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Research Notes–August 2004

Featuring research published in July 2004

Macroeconomics

Dollar Slides in June
In June the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta declined 1.2 percent, its first decline after four consecutive monthly gains.

International Economics

Preface-Rethinking Structural Reform in Latin America
Economic Review Q2 2004
A conference cosponsored by the Atlanta Fed and the Inter-American Development Bank in October 2003 focused on the status of structural reforms in Latin America. This preface provides an overview of the conference papers and discussions. Four of these papers appear in this issue of the Economic Review.

Reform Fatigue: Symptoms, Reasons, and Implications
Economic Review Q2 2004
This article explores the economic, social, political, and psychological reasons for Latin Americans’ disillusionment with promarket reforms and the mismatch between the reforms’ actual and perceived consequences.

Creditor Protection and Financial Markets: Empirical Evidence and Implications for Latin America
Economic Review Q2 2004
Strengthening the protection of creditor rights in Latin America can improve the size and stability of the region’s credit markets and provide greater access to capital for small and medium-sized enterprises.

Financial Globalization: Gain and Pain for Developing Countries
Economic Review Q2 2004
Weighing in on the debate about the pros and cons of financial globalization, this article presents a balanced view of the benefits and risks globalization entails for developing countries and discusses prospects and policy options.

A Cost-Benefit Approach to Labor Market Reform
Economic Review Q2 2004
Labor reforms in Latin America have lagged behind structural reforms, hampering the competitiveness of the region’s economy. This article argues that reforms are needed but must reach beyond mere deregulation to be effective.