LatAm policy-makers were possibly ‘excessively optimistic’ over economic potential, BIS paper says
Downplaying commodity super-cycle may have led to incorrect assessment of economic potential in Latin America, authors say
Downplaying the role of the commodity 'super-cycle' may have led policy-makers to an "excessively optimistic" assessment of their economies' potential, a working paper published by the Bank for International Settlements says.
Through adjusting estimates of the output gap to account for the impact of capital flows and commodity prices in Latin America, Enrique Alberola, Rocio Gondo, Marco Lombardi and Diego Urbina show commodity prices have been the "dominant" factor in explaining the "deviation"
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