Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean

Araujo, Jorge Thompson ; Brueckner, Markus ; Clavijo, Mateo ; Vostroknutova, Ekaterina ; Wacker, Konstantin M.

World Bank, Washington, DC

关键词: ABSOLUTE VALUE;    ACCOUNTABILITY;    ACTUAL GROWTH;    ADVERSE EFFECTS;    AGGREGATE PRODUCTION FUNCTION;   

RP-ID  :  91015

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Latin America and Caribbean (LAC)region has seen a decade of remarkable growth and incomeconvergence. Growth has been a key driver for reducingpoverty and boosting shared prosperity. It has been debatedhow much of this decade of growth has been driven by policyreforms and how much was due to the favorable externalconditions. While external factors were supportive andrelevant, the effect of domestic policies was just asrelevant for explaining LAC's recent growthperformance. The emphasis of domestic policy has shiftedfrom stabilization policies to structural policies. Inaddition, a benchmarking exercise reveals which policy gapswill lead to the highest potential growth-payoffs for eachcountry and helps identify potential trade-offs. The authorsanalyze growth in LAC using descriptive statistics andgrowth econometrics. The authors use these results forexplaining the pattern of growth in LAC over the lastdecade, for looking ahead, and to identify potential policy gaps.