{
  "title": "Regional Economic Outlook: Western Hemisphere - Heating Up in the South, Cooler in the North, October 2010 -- Table of Contents",
  "publication": "Western Hemisphere, October 18, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere2",
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  "summary": "Heating Up in the South, Cooler in the North",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Title: \"Heating Up in the South, Cooler in the North\"\n- Date: October 2010\n- Press Release date: October 19, 2010\n- Broad theme: Mixed environment—slow recovery in the United States and other advanced economies, strength in Asia—produces divergent outlooks across Latin America and the Caribbean.\n- Focus areas:\n  - Financial issues in Latin America: managing credit expansion safely and macroprudential financial policies amid low global interest rates and capital flows to emerging economies.\n  - Caribbean economies: drivers and obstacles affecting growth."
    },
    {
      "heading": "Contents and Key Analytical Themes",
      "content": "- Preface\n- Executive Summary\n\n- Chapter 1: Global, U.S., and Canadian Outlook\n  - The Global Backdrop—A Recovery Still Led by Emerging Economies\n  - United States—Recovery Is Still Policy Driven\n  - Canada—Strong Recovery with Elevated Risks\n  - Implications for the Latin American and Caribbean Region\n\n- Chapter 2: Latin America and the Caribbean: Recent Developments and Outlook\n  - Growth to Normalize from Recent Highs\n  - Wide Divergence in the Regional Outlook\n  - Diverse Policy Challenges\n  - South America—Ensuring a Soft Landing\n  - Withdrawing Policy Stimulus Amid Ample Global Liquidity\n  - Favorable Terms of Trade Continue to Offset Limited Market Access\n  - Mexico and Central America—Recovery Gathers Strength Despite Headwinds from the United States\n  - Mexico: Fiscal Consolidation Amid Weak Trading Partner Outlook\n  - Central America: Rebuilding Policy Buffers\n  - The Caribbean—Turning the Corner Amid Vast Challenges\n    - Securing Growth\n    - Reducing High Debt Burdens\n    - Strengthening the Financial Sector\n\n- Chapter 3: Looking at the Last Credit Cycle to Better Manage the Next One\n  - An Overview of the Financial System\n  - Learning from the Last Financial Cycle\n  - How Big Was the Recent Cycle?\n  - Shifts in Funding and Asset Structure\n  - Differences in Bank Behavior: Foreign and Public Banks\n  - Asset Quality\n  - A Complementary Financing Role of Bond Markets\n  - Policy Implications for the Ongoing Cycle\n    - Using Macroprudential Regulation to Smooth out Financial Cycles\n    - Keys to Financial Deepening in a Safe Manner\n    - Increasing Crowding in, where Possible\n    - Foreign and Public Banks\n    - Strengthening Other Financial Markets\n  - Final Remarks\n\n- Chapter 4: Macroprudential Tools in Latin America: A Primer\n  - Systemic Risk and Macroprudential Policy—An Ongoing International Debate\n  - Recent Country Experiences with Macroprudential Tools\n  - Macroprudential Policy Challenges in the Current Latin American Context\n\n- Chapter 5: A Cross-Country Perspective on Growth in the Caribbean: The Role of Tourism and Debt\n  - Growth Performance in the Last 40 Years\n  - A First Pass: Growth Accounting\n  - Does Tourism Help Growth?\n  - The Drag from Debt\n  - Conclusions\n\n- Appendix\n  - Western Hemisphere: Main Economic Indicators\n  - Latin America and the Caribbean: Main Fiscal Indicators\n  - References"
    },
    {
      "heading": "Notable Boxes and Case Topics",
      "content": "- Chapter 1 boxes:\n  - 1.1 Labor Market Adjustment in the United States\n  - 1.2 The Financing of U.S. Federal Budget Deficits—and Its Global Implications\n  - 1.3 Highlights of the 2010 U.S. Financial Regulatory Reform\n- Chapter 2 boxes:\n  - 2.1 Latin America’s Resilience to the European Financial Turmoil of 2010\n  - 2.2 The Outlook for Commodity Prices and the Role of China\n  - 2.3 Reserve Accumulation: Building Insurance or Leaning Against Appreciation Winds?\n  - 2.4 What Is Driving Financial Dedollarization in Latin America?\n  - 2.5 Domestic Demand Growth under Easy and Tight External Financial Conditions: The Role of Exchange Rate Flexibility\n  - 2.6 Real Spillovers from Brazil into Neighboring Countries\n- Chapter 3 boxes:\n  - 3.1 Structure of Private Sector Credit Market: Role of Foreign Banks\n  - 3.2 Government Bond Markets in Latin America\n  - 3.3 Financial Structure and Corporate Performance during the Global Crisis: Microevidence for Latin America\n  - 3.4 Public Banks as a Countercyclical Tool: Experience in Brazil, Chile, and Costa Rica\n- Chapter 4 boxes:\n  - 4.1 Dynamic Provisioning in Latin America\n  - 4.2 Reserve Requirements as a Macroprudential Tool in Latin America\n- Chapter 5 boxes:\n  - 5.1 Haiti's Growth Performance and Challenges\n  - 5.2 Outlook for Tourism in the Caribbean––Is Cuba a New Competitor?\n  - 5.3 Debt and Growth"
