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Growth Challenges for Latin AmericaLatin 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).
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Post-Macroeconomics : Reflections on the Crisis and Strategic Directions AheadFor decades, many researchers argued
 that economics had nothing to fear from enriching itself
 with lessons and advances from other disciplines.
 Unfortunately, these suggestions were either neglected or
 dismissed upfront in what was then arbitrarily considered
 mainstream economics. The global crisis has led even Nobel
 Prize winners to acknowledge that the problem facing
 economists and policy makers today is mostly intellectual -
 it is the need to confront the systematic failure of
 thinking, especially on the part of macroeconomists. Despite
 its unprecedented magnitude and heavy financial, human, and
 intellectual cost, the crisis certainly does not invalidate
 everything that has been learned about macroeconomics.
 However, the costs highlight some of mistakes of the
 dominant intellectual macroeconomic framework.
 Post-macroeconomics should not be understood as another
 metanarrative of the end of metanarratives. The use of the
 prefix post here suggests and emphasizes much more than
 temporal posterity. Post-macroeconomics should follow from
 macroeconomics more than it follows after macroeconomics.
 The theorizing of post-macroeconomics is therefore neither
 systematically oppositional nor hegemonic. It does not
 advocate a - dialectic opposition - between macroeconomics
 and post-macroeconomics. Rather, it suggests that the latter
 builds on the former and goes beyond it.
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Capital Will Not Become More Expensive as the World AgesAging of populations and convergence between developed and developing countries in per capita incomes are shaping the evolution of saving, investment, capital flows, and, in particular, the cost of capital. When considering these trends, the existing literature argues for either continued, low interest rates, or sharply rising ones. This paper presents an alternative view: modest rises in interest rates, which result from a combination of increases in the global weight of high-saving developing economies (limiting declines in global saving), and decelerations in the rate of growth in developing countries (constraining upward pressure in global investment). For the majority of countries, slowing capital demand resulting from decelerating growth, coupled with structural changes that influence its attractiveness as a destination for capital, moderate increases in interest rates. Changes in key assumptions do not alter this view. More specifically, the small rise in interest rates persists even in a scenario where growth in developing countries decelerates more slowly, or when elasticities governing the behavior of saving and investment are varied.