Latin America has been dominated by growth expansions that, more often than not, have ended in crises and protracted periods of stagnation. This has led to poor growth performance during most of the past century. This paper reviews Latin American growth experiences and discusses some particular areas that help to explain why sustainable growth has been so elusive in the region. In particular, it discusses the role of openness and intraregional trade, the role of institutions, macroeconomic stability and inequality, all factors that are central to resume and maintain growth. The paper also discusses more general issues related to growth, such as the importance of protecting property rights and having an adequate structure of rewards to effort, which includes equal opportunities. Finally, a brief overview on current macroeconomic developments is presented.// La América Latina ha estado dominada por expansiones del crecimiento que con gran frecuencia han terminado en crisis y prolongados periodos de estancamiento. Esto ha conducido a un crecimiento escaso durante la mayor parte del siglo pasado. Este artículo reseña las experiencias del crecimiento latinoamericano y examina algunos ámbitos particulares que ayudan a explicar por qué el crecimiento sostenido ha sido tan elusivo en la región. En particular, se analiza el papel de la apertura y del comercio intrarregional, el papel de las instituciones, la estabilidad macroeconómica y la desigualdad, todos factores decisivos para la reanudación y el mantenimiento del crecimiento económico. Se examinan también problemas más generales relacionados con el crecimiento, como la importancia de la protección de los derechos de propiedad y la existencia de una estructura adecuada de las remuneraciones del esfuerzo, lo que incluye la igualdad de oportunidades. Por último, se presenta una panorámica breve de los acontecimientos macroeconómicos actuales.
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Find related papers by JEL classification: O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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