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Managing Fiscal Policy in Latin America and the Caribbean: Volatility, Procyclicality, and Limited Creditworthiness.

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Abstract

Latin America is volatile, about two or three times as volatile as the industrial economies , and more volatile than any region other than Africa and the Middle East. Latin America's access to international financial markets is sporadic, and often disappears just when it would be most valuable. Latine American fiscal outcomes are both volatile and Procyclical. The paper documents these facts and argues that they are intimately related.

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