    },
    {
      "heading": "Key Analytical Takeaways (as framed by the Table of Contents)",
      "content": "- Regional divergence: stronger conditions in parts of South America and persistent coolness in the North due to uneven global recovery dynamics.\n- Financial-sector emphasis: careful management of credit expansion and deployment of macroprudential policies to mitigate risks from capital inflows and low global interest rates.\n- Caribbean focus: tourism's role in growth and the constraining effect of high debt burdens on long-term performance.\n- Policy concerns highlighted across chapters include withdrawing stimulus amid global liquidity, fiscal consolidation in Mexico, rebuilding buffers in Central America, and strengthening financial sectors in the Caribbean.\n\nRegional Economic Outlook: Western Hemisphere - Heating Up in the South, Cooler in the North, October 2010 — Table of Contents. https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere2\n\n---\n\n Content in this bundle\n\n- wreo1010pdf\n  - wreo1010pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wreo1010pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- IMF's Western Hemisphere Regional Economic Outlook\n- Western Hemisphere: Regional Economic Outlooks Archive\n- Regional Economic Outlooks\n- IMF Regional Reports\n- World Economic Outlook Archives\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere2"
    }
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    "Published: October 18, 2010",
    "Series: Western Hemisphere",
    "Title: \"Heating Up in the South, Cooler in the North\"",
    "Date: October 2010",
    "Press Release date: October 19, 2010",
    "Broad theme: Mixed environment—slow recovery in the United States and other advanced economies, strength in Asia—produces divergent outlooks across Latin America and the Caribbean.",
    "Focus areas:",
    "Preface",
    "Executive Summary",
    "Chapter 1: Global, U.S., and Canadian Outlook",
    "Chapter 2: Latin America and the Caribbean: Recent Developments and Outlook",
    "Chapter 3: Looking at the Last Credit Cycle to Better Manage the Next One",
    "Chapter 4: Macroprudential Tools in Latin America: A Primer",
    "Chapter 5: A Cross-Country Perspective on Growth in the Caribbean: The Role of Tourism and Debt",
    "Appendix",
    "Chapter 1 boxes:",
    "Chapter 2 boxes:",
    "Chapter 3 boxes:",
    "Chapter 4 boxes:",
    "Chapter 5 boxes:",
    "Regional divergence: stronger conditions in parts of South America and persistent coolness in the North due to uneven global recovery dynamics.",
    "Financial-sector emphasis: careful management of credit expansion and deployment of macroprudential policies to mitigate risks from capital inflows and low global interest rates.",
    "Caribbean focus: tourism's role in growth and the constraining effect of high debt burdens on long-term performance.",
    "Policy concerns highlighted across chapters include withdrawing stimulus amid global liquidity, fiscal consolidation in Mexico, rebuilding buffers in Central America, and strengthening financial sectors in the Caribbean.",
    "**_wreo1010pdf**",
    "[IMF's Western Hemisphere Regional Economic Outlook](https://www.imf.org/external/np/sec/pr/2010/pr10389.htm)",
    "[Western Hemisphere: Regional Economic Outlooks Archive](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx?ddlRegions=12&ddlYear=-1)",
    "[Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)",
    "[IMF Regional Reports](https://www.imf.org/external/pubs/cat/region.asp)",
    "[World Economic Outlook Archives](https://www.imf.org/external/ns/cs.aspx?id=29)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)"
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