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Does Latin America lag behind due to shaper recessions and/or slower recoveries?

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  • Perez Caldentey, Esteban
  • Pineda, Ramon

Abstract

Since the 1950’s Latin America and the Caribbean have lost relative income share on a consistent basis in relation to the World and the developed countries on average. This paper presents a regional comparative statistical and econometric analysis for 1950-2007 for seven regions in the world, showing that for Latin America and the Caribbean convergence results mainly from weak expansions. Contractions have, as expected, a negative effect on the performance of Latin America and the Caribbean in historical perspective. At the same time in comparison to other regions, Latin America and the Caribbean recover quickly. Contrarily during expansions Latin America and the Caribbean tend to perform below the World and developing World regional average. Latin America and the Caribbean countries are, from a regional comparative perspective, ‘good’ at withstanding the negative effects of contractions and ‘bad’ at taking advantage of expansions to achieve convergence with the developed world. The paper argues that instead of viewing expansions through the lens of ‘crisis management,’ expansions should be seen and understood as an opportunity to grow and expand and promote greater levels of well-being, employment and equity in the region.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 25036.

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Date of creation: 15 Sep 2010
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Handle: RePEc:pra:mprapa:25036

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Keywords: Convergence; expansions; contractions; Latin America and the Caribbean;

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  1. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," NBER Working Papers 12101, National Bureau of Economic Research, Inc.
  2. Timothy J. Kehoe & Edward C. Prescott, 2002. "Great Depressions of the Twentieth Century," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 1-18, January.
  3. Hausmann, Ricardo & Pritchett, Lant & Rodrik, Dani, 2004. "Growth Accelerations," CEPR Discussion Papers 4538, C.E.P.R. Discussion Papers.
  4. Calvo, Guillermo A. & Izquierdo, Alejandro & Loo-Kung, Rudy, 2006. "Relative price volatility under Sudden Stops: The relevance of balance sheet effects," Journal of International Economics, Elsevier, vol. 69(1), pages 231-254, June.
  5. Diego Restuccia, 2008. "The Latin American Development Problem," Working Papers tecipa-318, University of Toronto, Department of Economics.
  6. Guillermo A. Calvo & Alejandro Izquierdo & Luis-Fernando Mejía, 2008. "Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration," NBER Working Papers 14026, National Bureau of Economic Research, Inc.
  7. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries," IMF Working Papers 06/229, International Monetary Fund.
  8. Pritchett, Lant, 2000. "Understanding Patterns of Economic Growth: Searching for Hills among Plateaus, Mountains, and Plains," World Bank Economic Review, World Bank Group, vol. 14(2), pages 221-50, May.
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