01881cas a2200253 a 4500 AALejournalIMF009192 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865479 1018-5941 BD-DhAAL BD-DhAAL Sahay, Ratna. Volatility and Growth in Latin America : An Episodic Approach / Ratna Sahay, Rishi Goyal. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (52 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth. Mode of access: Internet Goyal, Rishi. IMF Working Papers; Working Paper ; No. 2006/287 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/287/001.2006.issue-287-en.xml IMF e-Library