Beyond Commodities : The Growth Challenge of Latin America and the Caribbean

Ekaterina Vostroknutova

ISBN 10: 1464806586 / ISBN 13: 9781464806582

Edité par World Bank Publications Nov 2016, 2016

A propos de cet article

Neuware - During the 2000s, the Latin America and the Caribbean region (LAC) saw a decade of growth and income convergence. Its growth performance was also especially pro-poor. Understanding the factors underlying the region s growth is critical for policy design going forward. This volume reassesses these engines of growth in light of new data and information. To a large extent, the LAC region benefitted from external conditions and policy decisions in the 2000s. However, with the favorable external conditions coming to a close, the determinants of growth that are influenced by policy will need to play a bigger role if the region wants to avoid losing its growth momentum. Using dynamic panel data regressions, this publication investigates how aggregate economic, political, and social variables affect per capita GDP growth rates for a large sample of countries. The research finds that drivers of growth in LAC have shifted over the last decade. Most LAC countries had already brought their macroeconomic house in order throughout the 1990s, which facilitated benefits from other sources of growth. While structural features continued to be robust determinants of growth, for many LAC countries most notably net commodity exporters external conditions were an essential driver. This publication also carries out a benchmarking exercise that sheds light on where the greatest return on investment could be for LAC countries in terms of broad policy directions. The empirical findings provide a window into the potential growth-facilitating role that governments can play in the region.

N° de réf. du vendeur 9781464806582

Détails bibliographiques

• Titre: Beyond Commodities : The Growth Challenge of Latin America and the Caribbean
• Éditeur: World Bank Publications Nov 2016
• Date de parution: 2016
• Langue: anglais
• ISBN à 10 chiffres: 1464806586
• ISBN à 13 chiffres: 9781464806582
• Reliure: Taschenbuch
• État de l'article: Neu
• Dimensions: 229 L x 152 H x 10 P (en millimètres) 229 millimètres de largeur par 152 millimètres de hauteur par 10 millimètres de profondeur
• Poids: 263 grammes

A propos de ce titre

Synopsis

Beyond Commodities shows that Latin America and the Caribbean's growth performance over the last decade cannot be reduced to the commodity boom: growth-promoting reforms that strengthened financial development, increased trade openness and improved infrastructure development also played a significant role and can continue doing so. Based on the econometric analysis of panel data from the 1970-2010 period for 126 countries, the study shows that, while the commodity boom facilitated growth in most of the region, it did not determine it. Domestic pro-growth policies and the maintenance of a sound macro-fiscal framework played a central role in explaining the region's good performance during last decade. It also shows that new growth "stars" such as Panama, Peru, Colombia and the Dominican Republic emerged during this period. In addition, a benchmarking exercise reveals which policy gaps will lead to the highest potential growth-payoffs for each country and helps identify potential trade-offs. Finally, with the worsening of external conditions, the authors conclude that the countries of Latin America and the Caribbean have no choice but to turn their attention to domestic drivers to keep growth going, as the structural reforms agenda remains unfinished.