Thompson Araujo, JorgeVostroknutova, EkaterinaWacker, Konstantin M.Clavijo, MateoThompson Araujo, JorgeVostroknutova, EkaterinaWacker, Konstantin M.Clavijo, MateoCaselli, FrancescoEden, MayaNguyen, HaSchiffbauer, MarcSahnoun, HaniaBrown, J. DavidCrespi, Gustavo A.Iacovone, LeonardoMarcolin, LucaJaramillo, Patricio A.2015-08-182015-08-182015-07https://hdl.handle.net/10986/22485Even nearly ten years of solid growth cannot guarantee long-term income convergence. The countries of the Latin America and Caribbean region (LAC), like other emerging economies, have benefited from a decade of remarkable growth and some income per capita convergence towards the United States and other industrialized countries. Yet, despite this recent progress, LAC still faces a significant per capita income gap with the developed world. The studies in this volume contribute to the ongoing debate on the reasons for this persistent income gap and the potential drivers of convergence, and propose some broad avenues for reform.en-USCC BY 3.0 IGOFORECASTSCENTRAL PLANNINGECONOMIC GROWTHPRODUCTIONLAGSSTOCKSTRUCTURAL CHANGEDISPOSABLE INCOMEDEFLATIONINCOMEINTERESTPERFECT COMPETITIONREAL GDPPROPERTY RIGHTSGDP PER CAPITAMACROECONOMIC POLICYLIQUIDITYEXPORTSELASTICITYMARGINAL PRODUCTPOLITICAL ECONOMYECONOMIC STRUCTUREFISCAL POLICYWELFAREBOOK VALUEOPTIMIZATIONINCENTIVESDISTRIBUTIONMACROECONOMIC CONDITIONSVARIABLESDEVELOPMENT POLICIESMARGINAL PRODUCTIVITYINPUTSRETURNS TO SCALEWEALTHTRENDSECONOMIC OUTLOOKCENTRAL BANKDEVELOPMENTINFLUENCEMARGINAL PRODUCTSTOTAL FACTOR PRODUCTIVITYTECHNICAL ASSISTANCEPER CAPITA INCOMECOSTSDEVELOPMENT ECONOMICSEXPORT GROWTHTELECOMMUNICATIONSCONSTANT RETURNS TO SCALEPRODUCTIVITYECONOMETRICSEXTERNALITIESFAILURESMONOPOLYCRITERIADEBTMARKETSINCOME LEVELSINVENTORIESUTILITYNATURAL RESOURCESAVERAGINGINVENTORYECONOMIC RESEARCHMACROECONOMIC STABILIZATIONGROWTH THEORIESPRODUCTIVITY GROWTHCONSUMPTIONHUMAN CAPITALVALUE ADDEDECONOMIC SURVEYSECONOMIC PERFORMANCECAPITALWAGESDEFLATORSECONOMIC OUTCOMESINTERNATIONAL TRADEECONOMETRIC ANALYSISPRODUCTIVITY INCREASESVALUECOMPETITIVENESSCREDITMACROECONOMICSCOMPARATIVE ADVANTAGESPATENTSUTILITY FUNCTIONAGGREGATE DEMANDEXPECTED VALUEINEFFICIENCYECONOMIC FLUCTUATIONSPRODUCTIVE ASSETSECONOMYAGRICULTUREMEASUREMENTSHARESBENCHMARKECONOMIC THEORYTRADE LIBERALIZATIONPRODUCTION FUNCTIONECONOMICSOUTPUT PER CAPITACLOSED ECONOMYPROPRIETORSHIPTRADEUSE VALUEGDPGOODSTHEORYBANK LOANSCOMPARATIVE ANALYSISGROWTH RATEINVESTMENTEXPECTED UTILITYGROWTH POLICYNEOCLASSICAL MODELSCOMPARATIVE ADVANTAGECREDIT RATIONINGPRODUCT MARKETSADVERSE EFFECTCONSUMER PRICE INDEXMONOPOLISTIC COMPETITIONVALUE ADDEDGROWTH POLICIESGROWTH THEORYPRICE INDEXESRISK AVERSIONAVERAGE PRODUCTIVITYOUTCOMESMARGINAL UTILITYMANAGERIAL EFFICIENCYMIDDLE INCOME COUNTRIESPRICESDEVELOPMENT POLICYCOMPETITIONFUTURE RESEARCHWorking PaperWorld Bank10.1596/22485