World Bank2015-01-142015-01-142014-06-05https://hdl.handle.net/10986/21278The purpose of the current study is to contribute to a deeper understanding of growth volatility in Paraguay and to provide an input into the discussion on how to better manage it. In particular, the study will ask three questions: i) what are the sources of volatility in Paraguay? ii) How does growth volatility, in particular that arising from the strong dependence on the agricultural sector, impact the rest of the economy? iii) What are optimal policies for managing the types of volatility observed in Paraguay?en-USCC BY 3.0 IGOACCESS TO FINANCINGACCESS TO INSURANCEACCOUNTINGAGGREGATE DEMANDAGRICULTURAL COMMODITYAGRICULTURAL OUTPUTAGRICULTURAL PRODUCTIONAGRICULTUREAUTOREGRESSIONBALANCE OF PAYMENTSBONDSBROKERSBUDGET SURPLUSBUSINESS CYCLEBUSINESS CYCLE VOLATILITYBUSINESS CYCLESBUSINESS DEVELOPMENTBUSINESS ENVIRONMENTBUSINESS OPPORTUNITIESCAPACITY CONSTRAINTCAPITAL INFLOWSCAPITAL MARKETSCAPITAL RETURNSCAPITAL STOCKSCASE STUDIESCENTRAL BANKCOMMODITIESCOMMODITYCOMMODITY PRICECOMMODITY PRICESCONTINGENT LIABILITIESCREDIT MARKETCREDIT MARKETSCREDIT RISKCURRENCYCURRENT ACCOUNT BALANCECYCLICAL FISCAL POLICYDEBTDEBT POLICYDEVELOPING COUNTRIESDEVELOPING ECONOMIESDISPOSABLE INCOMEDISTORTIONDOMESTIC DEBTDOMESTIC DEBT MARKETSECONOMIC ACTIVITYECONOMIC CONDITIONSECONOMIC EFFECTSECONOMIC FORECASTINGECONOMIC GROWTHECONOMIC MANAGEMENTECONOMIC SHOCKSECONOMIC THEORYEFFECTS OF VOLATILITYELASTICITYEMERGING ECONOMIESENTRY POINTSEXCHANGE RATEEXCHANGE RATE FLUCTUATIONSEXCHANGE RATE REGIMEEXPENDITUREEXPENDITURESEXPORT MARKETSEXPORT SECTOREXPORT SHAREEXPORTSEXPOSUREEXTERNAL SHOCKSFACTORS OF PRODUCTIONFINANCIAL CRISESFINANCIAL FLOWSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SERVICESFISCAL DEFICITFISCAL POLICIESFISCAL POLICYFIXED COSTSFLEXIBLE EXCHANGE RATEFLEXIBLE EXCHANGE RATE REGIMEFORECASTSFOREIGN DEMANDFOREIGN FINANCINGFOREIGN INVESTORSFORESTRYFUTURE GROWTHGINI COEFFICIENTGLOBAL INTERESTGOVERNMENT CONSUMPTIONGOVERNMENT INVESTMENTGOVERNMENT REVENUESGOVERNMENT SPENDINGGROWTH PERFORMANCEGROWTH RATESGROWTH VOLATILITYHIGHER VOLATILITYHUMAN CAPITALIMPACT OF VOLATILITYINCOME DISTRIBUTIONINCOME TAXINCREASE IN VOLATILITYINFLATIONINSURANCEINSURANCE COMPANIESINSURANCE POLICIESINSURANCE POLICYINSURERSINTEREST RATEINTEREST RATE SHOCKINTEREST RATE SHOCKSINTEREST RATESINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL CREDITINTERNATIONAL INTERESTINTERNATIONAL MARKETSINVENTORIESINVESTMENT DECISIONSLABOR MARKETLATE PAYMENTSLEGAL FRAMEWORKLIQUIDITYLONG-TERM INVESTMENTMACROECONOMIC ENVIRONMENTMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC RISKMACROECONOMIC STABILITYMACROECONOMIC STABILIZATIONMACROECONOMIC VARIABLESMACROECONOMIC VOLATILITYMARGINAL PRODUCTSMARKET CONDITIONSMARKET DISTORTIONSMARKET PARTICIPANTSMARKET RISKSMARKET STRUCTUREMIDDLE INCOMEMIDDLE INCOME COUNTRIESMONETARY POLICIESMONETARY POLICYMONOPOLYMULTINATIONAL CORPORATIONSNATURAL DISASTERNEGATIVE SHOCKNEGATIVE SHOCKSOILOIL PRICESOUTPUT VOLATILITYPAYROLL TAXESPENSION FUNDSPENSION SYSTEMPER CAPITA INCOMEPOLICY INSTRUMENTSPOLITICAL ECONOMYPOLITICAL UNCERTAINTIESPORTFOLIOPRICE CHANGESPRICE EXPECTATIONSPRICE VARIATIONSPRIVATE CONSUMPTIONPRIVATE CREDITPRIVATE INVESTMENTPRIVATE SECTORPRIVATE SECTOR GROWTHPRODUCERSPRODUCTIVITYPROFIT MARGINSPUBLIC DEBTPUBLIC INVESTMENTPUBLIC PENSIONPURCHASING POWERREAL EXCHANGE RATEREAL GDPREAL GROWTH RATESREAL INTERESTREAL INTEREST RATEREAL INTEREST RATESREMITTANCESRISK DIVERSIFICATIONRISK MANAGEMENTRISK MANAGEMENT TOOLRISK PREMIUMSHORT-TERM INTEREST RATESOVEREIGN BONDSSTANDARD DEVIATIONSTICKY WAGESTAXTAX POLICYTAX REVENUETAX REVENUESTAXATIONTERMS OF TRADETOTAL COSTSTOTAL FACTOR PRODUCTIVITYTRADE BALANCETRADE SHOCKSTRADINGTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATEUNEMPLOYMENTVALUE ADDEDVOLATILE ENVIRONMENTVOLATILITYVOLATILITY TRENDSWEATHER DERIVATIVESWEATHER PATTERNSWELFARE GAINSWORKING CAPITALWORLD FINANCIAL MARKETS10.1596/21278