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dc.contributor.authorFfrench-Davis, Ricardo
dc.date.accessioned2019-09-23T15:04:54Z
dc.date.available2019-09-23T15:04:54Z
dc.date.created2017-12-29 00:11
dc.date.issued2017-08-14
dc.identifieroai:openknowledge.worldbank.org:10986/27757
dc.identifierhttp://hdl.handle.net/10986/27757
dc.identifier.urihttp://hdl.handle.net/20.500.12424/92232
dc.description.abstractLatin America faces the twin challenges
 of achieving economic growth and reducing extreme
 inequality. Notwithstanding the heterogeneity among Latin
 American countries (LACs), most of them exhibit both: (i)
 low average Gross Domestic Product (GDP) growth; and (ii)
 increased inequality during the 1980s. This long period
 includes the 'lost decade,' when outcomes in both
 variables were evidently negative. These negative trends
 have persisted since the early 1990s, in the period of
 intense reforms under the Washington consensus. The
 development gap (difference in GDP per capita or per worker
 between rich countries and LACs) and the equity gap have
 broadened in this period. The report evaluate: (a) the
 macroeconomic environment in which agents make their
 decisions (usually in LACs, under an economic activity
 operating significantly below potential GDP, with outlier
 macro-prices, and fluctuating aggregate demand); (b)
 features of financial reforms (usually intensive in
 short-term segments and weak financing of risk and long-term
 financing), and their implications for capital formation and
 the distribution of opportunities in the domestic economy;
 (c) features of trade reforms (intensive in resource-based
 exports but low total output of tradable); and (d) the
 distribution of productivities, which is closely linked to
 the narrow space granted for the development of small and
 medium enterprises (SMEs).
dc.languageEnglish
dc.languageen_US
dc.language.isoeng
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofCommission on Growth and Development Working Paper;No. 51
dc.rightsCC BY 3.0 IGO
dc.subjectECONOMIC REFORM
dc.subjectLIQUIDITY
dc.subjectDEREGULATION
dc.subjectDEVELOPING ECONOMIES
dc.subjectLABOR MARKETS
dc.subjectFINANCIAL SECTORS
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectDOMESTIC FINANCIAL MARKET
dc.subjectCENTRAL BANK
dc.subjectINTERNATIONAL BANK
dc.subjectCAPITAL ACCOUNT
dc.subjectINTERNATIONAL FINANCE
dc.subjectACCESS TO CAPITAL MARKETS
dc.subjectTRADE POLICY
dc.subjectDEBT
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPRIVATE INVESTMENT
dc.subjectSPECULATIVE BUBBLES
dc.subjectMACROECONOMIC POLICIES
dc.subjectCREDIT FACILITIES
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectNATIONAL SAVINGS
dc.subjectPRODUCTION FUNCTION
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectMARKET ECONOMY
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectNET EXPORTS
dc.subjectACCESS TO CAPITAL
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectFIXED CAPITAL
dc.subjectTAX
dc.subjectDEVELOPING COUNTRIES
dc.subjectWORLD TRADE
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectGLOBAL MARKETS
dc.subjectGDP PER CAPITA
dc.subjectGLOBALIZATION
dc.subjectREAL EXCHANGE RATES
dc.subjectNATIONAL ECONOMY
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectCAPITAL MARKETS
dc.subjectMATURITY
dc.subjectJUDICIAL SYSTEM
dc.subjectLONG-TERM CAPITAL
dc.subjectEXTERNAL DEFICITS
dc.subjectINFLATION RATES
dc.subjectMERGERS
dc.subjectVOLATILITY
dc.subjectBOND
dc.subjectBANK LENDING
dc.subjectOPTIMIZATION
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL FLIGHT
dc.subjectDEMOCRACY
dc.subjectPORTFOLIO
dc.subjectECONOMIC REFORMS
dc.subjectNATURAL RESOURCES
dc.subjectFINANCIAL CAPITAL
dc.subjectSMALL BUSINESSES
dc.subjectREAL INTEREST RATES
dc.subjectPUBLIC DEFICITS
dc.subjectCAPITAL FLOWS
dc.subjectEXPORT GROWTH
dc.subjectFLOW OF INFORMATION
dc.subjectREAL INTEREST
dc.subjectTAX EXEMPTIONS
dc.subjectMEDIUM OF EXCHANGE
dc.subjectFUTURE PROSPECTS
dc.subjectTRANSPARENCY
dc.subjectFINANCIAL SYSTEMS
dc.subjectEXCHANGE RATES
