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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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

id	okr-10986-22485
recordtype	oai_dc
spelling	okr-10986-224852021-04-23T14:04:09Z Understanding Latin America and the Caribbean’s Income Gap Thompson Araujo, Jorge Vostroknutova, Ekaterina Wacker, Konstantin M. Clavijo, Mateo Thompson Araujo, Jorge Vostroknutova, Ekaterina Wacker, Konstantin M. Clavijo, Mateo Caselli, Francesco Eden, Maya Nguyen, Ha Schiffbauer, Marc Sahnoun, Hania Brown, J. David Crespi, Gustavo A. Iacovone, Leonardo Marcolin, Luca Jaramillo, Patricio A. 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 VALUE ADDED GROWTH POLICIES GROWTH THEORY PRICE INDEXES RISK AVERSION AVERAGE PRODUCTIVITY OUTCOMES MARGINAL UTILITY MANAGERIAL EFFICIENCY MIDDLE INCOME COUNTRIES PRICES DEVELOPMENT POLICY COMPETITION FUTURE RESEARCH 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. 2015-08-18T19:54:12Z 2015-08-18T19:54:12Z 2015-07 Working Paper http://documents.worldbank.org/curated/en/2015/07/24838845/understanding-latin-america-caribbean’s-income-gap http://hdl.handle.net/10986/22485 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper Latin America & Caribbean Caribbean Latin America
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	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 VALUE ADDED GROWTH POLICIES GROWTH THEORY PRICE INDEXES RISK AVERSION AVERAGE PRODUCTIVITY OUTCOMES MARGINAL UTILITY MANAGERIAL EFFICIENCY MIDDLE INCOME COUNTRIES PRICES DEVELOPMENT POLICY COMPETITION FUTURE RESEARCH
spellingShingle	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 VALUE ADDED GROWTH POLICIES GROWTH THEORY PRICE INDEXES RISK AVERSION AVERAGE PRODUCTIVITY OUTCOMES MARGINAL UTILITY MANAGERIAL EFFICIENCY MIDDLE INCOME COUNTRIES PRICES DEVELOPMENT POLICY COMPETITION FUTURE RESEARCH Thompson Araujo, Jorge Vostroknutova, Ekaterina Wacker, Konstantin M. Clavijo, Mateo Understanding Latin America and the Caribbean’s Income Gap
geographic_facet	Latin America & Caribbean Caribbean Latin America
description	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.
author2	Thompson Araujo, Jorge
author_facet	Thompson Araujo, Jorge Thompson Araujo, Jorge Vostroknutova, Ekaterina Wacker, Konstantin M. Clavijo, Mateo
format	Working Paper
author	Thompson Araujo, Jorge Vostroknutova, Ekaterina Wacker, Konstantin M. Clavijo, Mateo
author_sort	Thompson Araujo, Jorge
title	Understanding Latin America and the Caribbean’s Income Gap
title_short	Understanding Latin America and the Caribbean’s Income Gap
title_full	Understanding Latin America and the Caribbean’s Income Gap
title_fullStr	Understanding Latin America and the Caribbean’s Income Gap
title_full_unstemmed	Understanding Latin America and the Caribbean’s Income Gap
title_sort	understanding latin america and the caribbean’s income gap
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/07/24838845/understanding-latin-america-caribbean’s-income-gap http://hdl.handle.net/10986/22485
_version_	1764451178102390784

Understanding Latin America and the Caribbean’s Income Gap

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