## Regional Economic Outlook: Western Hemisphere - Shifting Winds, New Policy Challenges, October 2011 -- Table of Contents _Western Hemisphere, October 5, 2011_ ## Source details **Canonical URL:** [Regional Economic Outlook: Western Hemisphere - Shifting Winds, New Policy Challenges, October 2011 -- Table of Contents](https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/shifting-winds-new-policy-challenges) ## Other formats - [Markdown version](/en/publications/reo/wh/issues/2017/01/07/shifting-winds-new-policy-challenges/index.md) - [Structured JSON version](/en/publications/reo/wh/issues/2017/01/07/shifting-winds-new-policy-challenges/index.json) - [Bundle manifest](/en/publications/reo/wh/issues/2017/01/07/shifting-winds-new-policy-challenges/bundle-manifest.json) ## Bibliographic details - Published: October 5, 2011 - Series: Western Hemisphere --- ### Executive summary and regional outlook - Despite the recent deterioration in the global economic environment, projections for the region involve only a modest worsening of the outlook (October 2011). - Severe downside risks are highlighted: - A sharp slowdown in Asia, for example in response to a recession in advanced economies, could impact commodity prices, with negative effects on Latin American commodity exporters. - Global monetary policy likely to remain accommodative; capital flows could exacerbate overheating and amplify vulnerabilities in emerging markets. - Countries with strong real linkages to the United States face a somewhat weaker outlook and should give priority to reducing public debt. - Much of the Caribbean is recovering from a prolonged recession, but the outlook remains constrained by high public debt and weak tourism flows. - Policies can play an important role in mitigating the economic impact of terms-of-trade shocks; underscores the need to rebuild policy buffers. ### Global, U.S., and Canadian outlook and policy challenges - Global outlook: slowing growth with dominant downside risks; "Policy Options: Rebalancing Demand" is a focal policy discussion. - United States: characterized as "A Tough Balancing Act"; includes "U.S. Policy Options". - Canada: "A Slowing Recovery"; includes "Canada Policy Options". - Implications for Latin America and the Caribbean are considered in the context of U.S. and global developments. ### Outlook and policy issues for Latin America and the Caribbean - Overview and Policy Challenges sections organize regional heterogeneity: - South America: Financial Integrated Commodity Exporters—Guarding against Overheating. - South America: Less Financially Integrated Commodity Exporters—Avoiding Procyclicality. - Mexico and Central America: More Headwinds to Growth. - The Caribbean: Repairing Sovereign and Financial Balance Sheets. - Labor market analysis: - "How Tight Are Labor Markets in Inflation-Targeting Countries?" - "Estimating the Nonaccelerating Inflation Rate of Unemployment" and "Policy Implications". - Macroprudential policy assessment: - "Effectiveness of Macroprudential Policies" with Cross-Country Analysis and Sectoral Evidence. - Fiscal challenges: - "Fiscal Consolidation Challenges in Tourism-Intensive Economies". ### Commodity price cycles and terms-of-trade shocks - Chapter 3: "Commodity Price Cycles: The Perils of Mismanaging the Boom" examines: - Historical perspective on commodity prices. - Degree of commodity dependence: "How Commodity Dependent is Latin America?" - Determinants of economic performance during terms-of-trade busts via Cross-Sectional and Panel approaches. - "Key Takeaways and Policy Implications" focused on managing booms and busts. ### Analytical annexes and data - Annex materials include: - Additional Figures. - Cross-Sectional Approach: List of Explanatory and Control Variables. - Western Hemisphere: Selected Economic and Social Indicators, 2005–11. - Western Hemisphere: Main Economic Indicators, October 2011. - Latin America and the Caribbean: Main Fiscal Indicators, October 2011. - References. - New Publications from the Western Hemisphere Department, January 2010–August 2011. ### Boxes and topics highlighted - Boxes cover a range of targeted issues, including: - U.S. Housing and Labor Markets: Headwinds to Recovery. - U.S. Financial Exposure to Europe. - Budget Institutions for U.S. Fiscal Consolidation. - Latin America: Banking Sector Spillovers from the European Crisis. - Latin America: Fiscal Adjustment with Social Cohesion. - Rule-Based Fiscal Frameworks for Latin America. - Challenges for Financial Regulation and Supervision in Latin America. - Recent Sovereign Debt Restructurings in Latin America and the Caribbean. - U.S. Monetary Policy and Commodity Prices. - Latin America’s Commodity Dependence and Export Diversification: Selected Cases. - Export- or Import-Induced Terms-of-Trade Shocks: Are They Different? - The Cost of Mismanaging Abundance. *Regional Economic Outlook: Western Hemisphere - Shifting Winds, New Policy