Reform and Growth in Latin America: All Pain, No Gain?

Eduardo Fernández-Arias and Peter Montiel
Additional contact information
Eduardo Fernández-Arias: Inter-American Development Bank, http://www.iadb.org/es/reunion-anual/2011/reunion-anual-2011,2374.html

No 2001-06, Department of Economics Working Papers from Department of Economics, Williams College

Abstract: This paper addresses the adequacy of post-reform growth in Latin America in the 1990s on the basis of international comparisons as well as historical and other relevant standards, analytically exploring and empirically testing a number of hypotheses to explain the perceived dissatisfaction with growth performance in the region. We find that there is no "growth puzzle" in Latin America. Growth has not been higher in the post-reform period not because of a failure of reforms to yield the growth payoff that they should have been expected to do on the basis of international experience, but because of the combination of an unfavorable external environment with insufficient depth and breadth of reform. We also estimate the long-run growth payoff of macroeconomic reforms, the additional gains that can be achieved by deepening this first generation of reforms, and the potential payoff from broadening the scope of reform into a second generation of reforms encompassing deeper structural and institutional areas.

Pages: 38 pages
Date: 2002-10
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://web.williams.edu/Economics/wp/Montielreformandgrowth.pdf Full text (application/pdf)

Related works:
Journal Article: Reform and Growth in Latin America: All Pain, No Gain? (2001)
Working Paper: Reform and Growth in Latin America: All Pain, No Gain? (2001)
Working Paper: Reform and Growth in Latin America: All Pain, No Gain? (1997)
Working Paper: Reform and Growth in Latin America: all Pain, no Gain? (1997)
Working Paper: Reform and Growth in Latin America: All Pain, No Gain? (1997)
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:wil:wileco:2001-06

Ordering information: This working paper can be ordered from

The price is Free.

Access Statistics for this paper

More papers in Department of Economics Working Papers from Department of Economics, Williams College Williamstown, MA 01267. Contact information at EDIRC.
Bibliographic data for series maintained by Greg Phelan ().