Publication:
Latin America Copes with Volatility, the Dark Side of Globalization

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-01-03T22:37:53Z
dc.date.available2014-01-03T22:37:53Z
dc.date.issued2012-04
dc.description.abstractLatin American and Caribbean (LAC) region were bumping against capacity constraints with unemployment reaching historically low levels and economic activity hitting bottlenecks and central banks were thus engaged in combating upward price pressures through tighter monetary policies. The focus of attention was, as a result, shifting towards the longer-term growth and equity agendas in what appeared to be a more tranquil global environment. This LAC region continues on a relatively robust growth path after a remarkable performance in the aftermath of the global financial crisis. In effect, as discussed in our April 2011 report "LAC success put to the test," the region's recession in 2009 was relatively short lived and surprisingly mild compared to other middle-income countries (MICs) and to its own past and its recovery in 2010-2011 strong. This report starts by setting the stage on the external environment. It provides an overview of recent economic developments and the prospects for the LAC region in coming months, including an analysis of the sources of external risks for the region.en
dc.description.abstractEste informe semestral explora los desafíos crecientes que los países de América Latina y el Caribe (LAC) enfrentan al vivir en un mundo globalizado, especialmente en vista de la crisis financiera del 2008-2009. Describe un panorama general de los eventos recientes en la economía mundial y las perspectivas para LAC en los meses siguientes, así como un análisis de las fuentes de riesgo externo para la región. Continúa un estudio detallado de los nuevos patrones en la globalización financiera que yacen detrás de la volatilidad financiera y analiza las nuevas dinámicas en los flujos brutos de capitales (cuyos tamaños son sustancialmente mayores a los flujos netos). A su vez, se examina la transmisión de choques externos a través del canal financiero y su impacto en los países emergentes, en general, y LAC en particular. Específicamente, se analiza el comportamiento y los incentivos presentes en la industria de los gestores de fondos internacionales. La segunda parte se centra en las vulnerabilidades de los países de LAC a una variedad de fuentes de volatilidad de origen externo (en la demanda externa, los términos de intercambio, y las condiciones de financiamiento externo). Se explora en ese capítulo como la exposición a choques externos interactúa con la capacidad de respuesta de las políticas económicas para generar un panorama de las vulnerabilidades de corto plazo a lo largo de LAC.es
dc.identifierhttp://documents.worldbank.org/curated/en/2013/04/17682562/latin-america-copes-volatility-dark-side-globalization
dc.identifier.doi10.1596/16496
dc.identifier.urihttps://hdl.handle.net/10986/16496
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectACCOUNTING
dc.subjectAGENCY PROBLEM
dc.subjectAGENCY PROBLEMS
dc.subjectALLOCATION OF CREDIT
dc.subjectARBITRAGE
dc.subjectASSET BASE
dc.subjectASSET CLASS
dc.subjectASSET HOLDINGS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGER
dc.subjectASSET MANAGERS
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASYMMETRIC INFORMATION
dc.subjectAUCTIONS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEETS
dc.subjectBANK CREDIT
dc.subjectBANK INTEREST RATES
dc.subjectBANKING SYSTEMS
dc.subjectBASIS POINTS
dc.subjectBOND FUND
dc.subjectBOND FUNDS
dc.subjectBONDS
dc.subjectBORROWING COSTS
dc.subjectBUSINESS CYCLES
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER GOODS
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULT SWAPS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT MARKETS
dc.subjectCREDIT RATINGS
dc.subjectCURRENCY
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENCY MISMATCHES
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT DEFAULT
dc.subjectDEFAULT RISK
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDERIVATIVES
dc.subjectDEVALUATION
dc.subjectDIRECT INVESTMENT
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC MARKETS
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC POLICIES
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET BOND
dc.subjectEMERGING MARKET EQUITY
dc.subjectEMERGING MARKETS
dc.subjectENABLING ENVIRONMENTS
