 2017-08-14T20:35:31Z 2017-08-14T20:35:31Z 2010-10-06 Report http://documents.worldbank.org/curated/en/822921468226208380/Globalized-resilient-dynamic-the-new-face-of-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/27782 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Publications & Research :: Working Paper Publications & Research Latin America & Caribbean Caribbean Latin America |