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This paper analyzes sectoral saving-investment determinants in Bolivia and the role played by financial institutions in intermediating resources. For this purpose, sectoral saving-investment trends are analyzed for the last two and a half decades. Three periods are identified: i) a reform period (1990-1998), when financial credit expanded significantly; ii) a crisis period (1999-2005), characterized by a credit crunch; and iii) a boom period (2006-2012), when credit expanded at high growth rates. A flow-of-funds framework is utilized in the analysis of saving-investment behaviors of sectors and the intermediary role of the financial system. Econometric methods are used to identify the key variables that determine sectoral savings and investment. Key stylized facts are identified in connection to the adjustment rules that govern sectoral saving-investment balances. Based on the evidence, a Real-Financial Computational General Equilibrium (R-F CGE) model is calibrated in order to test the impacts of potential shocks and policies.
Competing in the world economy does not automatically boost a nation's productivity and restructure its economy. Such progress requires mobilizing capital, employment, technology and knowledge. Opportunities beyond the business realm must be fully exploited to the benfit of society as a whole. The Report provides clear policy guidelines and priorities for both government and the private sector to ... (View publication)
This report is devoted to the social impact of the crisis and focuses on its effects on employment, nutrition, education, and poverty. It identifes the mechanisms by which the crisis can affect these critical social dimensions, and discusses possible policy responses given each country's circumstances, fiscal space and administrative capabilities. The social challenge generated by the crisis is no ... (View publication)
This report focuses on the region's macroeconomic performance in the context of an unusually sharp and rapid deterioration in external conditions. To assess policy options, the report develops a framework to identify the critical trade-offs faced by countries in the region, and evaluates these trade-offs under alternative, plausible, global economic scenarios. It identifies some of the macroeconom ... (View publication)
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