Loayza, NormanFajnzylber, PabloCalderón, César2012-06-062012-06-062005978-0-8213-6091-0https://hdl.handle.net/10986/7315Economic Growth in Latin America and the Caribbean analyzes whether economic reforms have been beneficial to growth in the region. In doing so, it recognizes that growth is driven by a variety of factors - in some cases poor growth is due to insufficient structural reforms (e.g., low trade openness), in others to inappropriate stabilization policies (e.g., exchange rate overvaluation), and still in others to negative international conditions (e.g., growth slowdown in industrial countries). It is obvious but still correct to say that identifying the problem is the first step towards the solution. This book contributes to this effort by examining the growth performance of countries in Latin America and the Caribbean, explaining the underlying sources of their economic growth, and designing a strategy for further growth.en-USCC BY 3.0 IGOANTIGUA AND BARBUDAAUTOREGRESSIONBAHAMASBLACK MARKETBLACK MARKET PREMIUMBUSINESS CYCLECAPITAL ACCUMULATIONCAPITAL FLOWSCAPITAL INVESTMENTCENTRAL AMERICACENTRAL AMERICANCENTRAL BANKCIVIL LIBERTIESCOUNTRY CASECOUNTRY REGRESSIONSCRIMECRISESCROSS-COUNTRY PERSPECTIVECYCLICAL REVERSIONCYCLICAL VOLATILITYDATA AVAILABILITYDESCRIPTIVE STATISTICSDEVELOPED COUNTRIESDEVELOPING COUNTRIESDEVELOPING WORLDDEVELOPMENT RESEARCHDIRECT INVESTMENTECONOMIC CONTRACTIONSECONOMIC DOWNTURNSECONOMIC GROWTHECONOMIC GROWTH RATEECONOMIC GROWTH RATESECONOMIC POLICIESECONOMIC POLICYECONOMIC RECOVERYECONOMIC REFORMECONOMIES OF SCALEEMPIRICAL RESULTSEMPIRICAL STUDIESESTIMATION TECHNIQUESEXCHANGE RATE MISALIGNMENTEXERCISESEXPECTED VALUESEXPLAINING CHANGESEXPLANATORY VARIABLESEXPORTSEXTERNAL CONDITIONSEXTERNAL SHOCKSEXTERNALITIESFINANCIAL DEPTHFINANCIAL DEVELOPMENTFIXED EFFECTSFORECASTSGDPGDP PER CAPITAGROSS DOMESTIC PRODUCTGROWTH COMPONENTGROWTH DETERMINANTSGROWTH MODELSGROWTH PERFORMANCEGROWTH POTENTIALGROWTH RATEGROWTH RATESGROWTH REGRESSIONSHUMAN CAPITALINCOMEINCOME GROWTHINCOME INEQUALITYINDIVIDUAL COUNTRIESINDUSTRIALIZED COUNTRIESINFLATIONINFLATION RATEINFLATION RATESINFRASTRUCTURE INVESTMENTLABOR FORCELATIN AMERICANLONG-RUN GROWTHM2/GDPMACROECONOMIC MISMANAGEMENTMACROECONOMIC STABILITYMARKET ECONOMIESMEASUREMENT ERRORSMIDDLE EASTNORTH AFRICAOUTPUT GROWTHOUTPUT PER CAPITAOVERVALUATIONPOLICY CIRCLESPOLITICAL DEVELOPMENTPOLITICAL INSTABILITYPOLITICAL RIGHTSPOLITICAL STABILITYPOOR POLICIESPOVERTY LEVELSPRIVATE SECTORPRODUCTION FUNCTIONSPRODUCTIVITYPRODUCTIVITY GROWTHPUBLIC INFRASTRUCTUREPUBLIC PROGRAMSREAL EXCHANGE RATERECESSIONSREGIONAL AVERAGESREGRESSION ANALYSISRULE OF LAWSECTORAL COMPOSITIONSIGNIFICANT IMPACTSOCIAL VARIABLESSOUTH AMERICASTABILIZATION POLICIESSTANDARD DEVIATIONSTRUCTURAL POLICIESSUB-SAHARAN AFRICATECHNOLOGICAL CHANGETELEPHONESTHETOTAL FACTOR PRODUCTIVITYTRADE OPENNESSTRADE SHOCKSTRANSITIONAL CONVERGENCETRINIDAD AND TOBAGOUNEMPLOYMENTVIOLENCEWorld Bank10.1596/0-8213-6091-4