Economic growth in Latin America and the Caribbean : stylized facts, explanations, and forecasts / Norman Loayza, Pablo Fajnzylber, and César Calderón.

Includes bibliographical references (pages 149-156).

1. Stylized facts -- 2. Determinants of growth -- 3. Growth in the future -- 4. Conclusions.

"For Latin America and the Caribbean as a whole, the 1960s and 1970s were decades of solid growth rates. This changed in the 1980s, when the growth rate of output per capita fell to negative values and its volatility increased notably. However, Latin America's growth became positive again in the 1990s, with truly remarkable turnarounds in Argentina, Costa Rica, El Salvador, Nicaragua, and Peru. This recovery was driven in most cases by large increases in the growth of total factor productivity, reflecting the initial benefits from the process of economic reforms initiated in the 1990s." "This book analyzes the progress of economic reforms and the extent to which they have been beneficial to growth in Latin America and the Caribbean. The book argues that, notwithstanding the progress made, economic growth is still insufficient in the region. This is due to a variety of factors. In some cases poor growth is due to not enough structural reforms (such as low labor market flexibility), in other cases inappropriate stabilization policies (leading to exchange rate overvaluation, for example), and still in other cases negative international conditions (such as a slowdown of growth in industrial countries). Identifying the problem is the first step toward the solution. This book contributes to this effort as it examines the growth performance of countries in the region, explains the underlying sources of their economic growth, and sets the basis of a strategy for further reform."--BOOK JACKET.

Machine converted from AACR2 source record.