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectFISCAL DEFICIT
dc.subjectGOVERNMENT INTERVENTIONS
dc.subjectINTEREST RATES
dc.subjectAGGREGATE DEMAND
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectREAL EXCHANGE RATE
dc.subjectTRADE LIBERALIZATION
dc.subjectEXCHANGE RATE INSTABILITY
dc.subjectLENDERS
dc.subjectGROWTH RATES
dc.subjectRETURNS
dc.subjectCOMMODITIES
dc.subjectFINANCIAL CRISIS
dc.subjectCRISIS CONTAGION
dc.subjectFREE TRADE
dc.subjectINTERNATIONAL RESERVES
dc.subjectFISCAL POLICIES
dc.subjectCAPITAL INFLOWS
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectHUMAN CAPITAL
dc.subjectEXPORTS
dc.subjectDOMESTIC CAPITAL
dc.subjectINSTRUMENT
dc.subjectFISCAL DISCIPLINE
dc.subjectOPEN ECONOMY
dc.subjectFINANCIAL ASSETS
dc.subjectREAL INTEREST RATE
dc.subjectDEBT CRISES
dc.subjectMACROECONOMICS
dc.subjectSAVINGS RATIOS
dc.subjectINCOME LEVELS
dc.subjectPROTECTIONISM
dc.subjectSAVINGS
dc.subjectUNEMPLOYMENT
dc.subjectSOCIAL INVESTMENT
dc.subjectCAPITAL GROWTH
dc.subjectOVERVALUATION
dc.subjectDEVELOPING ECONOMY
dc.subjectINCOMPLETE MARKETS
dc.subjectBALANCE OF PAYMENTS
dc.subjectPRUDENTIAL REGULATION
dc.subjectCONSUMERS
dc.subjectGROSS FIXED CAPITAL FORMATION
dc.subjectMONEY LAUNDERING
dc.subjectCAPITAL ACCOUNTS
dc.subjectFINANCIAL CRISES
dc.subjectRESERVES
dc.subjectELASTICITY
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL SAVINGS
dc.subjectEXPORTERS
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectCENTRAL BANKS
dc.subjectCLOSED ECONOMY
dc.subjectMORAL HAZARD
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectECONOMIC RENTS
dc.subjectCURRENCY
dc.subjectINFLATION RATE
dc.subjectFLOATING EXCHANGE RATE
dc.subjectEXCHANGE RATE REGIME
dc.subjectPRIVATIZATION
dc.subjectGLOBAL ECONOMY
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectDEVELOPMENT POLICY
dc.subjectCOMPARATIVE ANALYSIS
dc.subjectLIBERALIZATION OF TRADE
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectEXCHANGE RATE
dc.subjectCAPITAL MOVEMENTS
dc.subjectTRADE REGIMES
dc.subjectMICROFINANCE
dc.subjectFIXED EXCHANGE RATE
dc.subjectECONOMIC GROWTH
dc.subjectDIVERSIFIED MARKETS
dc.subjectBUSINESS CYCLES
dc.subjectECONOMIC CRISIS
dc.subjectLOCAL CURRENCIES
dc.subjectMACROECONOMIC BALANCE
dc.subjectMONETARY POLICIES
dc.subjectLABOR MARKET
dc.subjectOPEN ECONOMIES
dc.subjectDISTRIBUTION OF INCOME
dc.subjectLOCAL GOVERNMENTS
dc.subjectOUTPUT GAP
dc.subjectSTOCK MARKETS
dc.subjectACCESS TO FINANCING
dc.subjectECONOMIC OUTCOMES
dc.subjectDEVELOPMENT STRATEGY
dc.subjectNET DEBT
dc.subjectCAPITAL MARKET
dc.subjectARBITRAGE
dc.subjectWAGES
dc.subjectCOMPETITIVENESS
dc.subjectINTERNATIONAL CAPITAL
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectTRADE REFORMS
dc.subjectFINANCIAL REFORMS
dc.subjectPUBLIC INVESTMENT
dc.subjectEXPENDITURE
dc.subjectFOREIGN EXCHANGE
dc.subjectFREE TRADE AGREEMENTS
dc.subjectDEFICITS
dc.subjectGDP
dc.subjectTREASURY
dc.subjectPRIVATIZATIONS
dc.subjectTOTAL OUTPUT
dc.subjectFINANCIAL FLOWS
dc.subjectINCOME
dc.subjectADVERSE SELECTION
dc.subjectBANKRUPTCIES
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectFISCAL POLICY
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectEQUIPMENT
dc.subjectEMERGING ECONOMIES
dc.subjectDEBT CRISIS
dc.subjectECONOMIC PERFORMANCE
dc.subjectFISCAL DEFICITS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectINFLATION
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC ECONOMY
dc.subjectFINANCIAL SYSTEM
dc.subjectMARKET SEGMENTATION
dc.subjectMACROECONOMIC STABILITY
dc.subjectBUSINESS CYCLE
dc.subjectEXTERNALITIES
dc.subjectPRODUCTIVE INVESTMENT
dc.subjectECONOMIC ACTIVITY
dc.subjectDOMESTIC MARKETS
dc.subjectINDUSTRIALIZATION
dc.subjectMACROECONOMIC POLICY
dc.subjectDERIVATIVES
dc.subjectPUBLIC BUDGETS
dc.subjectRETURN
dc.subjectBOND FINANCING
dc.subjectFOREIGN CURRENCY
dc.subjectFULL EMPLOYMENT
dc.subjectREAL ESTATE
dc.subjectBANKING CRISES
dc.subjectECONOMIC DEVELOPMENT
dc.titleGrowth Challenges for Latin America
dc.typeWorking Paper
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