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

The Latin America and Caribbean (LAC) region has seen a decade of remarkable growth and income convergence. Growth has been a key driver for reducing poverty and boosting shared prosperity. It has been debated how much of this decade of growth has...

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Main Authors: Araujo, Jorge Thompson, Brueckner, Markus, Clavijo, Mateo, Vostroknutova, Ekaterina, Wacker, Konstantin M.
Format: General Economy, Macroeconomics and Growth Study
Language:English
en_US
Published: World Bank, Washington, DC 2015
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2014/12/23791726/benchmarking-determinants-economic-growth-latin-america-caribbean
http://hdl.handle.net/10986/21318
id okr-10986-21318
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic ABSOLUTE VALUE
ACCOUNTABILITY
ACTUAL GROWTH
ADVERSE EFFECTS
AGGREGATE PRODUCTION FUNCTION
AGGREGATE SUPPLY
AGGREGATE SUPPLY CURVE
ANNUAL GROWTH
AVERAGE GROWTH
AVERAGE GROWTH RATES
AVERAGE INCOME
AVERAGE INCOME GROWTH
BANKING CRISIS
BENCHMARKING
BENCHMARKS
BUREAUCRACY
CAPITA INCOME GROWTH
CAPITAL ACCUMULATION
CAPITAL FORMATION
CAPITAL STOCK
CITIZENS
COMPETITIVENESS
COMPLEMENTARITIES
CORRELATION COEFFICIENT
CORRELATION COEFFICIENTS
CORRUPTION
COUNTRY LEVEL
COUNTRY REGRESSIONS
CREDIT CONSTRAINTS
CRISES
CURRENCY APPRECIATION
CYCLICAL REVERSION
DEPENDENT VARIABLE
DESCRIPTIVE STATISTICS
DETERMINANTS OF GROWTH
DEVELOPING COUNTRIES
DOMESTIC CONSUMPTION
DOMESTIC CREDIT/GDP
DOMESTIC DEMAND
DYNAMIC MODEL
DYNAMIC PANEL
ECONOMETRICS
ECONOMIC DEPRESSION
ECONOMIC DOWNTURNS
ECONOMIC GROWTH
ECONOMIC GROWTH RATE
ECONOMIC THEORY
ECONOMICS
EDUCATIONAL ATTAINMENT
ELASTICITY
EMPIRICAL GROWTH LITERATURE
EMPIRICAL MODEL
EMPIRICAL STUDIES
ENDOGENOUS VARIABLES
ERROR TERM
ESTIMATED COEFFICIENT
ESTIMATED COEFFICIENTS
EXCHANGE RATE MISALIGNMENT
EXPLANATORY VARIABLES
EXPORTS
EXTERNAL CONDITIONS
EXTERNAL FACTORS
EXTERNAL SHOCKS
FACTOR ACCUMULATION
FINANCIAL CONDITIONS
FINANCIAL CRISIS
FINANCIAL DEVELOPMENT
FISCAL POLICY
FIXED EFFECTS
FLUCTUATIONS
FORECASTS
GDP PER CAPITA
GOVERNANCE INDICATORS
GOVERNMENT CONSUMPTION
GOVERNMENT EFFECTIVENESS
GROWTH ACCOUNTING
GROWTH DETERMINANTS
GROWTH EFFECT
GROWTH EFFECTS
GROWTH EPISODE
GROWTH MEAN
GROWTH PERFORMANCE
GROWTH RATE
GROWTH RATES
GROWTH REGRESSIONS
GROWTH VOLATILITY
HIGH GROWTH
HIGH INCOME
HIGH INFLATION
HIGH TAXES
HOUSEHOLD SURVEYS
HUMAN CAPITAL
HUMAN CAPITAL DEVELOPMENT
IMPROVING GOVERNANCE
