## Regional Economic Outlook: Western Hemisphere - Heating Up in the South, Cooler in the North, October 2010 -- Table of Contents

_Western Hemisphere, October 18, 2010_

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**Canonical URL:** [Regional 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)

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## Bibliographic details
- Published: October 18, 2010
- Series: Western Hemisphere

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### Overview
- 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:
  - Financial issues in Latin America: managing credit expansion safely and macroprudential financial policies amid low global interest rates and capital flows to emerging economies.
  - Caribbean economies: drivers and obstacles affecting growth.

### Contents and Key Analytical Themes
- Preface
- Executive Summary

- Chapter 1: Global, U.S., and Canadian Outlook
  - The Global Backdrop—A Recovery Still Led by Emerging Economies
  - United States—Recovery Is Still Policy Driven
  - Canada—Strong Recovery with Elevated Risks
  - Implications for the Latin American and Caribbean Region

- Chapter 2: Latin America and the Caribbean: Recent Developments and Outlook
  - Growth to Normalize from Recent Highs
  - Wide Divergence in the Regional Outlook
  - Diverse Policy Challenges
  - South America—Ensuring a Soft Landing
  - Withdrawing Policy Stimulus Amid Ample Global Liquidity
  - Favorable Terms of Trade Continue to Offset Limited Market Access
  - Mexico and Central America—Recovery Gathers Strength Despite Headwinds from the United States
  - Mexico: Fiscal Consolidation Amid Weak Trading Partner Outlook
  - Central America: Rebuilding Policy Buffers
  - The Caribbean—Turning the Corner Amid Vast Challenges
    - Securing Growth
    - Reducing High Debt Burdens
    - Strengthening the Financial Sector

- Chapter 3: Looking at the Last Credit Cycle to Better Manage the Next One
  - An Overview of the Financial System
  - Learning from the Last Financial Cycle
  - How Big Was the Recent Cycle?
  - Shifts in Funding and Asset Structure
  - Differences in Bank Behavior: Foreign and Public Banks
  - Asset Quality
  - A Complementary Financing Role of Bond Markets
  - Policy Implications for the Ongoing Cycle
    - Using Macroprudential Regulation to Smooth out Financial Cycles
    - Keys to Financial Deepening in a Safe Manner
    - Increasing Crowding in, where Possible
    - Foreign and Public Banks
    - Strengthening Other Financial Markets
  - Final Remarks

- Chapter 4: Macroprudential Tools in Latin America: A Primer
  - Systemic Risk and Macroprudential Policy—An Ongoing International Debate
  - Recent Country Experiences with Macroprudential Tools
  - Macroprudential Policy Challenges in the Current Latin American Context

- Chapter 5: A Cross-Country Perspective on Growth in the Caribbean: The Role of Tourism and Debt
  - Growth Performance in the Last 40 Years
  - A First Pass: Growth Accounting
  - Does Tourism Help Growth?
  - The Drag from Debt
  - Conclusions

- Appendix
  - Western Hemisphere: Main Economic Indicators
  - Latin America and the Caribbean: Main Fiscal Indicators
  - References

### Notable Boxes and Case Topics
- Chapter 1 boxes:
  - 1.1 Labor Market Adjustment in the United States
  - 1.2 The Financing of U.S. Federal Budget Deficits—and Its Global Implications
  - 1.3 Highlights of the 2010 U.S. Financial Regulatory Reform
- Chapter 2 boxes:
  - 2.1 Latin America’s Resilience to the European Financial Turmoil of 2010
  - 2.2 The Outlook for Commodity Prices and the Role of China
  - 2.3 Reserve Accumulation: Building Insurance or Leaning Against Appreciation Winds?
  - 2.4 What Is Driving Financial Dedollarization in Latin America?
  - 2.5 Domestic Demand Growth under Easy and Tight External Financial Conditions: The Role of Exchange Rate Flexibility
  - 2.6 Real Spillovers from Brazil into Neighboring Countries
- Chapter 3 boxes:
  - 3.1 Structure of Private Sector Credit Market: Role of Foreign Banks
  - 3.2 Government Bond Markets in Latin America
  - 3.3 Financial Structure and Corporate Performance during the Global Crisis: Microevidence for Latin America
  - 3.4 Public Banks as a Countercyclical Tool: Experience in Brazil, Chile, and Costa Rica
- Chapter 4 boxes:
  - 4.1 Dynamic Provisioning in Latin America
  - 4.2 Reserve Requirements as a Macroprudential Tool in Latin America
- Chapter 5 boxes:
  - 5.1 Haiti's Growth Performance and Challenges
  - 5.2 Outlook for Tourism in the Caribbean––Is Cuba a New Competitor?
  - 5.3 Debt and Growth

### Key Analytical Takeaways (as framed by the Table of Contents)
- 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.

*Regional 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*

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## References

- [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)
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_Source: https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere2_