Understanding Latin America and the Caribbean’s Income Gap

Even nearly ten years of solid growth cannot guarantee long-term income convergence. The countries of the Latin America and Caribbean region (LAC), like other emerging economies, have benefited from a decade of remarkable growth and some income per...

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Bibliographic Details
Main Authors:	Thompson Araujo, Jorge, Vostroknutova, Ekaterina, Wacker, Konstantin M., Clavijo, Mateo
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	FORECASTS CENTRAL PLANNING ECONOMIC GROWTH PRODUCTION LAGS STOCK STRUCTURAL CHANGE DISPOSABLE INCOME DEFLATION INCOME INTEREST PERFECT COMPETITION REAL GDP PROPERTY RIGHTS GDP PER CAPITA MACROECONOMIC POLICY LIQUIDITY EXPORTS ELASTICITY MARGINAL PRODUCT POLITICAL ECONOMY ECONOMIC STRUCTURE FISCAL POLICY WELFARE BOOK VALUE OPTIMIZATION INCENTIVES DISTRIBUTION MACROECONOMIC CONDITIONS VARIABLES DEVELOPMENT POLICIES MARGINAL PRODUCTIVITY INPUTS RETURNS TO SCALE WEALTH TRENDS ECONOMIC OUTLOOK CENTRAL BANK DEVELOPMENT INFLUENCE MARGINAL PRODUCTS TOTAL FACTOR PRODUCTIVITY TECHNICAL ASSISTANCE PER CAPITA INCOME COSTS DEVELOPMENT ECONOMICS EXPORT GROWTH TELECOMMUNICATIONS CONSTANT RETURNS TO SCALE PRODUCTIVITY ECONOMETRICS EXTERNALITIES FAILURES MONOPOLY CRITERIA DEBT MARKETS INCOME LEVELS INVENTORIES UTILITY NATURAL RESOURCES AVERAGING INVENTORY ECONOMIC RESEARCH MACROECONOMIC STABILIZATION GROWTH THEORIES PRODUCTIVITY GROWTH CONSUMPTION HUMAN CAPITAL VALUE ADDED ECONOMIC SURVEYS ECONOMIC PERFORMANCE CAPITAL WAGES DEFLATORS ECONOMIC OUTCOMES INTERNATIONAL TRADE ECONOMETRIC ANALYSIS PRODUCTIVITY INCREASES VALUE COMPETITIVENESS CREDIT MACROECONOMICS COMPARATIVE ADVANTAGES PATENTS UTILITY FUNCTION AGGREGATE DEMAND EXPECTED VALUE INEFFICIENCY ECONOMIC FLUCTUATIONS PRODUCTIVE ASSETS ECONOMY AGRICULTURE MEASUREMENT SHARES BENCHMARK ECONOMIC THEORY TRADE LIBERALIZATION PRODUCTION FUNCTION ECONOMICS OUTPUT PER CAPITA CLOSED ECONOMY PROPRIETORSHIP TRADE USE VALUE GDP GOODS THEORY BANK LOANS COMPARATIVE ANALYSIS GROWTH RATE INVESTMENT EXPECTED UTILITY GROWTH POLICY NEOCLASSICAL MODELS COMPARATIVE ADVANTAGE CREDIT RATIONING PRODUCT MARKETS ADVERSE EFFECT CONSUMER PRICE INDEX MONOPOLISTIC COMPETITION GROWTH POLICIES GROWTH THEORY PRICE INDEXES RISK AVERSION AVERAGE PRODUCTIVITY OUTCOMES MARGINAL UTILITY MANAGERIAL EFFICIENCY MIDDLE INCOME COUNTRIES PRICES DEVELOPMENT POLICY COMPETITION FUTURE RESEARCH
Online Access:	http://documents.worldbank.org/curated/en/2015/07/24838845/understanding-latin-america-caribbean’s-income-gap http://hdl.handle.net/10986/22485

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Summary:	Even nearly ten years of solid growth cannot guarantee long-term income convergence. The countries of the Latin America and Caribbean region (LAC), like other emerging economies, have benefited from a decade of remarkable growth and some income per capita convergence towards the United States and other industrialized countries. Yet, despite this recent progress, LAC still faces a significant per capita income gap with the developed world. The studies in this volume contribute to the ongoing debate on the reasons for this persistent income gap and the potential drivers of convergence, and propose some broad avenues for reform.

Understanding Latin America and the Caribbean’s Income Gap

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