INCOME GROWTH
INCOME LEVEL
INCOME LEVELS
INCOME PER CAPITA
INCREASE IN LABOR
INFLATION LEVELS
INFLATION RATE
INFLATION RATES
INFLATIONARY PRESSURES
INSTITUTIONAL ENVIRONMENT
INSTITUTIONAL FRAMEWORK
INSTITUTIONAL PERFORMANCE
INSTITUTIONAL QUALITY
INSTITUTIONAL REFORM
INSTITUTIONAL REFORMS
INSTRUMENTAL VARIABLES
INTERACTION TERM
INTEREST RATES
LABOR FORCE
LABOR INPUT
LAGGED CHANGES
LAGGED DEPENDENT
LAGGED GROWTH
LAGGED LEVELS
LEVEL OF INCOME
LIQUIDITY
LIVING STANDARDS
LONG RUN
LONG-TERM GROWTH
LOW INFLATION
MACROECONOMIC CONDITIONS
MACROECONOMIC ENVIRONMENT
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MACROECONOMIC STABILIZATION
MACROECONOMIC VOLATILITY
MACROECONOMICS
MARKET ECONOMIES
MEASUREMENT ERROR
MONETARY POLICY
NEGATIVE IMPACT
NEGATIVE IMPACT ON GROWTH
NEOCLASSICAL GROWTH MODEL
NEOCLASSICAL GROWTH MODELS
NEOCLASSICAL GROWTH THEORY
NET EXPORTS
OUTPUT PER CAPITA
PER CAPITA GROWTH
PER CAPITA INCOME
POLICY AREAS
POLICY DEBATE
POLICY REFORMS
POLICY VARIABLES
POLITICAL INSTITUTIONS
POLITICAL STABILITY
POOR COUNTRIES
POOR GROWTH
POTENTIAL OUTPUT
POVERTY REDUCTION
PRICE LEVELS
PRIMARY SCHOOL
PRIVATE DOMESTIC
PRO-POOR
PUBLIC FINANCES
PUBLIC INFRASTRUCTURE
PUBLIC SPENDING
REAL EXCHANGE RATE
REAL GDP
REDUCING POVERTY
REGRESSION MODEL
REGULATORY QUALITY
RICH COUNTRIES
SAFETY NETS
SERIAL CORRELATION
SIGNIFICANT EFFECT
SIGNIFICANT IMPACT
SOCIAL VARIABLES
STABILIZATION POLICIES
STABILIZATION POLICY
STAGNATION
STANDARD DEVIATION
STANDARD ERRORS
STRUCTURAL POLICIES
TECHNOLOGICAL PROGRESS
TELECOMMUNICATIONS
TELEPHONE LINES
TELEPHONES
TRADABLE SECTORS
TRADE OPENNESS
TRADE VOLUME/GDP
WEALTH
spellingShingle ABSOLUTE VALUE
ACCOUNTABILITY
ACTUAL GROWTH
ADVERSE EFFECTS
AGGREGATE PRODUCTION FUNCTION
AGGREGATE SUPPLY
AGGREGATE SUPPLY CURVE
ANNUAL GROWTH
AVERAGE GROWTH
AVERAGE GROWTH RATES
AVERAGE INCOME
AVERAGE INCOME GROWTH
BANKING CRISIS
BENCHMARKING
BENCHMARKS
BUREAUCRACY
CAPITA INCOME GROWTH
CAPITAL ACCUMULATION
CAPITAL FORMATION
CAPITAL STOCK
CITIZENS
COMPETITIVENESS
COMPLEMENTARITIES
CORRELATION COEFFICIENT
CORRELATION COEFFICIENTS
CORRUPTION
COUNTRY LEVEL
COUNTRY REGRESSIONS
CREDIT CONSTRAINTS
CRISES
CURRENCY APPRECIATION
CYCLICAL REVERSION
DEPENDENT VARIABLE
DESCRIPTIVE STATISTICS
DETERMINANTS OF GROWTH
DEVELOPING COUNTRIES
DOMESTIC CONSUMPTION
DOMESTIC CREDIT/GDP
DOMESTIC DEMAND
DYNAMIC MODEL
DYNAMIC PANEL
ECONOMETRICS
ECONOMIC DEPRESSION
ECONOMIC DOWNTURNS
ECONOMIC GROWTH
ECONOMIC GROWTH RATE
ECONOMIC THEORY
ECONOMICS
EDUCATIONAL ATTAINMENT
ELASTICITY
