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Peruvian Miracle: Good Luck or Good Policies?

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  • Waldo Mendoza

    (Departamento de Economía de la PUC del Perú)

Abstract

The Peruvian economy has had an extraordinary performance in the last 10 years. The 2012 per capita GDP is 66 percent over 2002 and more than double its 1992 level. In a long term perspective, the cumulative growth of GDP per capita recorded in the last 10 years has been the strongest since 1900. This is the "Peruvian miracle". This paper aims to find the determinants of Peruvian miracle. In theory, countries' macroeconomic performance can be determined by two factors: i) the “good (bad) luck effect” that is related to the international context, which can be favorable or unfavorable, and ii) the “good (bad) policies effects", associated with short-term macroeconomic policies or structural reforms, which are policies that alter the current development model. The hypothesis of this work is that the Peruvian miracle of the last 10 years has much to do with good luck and, in part, with good short-term macroeconomic policies. JEL Classification-JEL: F36, F41, F42 and F43

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Bibliographic Info

Paper provided by Departamento de Economía - Pontificia Universidad Católica del Perú in its series Documentos de Trabajo with number 2013-371.

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Length: 71 pages
Date of creation: 2013
Date of revision:
Publication status: published
Handle: RePEc:pcp:pucwps:wp00371

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Postal: Av. Universitaria 1801, San Miguel, Lima, Perú
Phone: (511) 626-2000 ext. 4950, 4951
Fax: (511) 626-2874
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Web page: http://departamento.pucp.edu.pe/economia/
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Keywords: Macroeconomic performance; international context; Latin America and Peru.;

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  1. Oscar Dancourt & Waldo Mendoza, 2009. "Choque externo y respuestas de política macroeconómica," Capítulos de libros PUCP, in: Oscar Dancourt & Félix Jiménez (ed.), Crisis internacional. Impactos y respuestas de política económica en el Perú., edition 1, chapter 2, pages 59-88 Departamento de Economía - Pontificia Universidad Católica del Perú.
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