Beyond Commodities

Jorge Thompson Araujo, Ekaterina Vostroknutova, Markus Brueckner, Mateo Clavijo and Konstantin Wacker
Authors registered in the RePEc Author Service: Markus Brueckner

No 25321 in World Bank Publications - Books from The World Bank Group

Abstract: Beyond Commodities shows that Latin America and the Caribbean’s growth performance over the last decade cannot be reduced to the commodity boom: growth-promoting reforms that strengthened financial development, increased trade openness and improved infrastructure development also played a significant role and can continue doing so. Based on the econometric analysis of panel data from the 1970-2010 period for 126 countries, the study shows that, while the commodity boom facilitated growth in most of the region, it did not determine it. Domestic pro-growth policies and the maintenance of a sound macro-fiscal framework played a central role in explaining the region’s good performance during last decade. It also shows that new growth “stars” such as Panama, Peru, Colombia and the Dominican Republic emerged during this period. 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. Finally, with the worsening of external conditions, the authors conclude that the countries of Latin America and the Caribbean have no choice but to turn their attention to domestic drivers to keep growth going, as the structural reforms agenda remains unfinished.

Keywords: Macroeconomics; and; Economic; Growth-Commodities; Macroeconomics; and; Economic; Growth-Economic; Conditions; and; Volatility; Macroeconomics; and; Economic; Growth-Economic; Modeling; and; Statistics; Poverty; Reduction-Achieving; Shared; Growth; Poverty; Reduction-Inequality; International; Economics; and; Trade-Export; Competitiveness (search for similar items in EconPapers)
Date: 2016
ISBN: 978-1-4648-0658-2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://openknowledge.worldbank.org/bitstreams/d11 ... 7eb6c1c4701/download (application/pdf)

Related works:
Working Paper: Beyond Commodities (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbpubs:25321

Access Statistics for this book

More books in World Bank Publications - Books from The World Bank Group 1818 H Street, N.W., Washington, DC 20433. Contact information at EDIRC.
Bibliographic data for series maintained by Tal Ayalon ().