EMPIRICAL GROWTH LITERATURE
EMPIRICAL MODEL
EMPIRICAL STUDIES
ENDOGENOUS VARIABLES
ERROR TERM
ESTIMATED COEFFICIENT
ESTIMATED COEFFICIENTS
EXCHANGE RATE MISALIGNMENT
EXPLANATORY VARIABLES
EXPORTS
EXTERNAL CONDITIONS
EXTERNAL FACTORS
EXTERNAL SHOCKS
FACTOR ACCUMULATION
FINANCIAL CONDITIONS
FINANCIAL CRISIS
FINANCIAL DEVELOPMENT
FISCAL POLICY
FIXED EFFECTS
FLUCTUATIONS
FORECASTS
GDP PER CAPITA
GOVERNANCE INDICATORS
GOVERNMENT CONSUMPTION
GOVERNMENT EFFECTIVENESS
GROWTH ACCOUNTING
GROWTH DETERMINANTS
GROWTH EFFECT
GROWTH EFFECTS
GROWTH EPISODE
GROWTH MEAN
GROWTH PERFORMANCE
GROWTH RATE
GROWTH RATES
GROWTH REGRESSIONS
GROWTH VOLATILITY
HIGH GROWTH
HIGH INCOME
HIGH INFLATION
HIGH TAXES
HOUSEHOLD SURVEYS
HUMAN CAPITAL
HUMAN CAPITAL DEVELOPMENT
IMPROVING GOVERNANCE
INCOME GROWTH
INCOME LEVEL
INCOME LEVELS
INCOME PER CAPITA
INCREASE IN LABOR
INFLATION LEVELS
INFLATION RATE
INFLATION RATES
INFLATIONARY PRESSURES
INSTITUTIONAL ENVIRONMENT
INSTITUTIONAL FRAMEWORK
INSTITUTIONAL PERFORMANCE
INSTITUTIONAL QUALITY
INSTITUTIONAL REFORM
INSTITUTIONAL REFORMS
INSTRUMENTAL VARIABLES
INTERACTION TERM
INTEREST RATES
LABOR FORCE
LABOR INPUT
LAGGED CHANGES
LAGGED DEPENDENT
LAGGED GROWTH
LAGGED LEVELS
LEVEL OF INCOME
LIQUIDITY
LIVING STANDARDS
LONG RUN
LONG-TERM GROWTH
LOW INFLATION
MACROECONOMIC CONDITIONS
MACROECONOMIC ENVIRONMENT
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MACROECONOMIC STABILIZATION
MACROECONOMIC VOLATILITY
MACROECONOMICS
MARKET ECONOMIES
MEASUREMENT ERROR
MONETARY POLICY
NEGATIVE IMPACT
NEGATIVE IMPACT ON GROWTH
NEOCLASSICAL GROWTH MODEL
NEOCLASSICAL GROWTH MODELS
NEOCLASSICAL GROWTH THEORY
NET EXPORTS
OUTPUT PER CAPITA
PER CAPITA GROWTH
PER CAPITA INCOME
POLICY AREAS
POLICY DEBATE
POLICY REFORMS
POLICY VARIABLES
POLITICAL INSTITUTIONS
POLITICAL STABILITY
POOR COUNTRIES
POOR GROWTH
POTENTIAL OUTPUT
POVERTY REDUCTION
PRICE LEVELS
PRIMARY SCHOOL
PRIVATE DOMESTIC
PRO-POOR
PUBLIC FINANCES
PUBLIC INFRASTRUCTURE
PUBLIC SPENDING
REAL EXCHANGE RATE
REAL GDP
REDUCING POVERTY
REGRESSION MODEL
REGULATORY QUALITY
RICH COUNTRIES
SAFETY NETS
SERIAL CORRELATION
SIGNIFICANT EFFECT
SIGNIFICANT IMPACT
SOCIAL VARIABLES
STABILIZATION POLICIES
STABILIZATION POLICY
STAGNATION
STANDARD DEVIATION
STANDARD ERRORS
STRUCTURAL POLICIES
TECHNOLOGICAL PROGRESS
TELECOMMUNICATIONS
TELEPHONE LINES
TELEPHONES
TRADABLE SECTORS
TRADE OPENNESS
TRADE VOLUME/GDP
WEALTH
Araujo, Jorge Thompson
Brueckner, Markus
Clavijo, Mateo
Vostroknutova, Ekaterina
Wacker, Konstantin M.
Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
geographic_facet Latin America & Caribbean
description The Latin America and Caribbean (LAC) region has seen a decade of remarkable growth and income convergence. Growth has been a key driver for reducing poverty and boosting shared prosperity. It has been debated how much of this decade of growth has been driven by policy reforms and how much was due to the favorable external conditions. While external factors were supportive and relevant, the effect of domestic policies was just as relevant for explaining LAC's recent growth performance. The emphasis of domestic policy has shifted from stabilization policies to structural policies. 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. The authors analyze growth in LAC using descriptive statistics and growth econometrics. The authors use these results for explaining the pattern of growth in LAC over the last decade, for looking ahead, and to identify potential policy gaps.
format Economic & Sector Work :: General Economy, Macroeconomics and Growth Study
author Araujo, Jorge Thompson
Brueckner, Markus
Clavijo, Mateo
Vostroknutova, Ekaterina
Wacker, Konstantin M.
author_facet Araujo, Jorge Thompson
Brueckner, Markus
Clavijo, Mateo
Vostroknutova, Ekaterina
Wacker, Konstantin M.
author_sort Araujo, Jorge Thompson
title Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
title_short Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
title_full Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
title_fullStr Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
title_full_unstemmed Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean
title_sort benchmarking the determinants of economic growth in latin america and the caribbean
publisher World Bank, Washington, DC
publishDate 2015
url http://documents.worldbank.org/curated/en/2014/12/23791726/benchmarking-determinants-economic-growth-latin-america-caribbean
http://hdl.handle.net/10986/21318
_version_ 1764447923483967488
spelling okr-10986-213182021-04-23T14:04:01Z Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean Araujo, Jorge Thompson Brueckner, Markus Clavijo, Mateo Vostroknutova, Ekaterina Wacker, Konstantin M. ABSOLUTE VALUE ACCOUNTABILITY ACTUAL GROWTH ADVERSE EFFECTS AGGREGATE PRODUCTION FUNCTION AGGREGATE SUPPLY AGGREGATE SUPPLY CURVE ANNUAL GROWTH AVERAGE GROWTH AVERAGE GROWTH RATES AVERAGE INCOME AVERAGE INCOME GROWTH BANKING CRISIS BENCHMARKING BENCHMARKS BUREAUCRACY CAPITA INCOME GROWTH CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL STOCK CITIZENS COMPETITIVENESS COMPLEMENTARITIES CORRELATION COEFFICIENT CORRELATION COEFFICIENTS CORRUPTION COUNTRY LEVEL COUNTRY REGRESSIONS CREDIT CONSTRAINTS CRISES CURRENCY APPRECIATION CYCLICAL REVERSION DEPENDENT VARIABLE DESCRIPTIVE STATISTICS DETERMINANTS OF GROWTH DEVELOPING COUNTRIES DOMESTIC CONSUMPTION DOMESTIC CREDIT/GDP DOMESTIC DEMAND DYNAMIC MODEL DYNAMIC PANEL ECONOMETRICS ECONOMIC DEPRESSION ECONOMIC DOWNTURNS ECONOMIC GROWTH ECONOMIC GROWTH RATE ECONOMIC THEORY ECONOMICS EDUCATIONAL ATTAINMENT ELASTICITY EMPIRICAL GROWTH LITERATURE EMPIRICAL MODEL EMPIRICAL STUDIES ENDOGENOUS VARIABLES ERROR TERM ESTIMATED COEFFICIENT ESTIMATED COEFFICIENTS EXCHANGE RATE MISALIGNMENT EXPLANATORY VARIABLES EXPORTS EXTERNAL CONDITIONS EXTERNAL FACTORS EXTERNAL SHOCKS FACTOR