Sustaining Latin America's Resurgence: Some Historical Perspectives
IMF Working Papers, November 1, 2006
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- Sustaining Latin America's Resurgence: Some Historical Perspectives
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Bibliographic details
- Authors: Anoop Singh, Martin D. Cerisola
- Published: November 1, 2006
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451865127.001
Summary
- This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase.
- It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster growing economies.
- Among these, the paper highlights the importance of stable macroeconomic policies, especially fiscal policy.
Major themes and findings
- Historical comparison: Post-World War II experiences in Latin America and Asia are reviewed to identify factors associated with faster growth.
- Capital accumulation and productivity:
- Focus on conditions that favored capital accumulation in faster growing economies.
- Focus on conditions that favored productivity growth in faster growing economies.
- Macroeconomic policy:
- Emphasis on the importance of stable macroeconomic policies.
- Special emphasis on fiscal policy stability as a key factor for sustaining growth.
Policy implications and recommendations
- Prioritize stable macroeconomic frameworks to support sustained capital accumulation and productivity improvements.
- Strengthen fiscal policy stability and design to reduce volatility and foster an environment conducive to growth.
Subjects and keywords (as listed)
- Subjects: Capital accumulation, Exchange rate arrangements, Financial crises, Fiscal policy, Foreign exchange, National accounts, Production, Productivity
- Keywords: a number of country, Asia and Pacific, Capital accumulation, central bank, Chile's policy framework, competitive price, country authorities, country risk, East Asia, Economic Growth, Exchange rate arrangements, exchange rate regime, fiscal policy volatility, foreign direct investment, Global, government intervention, inflation targeting, Latin American country, Macroeconomic Policy, Open Economies, per capita income, physical capital, Policy Design and Consistency, private sector, Productivity, reforming country, WP
Content in this bundle
- _wp06252 - References