Challenges, October 2011 -- Table of Contents* --- ## Content in this bundle - **Regional Economic Outlook: Western Hemisphere — October 2011** - [Regional Economic Outlook: Western Hemisphere — October 2011 (Markdown version)](/external/pubs/ft/reo/2011/whd/eng/pdf/wreo1011.pdf.md){rel="alternate" type="text/markdown"} - [Regional Economic Outlook: Western Hemisphere — October 2011 (PDF)](/external/pubs/ft/reo/2011/whd/eng/pdf/wreo1011.pdf){rel="external" type="application/pdf"} - **wreo1011s** - [wreo1011s (Markdown version)](/external/spanish/pubs/ft/reo/2011/whd/wreo1011s.pdf.md){rel="alternate" type="text/markdown"} - [wreo1011s (PDF)](/external/spanish/pubs/ft/reo/2011/whd/wreo1011s.pdf){rel="external" type="application/pdf"} - **Wreo1011c1pdf** - [Wreo1011c1pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c1pdf.pdf.md){rel="alternate" type="text/markdown"} - [Wreo1011c1pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c1pdf.pdf){rel="external" type="application/pdf"} - **_wreo1011c2pdf** - [_wreo1011c2pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c2pdf.pdf.md){rel="alternate" type="text/markdown"} - [_wreo1011c2pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c2pdf.pdf){rel="external" type="application/pdf"} - **Wreo1011c3pdf** - [Wreo1011c3pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c3pdf.pdf.md){rel="alternate" type="text/markdown"} - [Wreo1011c3pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011c3pdf.pdf){rel="external" type="application/pdf"} - **Latin America and the Caribbean: Main Fiscal Indicators** - [Latin America and the Caribbean: Main Fiscal Indicators (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011econsocindpdf.pdf.md){rel="alternate" type="text/markdown"} - [Latin America and the Caribbean: Main Fiscal Indicators (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011econsocindpdf.pdf){rel="external" type="application/pdf"} - **Executive Summary** - [Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011execsumpdf.pdf.md){rel="alternate" type="text/markdown"} - [Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011execsumpdf.pdf){rel="external" type="application/pdf"} - **Main Economic Indicators, October 2011** - [Main Economic Indicators, October 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011maineconindpdf.pdf.md){rel="alternate" type="text/markdown"} - [Main Economic Indicators, October 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011maineconindpdf.pdf){rel="external" type="application/pdf"} - **Latin America and the Caribbean: Main Fiscal Indicators** - [Latin America and the Caribbean: Main Fiscal Indicators (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011mainfiscalindpdf.pdf.md){rel="alternate" type="text/markdown"} - [Latin America and the Caribbean: Main Fiscal Indicators (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011mainfiscalindpdf.pdf){rel="external" type="application/pdf"} - **New Publications from the Western Hemisphere Department, January 2010–August 2011** - [New Publications from the Western Hemisphere Department, January 2010–August 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011newpubspdf.pdf.md){rel="alternate" type="text/markdown"} - [New Publications from the Western Hemisphere Department, January 2010–August 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011newpubspdf.pdf){rel="external" type="application/pdf"} - **Regional Economic Outlook: Western Hemisphere** - [Regional Economic Outlook: Western Hemisphere (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011pdf.pdf.md){rel="alternate" type="text/markdown"} - [Regional Economic Outlook: Western Hemisphere (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011pdf.pdf){rel="external" type="application/pdf"} - **_wreo1011prefacepdf** - [_wreo1011prefacepdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011prefacepdf.pdf.md){rel="alternate" type="text/markdown"} - [_wreo1011prefacepdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011prefacepdf.pdf){rel="external" type="application/pdf"} - **References — Regional Economic Outlook: Western Hemisphere** - [References — Regional Economic Outlook: Western Hemisphere (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011referencespdf.pdf.md){rel="alternate" type="text/markdown"} - [References — Regional Economic Outlook: Western Hemisphere (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2011/whd/eng/pdf/_wreo1011referencespdf.pdf){rel="external" type="application/pdf"} --- ## References - [Press Release: IMF Sees Latin America Facing a Range of Challenges from Global Crisis](https://www.imf.org/external/np/sec/pr/2011/pr11356.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) - [Subscribe](https://www.imf.org/external/RSS/feeds.aspx?Category=PUBS_GF) - [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) _Source: https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/shifting-winds-new-policy-challenges_