dc.subjectEQUITY FUNDS
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKETS
dc.subjectEQUITY RETURNS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SHOCKS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL CAPACITY
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED INVESTMENT
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTOR
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN MARKETS
dc.subjectFUND MANAGERS
dc.subjectGLOBAL BOND
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKETS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT BOND
dc.subjectHEDGE FUNDS
dc.subjectHOLDINGS
dc.subjectILLIQUID MARKETS
dc.subjectIMPLIED VOLATILITY
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL MARKET
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL PORTFOLIO
dc.subjectINTERNATIONAL SWAPS
dc.subjectINVESTING
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FLOWS
dc.subjectINVESTMENT PATTERNS
dc.subjectINVESTMENT RISKS
dc.subjectISSUANCE
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIQUID ASSETS
dc.subjectLIQUID MARKETS
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY IN BOND MARKETS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL FINANCIAL MARKET
dc.subjectLOCAL MARKETS
dc.subjectLOCAL STOCK MARKETS
dc.subjectLONG TERM CAPITAL
dc.subjectLONG-TERM INVESTMENTS
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARK-TO-MARKET
dc.subjectMARK-TO-MARKET ACCOUNTING
dc.subjectMARKET CONDITIONS
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET FAILURES
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PARTICIPANTS
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY TRANSFORMATION
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET RATES
dc.subjectMONEY MARKETS
dc.subjectMORAL HAZARD
dc.subjectMUTUAL FUND
dc.subjectMUTUAL FUND INDUSTRY
dc.subjectMUTUAL FUND INVESTMENT
dc.subjectMUTUAL FUNDS
dc.subjectOIL PRICES
dc.subjectOPEN ECONOMIES
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPOLICY RESPONSE
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIO ALLOCATIONS
dc.subjectPORTFOLIO CAPITAL
dc.subjectPORTFOLIO FLOWS
dc.subjectPORTFOLIO INFLOWS
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPORTFOLIOS
dc.subjectPRICE DISCOVERY
dc.subjectPRODUCTIVE INVESTMENTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBTS
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC INVESTMENTS
dc.subjectREGULATORY SYSTEM
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRESIDENTIAL MORTGAGES
dc.subjectRETURNS
dc.subjectRETURNS ON EQUITIES
dc.subjectRISK AVERSION
dc.subjectRISK SHARING
dc.subjectSAFETY NET
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSOLVENCY
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEBT PROBLEMS
dc.subjectSOVEREIGN RATING
dc.subjectSOVEREIGN RATINGS
dc.subjectSTOCK MARKETS
dc.subjectTAX
dc.subjectTOTAL DEBT
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectUNDERWRITERS
dc.subjectWEALTH EFFECT
dc.subjectWORLD FINANCIAL MARKETS
dc.titleLatin America Copes with Volatility, the Dark Side of Globalizationen
dc.titleLatinoamérica hace frente a la volatilidad, el lado oscuro de la globalizaciónes
dc.title.alternativeLatinoamerica hace frente a la volatilidad, el lado oscuro de la globalizacionen
dc.title.alternativeLatinoamerica hace frente a la volatilidad, el lado oscuro de la globalizaciones
dspace.entity.typePublication
okr.date.disclosure2013-05-08
okr.date.doiregistration2025-05-05T12:53:19.861914Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/04/17682562/latin-america-copes-volatility-dark-side-globalization
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid114531468045041751
okr.guid187111468045042265
okr.identifier.externaldocumentum000445729_20130508123415
okr.identifier.internaldocumentum17682562
okr.identifier.report77445
okr.language.supporteden
okr.language.supportedes
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/08/000445729_20130508123415/Rendered/PDF/774450WP0Sprin00Box377297B00PUBLIC0.pdfen
okr.pdfurlhttp://documents.worldbank.org/curated/en/187111468045042265/pdf/774450WP0Sprin097B00PUBLIC00SPANISH.pdfes
okr.region.administrativeLatin America and Caribbean
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.txturlhttp://documents.worldbank.org/curated/en/187111468045042265/text/774450WP0Sprin097B00PUBLIC00SPANISH.txtes
okr.unitChief Economist (LCRCE)
okr.volume1 of 1
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