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Economic Growth in Latin America: Sources and Prospects

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Author Info
José De Gregorio ()
Jong-Wha Lee ()

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Abstract

This paper examines the growth experience of Latin America and discusses future prospects. For this purpose we use alternative approaches. We first perform growth decompositions to look at the behavior of total factor productivity and examine differences across regions of the world and within Latin America. Then, we use cross-country growth regressions to compare the relative performance of Latin American countries vis-à-vis the rest of the world. This approach allows us to go beyond the traditional, and perhaps misleading, straightjacket of attributing growth to productivity or investment. It highlights the role of human resources, and institutional and policy factors. With this framework we show high inflation and inward looking development strategy are the main reason for the low growth of Latin America. But, as reforms have advanced within the region, growth prospects have improved.

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Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 66.

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Date of creation: 1999
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Handle: RePEc:edj:ceauch:66

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
  3. Robert J Barro, 1999. "Determinants of Economic Growth: Implications of the Global Evidence for Chile," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 36(107), pages 443-478. [Downloadable!]
  4. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1995-1), pages 1-118. [Downloadable!]
  5. Michael Sarel, 1997. "Growth and Productivity in ASEAN Countries," IMF Working Papers 97/97, International Monetary Fund.
  6. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March. [Downloadable!] (restricted)
  7. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-national Evidence," Electronic Working Papers 99-003, University of Maryland, Department of Economics. [Downloadable!]
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  9. Easterly, William & Levine, Ross, 1997. "Africa's Growth Tragedy: Policies and Ethnic Divisions," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1203-50, November.
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  10. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-98, March. [Downloadable!] (restricted)
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  11. Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: A Skeptic's Guide to Cross-National Evidence," NBER Working Papers 7081, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. N. F. R. Crafts, 1998. "East Asian Growth Before and After the Crisis," IMF Working Papers 98/137, International Monetary Fund.
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  13. Sachs, Jeffrey D & Warner, Andrew M, 1997. "Sources of Slow Growth in African Economies," Journal of African Economies, Oxford University Press, vol. 6(3), pages 335-76, October.
  14. Blomstrom, Magnus & Lipsey, Robert E & Zejan, Mario, 1996. "Is Fixed Investment the Key to Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 111(1), pages 269-76, February. [Downloadable!] (restricted)
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  15. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  16. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  17. Barro, Robert J & Lee, Jong Wha, 1996. "International Measures of Schooling Years and Schooling Quality," American Economic Review, American Economic Association, vol. 86(2), pages 218-23, May. [Downloadable!] (restricted)
  18. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March. [Downloadable!] (restricted)
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  19. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July. [Downloadable!] (restricted)
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  20. De Gregorio, Jose, 1992. "Economic growth in Latin America," Journal of Development Economics, Elsevier, vol. 39(1), pages 59-84, July. [Downloadable!] (restricted)
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  21. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
  22. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August. [Downloadable!] (restricted)
  23. Barro, Robert J. & Lee, Jong-Wha, 1994. "Sources of economic growth," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40, pages 1-46, June. [Downloadable!] (restricted)
  24. De Gregorio, Jose, 1996. "Inflation, growth, and central banks : theory and evidence," Policy Research Working Paper Series 1575, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Finn E. Kydland & Carlos E. J. M. Zarazaga, 2002. "Argentina's Lost Decade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 152-165, January. [Downloadable!] (restricted)
    Other versions:
  2. Jose De Gregorio, 2004. "Economic Growth in Chile: Evidence, Sources and Prospects," Working Papers Central Bank of Chile 298, Central Bank of Chile. [Downloadable!]
  3. Finn E. Kydland & Carlos E.J.M. Zarazaga, 2003. "Argentina's lost decade and subsequent recovery: hits and misses of the neoclassical growth model," Center for Latin America Working Papers 0403, Federal Reserve Bank of Dallas. [Downloadable!]
  4. Carlos E. J. M. Zarazaga, 2007. "The role of total factor productivity in 'Phoenix Miracles' : insights from an emerging market crisis," Working Papers 0605, Federal Reserve Bank of Dallas. [Downloadable!]
  5. Juan José Echavarría & María Angélica Arbeláez & María Fernanda Rosales, . "La Productividad y sus Determinantes: El Caso de la Industria Colombiana," Borradores de Economia 374, Banco de la Republica de Colombia. [Downloadable!]
  6. Pablo Astorga & Ame E. Bergés & Valpy Fitzgerald, 2005. "Endogenous Growth and Exogenous Shocks in Latin America during the Twentieth Century," Oxford University Economic and Social History Series _057, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  7. Andy Neumeyer & Hugo Hopenhayn, 2004. "Latin America in the Twentieth Century: Stagnation, then Collapse," Econometric Society 2004 Latin American Meetings 326, Econometric Society. [Downloadable!]
    Other versions:
  8. repec:nuf:esohwp:0557 is not listed on IDEAS
  9. Alexandre MINDA (LEREPS-GRES), 2008. "The strategies of multilatinas: from the quest for regional leadership to the myth of the global corporation \r\n," Working Papers of GRES - Cahiers du GRES 2008-08, Groupement de Recherches Economiques et Sociales. [Downloadable!]
  10. Finn E. Kydland & Carlos E.J.M. Zarazaga, 2004. "Argentina's capital gap puzzle," Center for Latin America Working Papers 0504, Federal Reserve Bank of Dallas. [Downloadable!]
  11. Francisco Gallego & Norman Loayza, 2002. "The Golden Period for Growth in Chile: Explanations and Forecasts," Working Papers Central Bank of Chile 146, Central Bank of Chile. [Downloadable!]
    Other versions:
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