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Sustaining Latin America's Resurgence: Some Historical Perspectives

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Author Info
Martin D. Cerisola
Anoop Singh
Abstract

This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster growing economies. Among these, the paper highlights the importance of stable macroeconomic policies, especially fiscal policy.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/252.

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Length: 37 pages
Date of creation: 13 Nov 2006
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Handle: RePEc:imf:imfwpa:06/252

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Keywords: Macroeconomic Policy Policy Design and Consistency Economic Growth and Open Economies Economic policy Latin America Economic growth

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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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  2. repec:rus:hseeco:70719 is not listed on IDEAS
  3. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
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  4. Anoop Singh, 2006. "Macroeconomic Volatility: The Policy Lessons from Latin America," IMF Working Papers 06/166, International Monetary Fund. [Downloadable!]
  5. Antonio Fatás & Ilian Mihov, 2003. "The Case For Restricting Fiscal Policy Discretion," The Quarterly Journal of Economics, MIT Press, vol. 118(4), pages 1419-1447, November. [Downloadable!] (restricted)
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  6. Maria Isabel Serra & Maria Fernanda Pazmino & Genevieve Lindow & Gustavo Ramirez & Bennett Sutton, 2006. "Regional Convergence in Latin America," IMF Working Papers 06/125, International Monetary Fund. [Downloadable!]
  7. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Marco Espinosa-Vega & Eliot Kalter & Steven Phillips & Manmohan Singh & Mauricio Villafuerte & Rodolfo Luzio, 2004. "Chile: Institutions and Policies Underpinning Stability and Growth," IMF Occasional Papers 231, International Monetary Fund.
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  11. Norman Loayza & Pablo Fajnzylber & César Calderón, 2004. "Economic Growth in Latin America and The Caribbean: Stylized Facts, Explanations, and Forecasts," Working Papers Central Bank of Chile 265, Central Bank of Chile. [Downloadable!]
  12. Westphal, Larry E, 1990. "Industrial Policy in an Export-Propelled Economy: Lessons from South Korea's Experience," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 41-59, Summer. [Downloadable!] (restricted)
  13. 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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  14. Törbjörn I. Becker & Paolo Mauro, 2006. "Output Drops and the Shocks That Matter," IMF Working Papers 06/172, International Monetary Fund. [Downloadable!]
  15. César Calderón & Lin Liu, 2002. "The Direction of Causality Between Financial Development and Economic Growth," Working Papers Central Bank of Chile 184, Central Bank of Chile. [Downloadable!]
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  16. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Capital market development : whither Latin America ?," Policy Research Working Paper Series 4156, The World Bank. [Downloadable!]
  17. Jahangir Aziz & Christoph Duenwald, 2001. "China's Provincial Growth Dynamics," Development and Comp Systems 0012004, EconWPA. [Downloadable!]
  18. Xavier Sala-i-Martin & Gernot Doppelhofer & Ronald I. Miller, 2004. "Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," American Economic Review, American Economic Association, vol. 94(4), pages 813-835, September. [Downloadable!] (restricted)
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  19. Jeromino Zettelmeyer, 2006. "Growth and Reforms in Latin America: A Survey of Facts and Arguments," IMF Working Papers 06/210, International Monetary Fund. [Downloadable!]
  20. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  21. Harold L. Cole & Lee E. Ohanian & Alvaro Riascos & James A. Schmitz, Jr., 2004. "Latin America in the rearview mirror," Staff Report 351, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  22. Jahangir Aziz & Christoph Duenwald, 2001. "China's Provincial Growth Dynamics," IMF Working Papers 01/3, International Monetary Fund. [Downloadable!]
  23. Anastasia Guscina & Olivier Jeanne, 2006. "Government Debt in Emerging Market Countries: A New Data Set," IMF Working Papers 06/98, International Monetary Fund. [Downloadable!]
  24. M. Ayhan Kose & Eswar Prasad & Marco Terrones, 2005. "How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?," IMF Working Papers 05/19, International Monetary Fund. [Downloadable!]
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  25. Eswar S. Prasad & Raghuram G. Rajan, 2006. "Modernizing China's Growth Paradigm," American Economic Review, American Economic Association, vol. 96(2), pages 331-336, May.
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  26. Jorge Blázquez-Lidoy & Javier Rodríguez & Javier Santiso, 2006. "Angel or Devil? China's Trade Impact on Latin American Emerging Markets," OECD Development Centre Working Papers 252, OECD Development Centre. [Downloadable!]
  27. Gaston R. Gelos, 2006. "Banking Spreads in Latin America," IMF Working Papers 06/44, International Monetary Fund. [Downloadable!]
  28. Juan Carlos Echeverry & Leopoldo Fergusson & Pablo Querubín, 2005. "Budget Inflexibility," DOCUMENTOS CEDE 002070, UNIVERSIDAD DE LOS ANDES-CEDE. [Downloadable!]
Full references

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. Manoel Bittencourt, 2007. "Macroeconomic Performance and Inequality: Brazil 1983-1994," Ibero America Institute for Econ. Research (IAI) Discussion Papers 163, Ibero-America Institute for Economic Research. [Downloadable!]
    Other versions:
  2. Christopher Faircloth & Benedict J. Clements & Marijn Verhoeven, 2007. "Public Expenditure in Latin America: Trends and Key Policy Issues," IMF Working Papers 07/21, International Monetary Fund. [Downloadable!]
  3. Manoel Bittencourt, 2007. "Financial Development and Inequality: Brazil 1985-1994," Ibero America Institute for Econ. Research (IAI) Discussion Papers 164, Ibero-America Institute for Economic Research. [Downloadable!]
    Other versions:
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