Informality in Latin America and the Caribbean
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Washington, DC: World Bank
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This paper studies the causes and
consequences of informality and applies the analysis to
countries in Latin America and the Caribbean. It starts
with a discussion on the definition and measures of
informality, as well as on the reasons why widespread
informality should be of great concern. The paper analyzes
informality's main determinants, arguing that
informality is not single-caused but results from the
combination of poor public services, a burdensome regulatory
regime, and weak monitoring and enforcement capacity by the
state. This combination is especially explosive when the
country suffers from low educational achievement and
features demographic pressures and primary production
structures. Using cross-country regression analysis, the
paper evaluates the empirical relevance of each determinant
of informality. It then applies the estimated relationships
to most countries in Latin America and the Caribbean in
order to assess the country-specific relevance of each
proposed mechanism.
Palabras clave
ABUSE, ACCOUNTING, ADULT POPULATION, ADVERSE EFFECT, AGRICULTURE, BANK POLICY, BENCHMARK, CONSUMER GOODS, CONSUMPTION EXPENDITURE, CONTRACT ENFORCEMENT, CORRELATION ANALYSIS, COUNTRY RISK, CREDIT INSTITUTIONS, CREDIT PROVISION, CURRENCY, DEMOGRAPHIC FACTORS, DEMOGRAPHIC PRESSURES, DEMOGRAPHIC TRANSITION, DEMOGRAPHIC TRENDS, DEVELOPING COUNTRIES, DEVELOPMENT POLICIES, DRUGS, DUMMY VARIABLE, ECONOMIC DEVELOPMENT, ECONOMIC FREEDOM, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, ECONOMICS, EDUCATIONAL ATTAINMENT, EDUCATIONAL LEVEL, EMPLOYMENT, EMPLOYMENT TRENDS, ENFORCEMENT POWER, EXCHANGE CONTROLS, EXCHANGE RATE, FINANCIAL INSTITUTIONS, GDP, GDP PER CAPITA, GOVERNMENT EXPENDITURE, GOVERNMENT EXPENDITURES, IMPORTANT POLICY, INCIDENCE OF POVERTY, INCOME, INCOME DISTRIBUTION, INCOME INEQUALITY, INFORMAL ECONOMIES, INFORMAL ECONOMY, INFORMAL EMPLOYMENT, INFORMAL SECTOR, INSTRUMENT, INTELLECTUAL PROPERTY, INTERNATIONAL BANK, INTERNATIONAL LABOR ORGANIZATION, INTERNATIONAL MARKETS, JUDICIAL SYSTEM, LABOR FORCE, LABOR MARKETS, LABOR ORGANIZATION, LABOR PRODUCTIVITY, LABOR REGULATIONS, LABOUR, LABOUR MARKET, LEGAL PROTECTION, LEGAL SYSTEM, LESS DEVELOPED COUNTRIES, LEVEL OF EDUCATION, LEVELS OF EDUCATION, LOAN, LOAN APPLICATIONS, LOCAL CURRENCY, MACROECONOMICS, MARKET ECONOMY, MARKET INDEX, NEGATIVE EXTERNALITY, NPL, PENSION, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POPULATION DIVISION, POVERTY ALLEVIATION, PRICE CONTROLS, PRIVATE CAPITAL, PRODUCTIVITY GROWTH, PROGRESS, PUBLIC POLICY, PUBLIC SERVICES, REAL GDP, REAL WAGE, REGIONAL DUMMY, REGRESSION ANALYSIS, REGULATORY AUTHORITIES, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REGULATORY REGIME, RESPECT, RETIREMENT, RETURNS, RISK DIVERSIFICATION, RURAL POPULATION, RURAL POPULATIONS, SECONDARY SCHOOLING, SELF EMPLOYED, SELF EMPLOYED WORKERS, SELF EMPLOYMENT, SKILLED LABOR, TAX, TAX REVENUES, TAXATION, TELECOMMUNICATIONS, TOTAL EMPLOYMENT, TOTAL LABOR FORCE, TRANSPORTATION, UNEMPLOYMENT, USE OF RESOURCES, WORKERS, WORLD POPULATION, YOUNG PEOPLE