ACCUMULATION FINANCIAL CONDITIONS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FISCAL POLICY FIXED EFFECTS FLUCTUATIONS FORECASTS GDP PER CAPITA GOVERNANCE INDICATORS GOVERNMENT CONSUMPTION GOVERNMENT EFFECTIVENESS GROWTH ACCOUNTING GROWTH DETERMINANTS GROWTH EFFECT GROWTH EFFECTS GROWTH EPISODE GROWTH MEAN GROWTH PERFORMANCE GROWTH RATE GROWTH RATES GROWTH REGRESSIONS GROWTH VOLATILITY HIGH GROWTH HIGH INCOME HIGH INFLATION HIGH TAXES HOUSEHOLD SURVEYS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT IMPROVING GOVERNANCE INCOME GROWTH INCOME LEVEL INCOME LEVELS INCOME PER CAPITA INCREASE IN LABOR INFLATION LEVELS INFLATION RATE INFLATION RATES INFLATIONARY PRESSURES INSTITUTIONAL ENVIRONMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL PERFORMANCE INSTITUTIONAL QUALITY INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSTRUMENTAL VARIABLES INTERACTION TERM INTEREST RATES LABOR FORCE LABOR INPUT LAGGED CHANGES LAGGED DEPENDENT LAGGED GROWTH LAGGED LEVELS LEVEL OF INCOME LIQUIDITY LIVING STANDARDS LONG RUN LONG-TERM GROWTH LOW INFLATION MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VOLATILITY MACROECONOMICS MARKET ECONOMIES MEASUREMENT ERROR MONETARY POLICY NEGATIVE IMPACT NEGATIVE IMPACT ON GROWTH NEOCLASSICAL GROWTH MODEL NEOCLASSICAL GROWTH MODELS NEOCLASSICAL GROWTH THEORY NET EXPORTS OUTPUT PER CAPITA PER CAPITA GROWTH PER CAPITA INCOME POLICY AREAS POLICY DEBATE POLICY REFORMS POLICY VARIABLES POLITICAL INSTITUTIONS POLITICAL STABILITY POOR COUNTRIES POOR GROWTH POTENTIAL OUTPUT POVERTY REDUCTION PRICE LEVELS PRIMARY SCHOOL PRIVATE DOMESTIC PRO-POOR PUBLIC FINANCES PUBLIC INFRASTRUCTURE PUBLIC SPENDING REAL EXCHANGE RATE REAL GDP REDUCING POVERTY REGRESSION MODEL REGULATORY QUALITY RICH COUNTRIES SAFETY NETS SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT SOCIAL VARIABLES STABILIZATION POLICIES STABILIZATION POLICY STAGNATION STANDARD DEVIATION STANDARD ERRORS STRUCTURAL POLICIES TECHNOLOGICAL PROGRESS TELECOMMUNICATIONS TELEPHONE LINES TELEPHONES TRADABLE SECTORS TRADE OPENNESS TRADE VOLUME/GDP WEALTH The Latin America and Caribbean (LAC) region has seen a decade of remarkable growth and income convergence. Growth has been a key driver for reducing poverty and boosting shared prosperity. It has been debated how much of this decade of growth has been driven by policy reforms and how much was due to the favorable external conditions. While external factors were supportive and relevant, the effect of domestic policies was just as relevant for explaining LAC's recent growth performance. The emphasis of domestic policy has shifted from stabilization policies to structural policies. 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. The authors analyze growth in LAC using descriptive statistics and growth econometrics. The authors use these results for explaining the pattern of growth in LAC over the last decade, for looking ahead, and to identify potential policy gaps. 2015-01-21T15:44:38Z 2015-01-21T15:44:38Z 2014-12 http://documents.worldbank.org/curated/en/2014/12/23791726/benchmarking-determinants-economic-growth-latin-america-caribbean http://hdl.handle.net/10986/21318 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Economic & Sector Work :: General Economy, Macroeconomics and Growth Study Economic & Sector Work Latin America & Caribbean