Reform and Growth in Latin America: All Pain, No Gain?
AbstractThis paper addresses the adequacy of post-reform growth in Latin America in the 1990s on the basis of international comparisons as well as historical and other relevant standards. The paper analytically explores and empirically tests a number of hypotheses to explain the perceived dissatisfaction with growth performance in the region. We find that there is no "growth puzzle" in Latin America. Growth has not been higher in the post-reform period not because of a failure of reforms to yield the growth payoff that they should have been expected to do on the basis of international experience, but because of the combination of an unfavorable external environment with the insufficient depth and breadth of reform. We also estimate the long-run growth payoff of macroeconomic reforms, the additional gains that can be achieved by deepening this first generation of reforms, and the potential payoff from broadening the scope of reform into a second generation of reforms encompassing deeper structural and institutional areas. Copyright 2002, International Monetary Fund
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal IMF Staff Papers.
Volume (Year): 48 (2001)
Issue (Month): 3 ()
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Other versions of this item:
- Eduardo Fernández-Arias & Peter Montiel, 2002. "Reform and Growth in Latin America: All Pain, No Gain?," Department of Economics Working Papers 2001-06, Department of Economics, Williams College.
- Eduardo Fernández-Arias & Peter Montiel, 1997. "Reform and Growth in Latin America: All Pain, No Gain?," Research Department Publications 4078, Inter-American Development Bank, Research Department.
- Eduardo Fernández-Arias & Peter Montiel, 2001. "Reform and Growth in Latin America: All Pain, No Gain?," Center for Development Economics 166, Department of Economics, Williams College.
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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