Macroeconomic Policy Practices in Latin America and Implications for Macro Governance
The macroeconomic policies of Latin America have shown different evolutionary characteristics with the transformation of different development models.Based on the historical evolution of Latin America's macroeconomic policies,this paper analyzes its policy practices and gains and losses from three aspects.From the short-term perspective,it is to cope with external shocks in order to increase economic resilience;From the medium and long-term perspective,it is to address structural vulnerability in order to promote sustainable development;And from the external global perspective,it is to coordi-nate global macroeconomic policies in order to improve global economic governance.The lessons learned from Latin America's macroeconomic policies provide important insights for China to improve its macroeconomic governance,i.e.,strengthening the systemic nature of the policy system,focusing on the trade-offs of policy objectives,promoting the innovativeness of policy tools,enhancing the precautionary nature of major risks,and maintaining the openness to international cooperation.At the same time,short and medium-term economic policy trends in Latin American countries will also bring opportunities and challenges to China's investment.
fiscal policymonetary policymacroeconomic governanceLatin America
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