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Economic Growth in Latin America: From the Disappointment of the Twentieth Century to the Challenges of the Twenty-First

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  • Jose De Gregorio

Abstract

Latin America has been dominated by growth expansions that, more often than not, have ended in crises and protracted periods of stagnation. This has led to poor growth performance during most of the past century. This paper reviews Latin American growth experiences and discusses some particular areas that help to explain why sustainable growth has been so elusive in the region. In particular, it discusses the role of openness and intraregional trade, the role of institutions, macroeconomic stability and inequality, all factors that are central to resume and maintain growth. The paper also discusses more general issues related to growth, such as the importance of protecting property rights and having an adequate structure of rewards to effort, which includes equal opportunities. Finally, a brief overview on current macroeconomic developments is presented.

Suggested Citation

  • Jose De Gregorio, 2006. "Economic Growth in Latin America: From the Disappointment of the Twentieth Century to the Challenges of the Twenty-First," Working Papers Central Bank of Chile 377, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:377
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    References listed on IDEAS

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    1. Jose De Gregorio, 2004. "Economic Growth in Chile: Evidence, Sources and Prospects," Working Papers Central Bank of Chile 298, Central Bank of Chile.
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    3. Kevin Cowan & José De Gregorio, 2007. "International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 241-296 National Bureau of Economic Research, Inc.
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    7. José de Gregorio & Jong-Wha Lee, 2004. "Growth and Adjustment in East Asia and Latin America," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Fall 2004), pages 69-134, August.
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    Cited by:

    1. Wisdom Takumah & Bernard Njindan Iyke, 2017. "The links between economic growth and tax revenue in Ghana: an empirical investigation," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 9(1), pages 34-55.
    2. Iyke, Bernard Njindan & Ho, Sin-Yu, 2017. "Income Inequality and Growth: New Insights from Italy," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 70(4), pages 419-442.

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